This is what happens when you take a day off. Could someone ELI5 what’s going on with GameStop? I’m a little confused Gandalf over here... Is GameStop the current bastion of freedom?
A bunch of big hedge funds decided to short the stock of GameStop (basically betting that it would go bankrupt and they could profit from it). A bunch of Redditors from r/WallStreetBets got mad at this and started buying stock in GameStop to drive up the price. Now major hedge funds are going to lose billions of dollars over it because the price of GameStop stock has exploded in the last couple of days.
tl;dr: The plebs rebelled against the elites by buying stock in a dying company. Now Wall Street is in chaos.
So basically they’re buying gamestop shares and instead of selling them back so the hedge funds can close out their positions, they’re dumping them in the river?????
This is what happens when you take a day off. Could someone ELI5 what’s going on with GameStop? I’m a little confused Gandalf over here... Is GameStop the current bastion of freedom?
A bunch of big hedge funds decided to short the stock of GameStop (basically betting that it would go bankrupt and they could profit from it). A bunch of Redditors from r/WallStreetBets got mad at this and started buying stock in GameStop to drive up the price. Now major hedge funds are going to lose billions of dollars over it because the price of GameStop stock has exploded in the last couple of days.
tl;dr: The plebs rebelled against the elites by buying stock in a dying company. Now Wall Street is in chaos.
So basically they’re buying gamestop shares and instead of selling them back so the hedge funds can close out their positions, they’re dumping them in the river?????