I mean all it takes is a two second targeted search but ok. Here is a super simple explanation
Wall Street bets on if companies are going to do well or poor, when they bet on poor it is called shorting. subreddit called wallstreetbets started making memes about gamestop being "shorted". They decided they were going to fuck over a hedgefund for pushing our favorite game company from our childhood off a cliff. They acted in unison, as if a "hedgefund" themselves and bought a shit ton of stock. When stock is bought the value of a company goes up. The hedgefund that "shorted" gamestop will have to "buy" the stock they "shorted" tomorrow on friday. They "shorted" stock at 4 dollars a share but will have to buy them at the new price which is fluxuating between two to four hundred dollars. This will cost them billions.
Big tech has censored the subreddit, nuked their dischord, cnn is calling them white supremists, All trading apps stopped the ability for people to buy gamestop stock for most of today, an unbelievable occurance and word is the directive came from the white house.
They just did to the free market what they did to our election and it is red pilling a shit ton of people.
I mean all it takes is a two second targeted search but ok. Here is a super simple explanation
Wall Street bets on if companies are going to do well or poor, when they bet on poor it is called shorting. subreddit called wallstreetbets started making memes about gamestop being "shorted". They decided they were going to fuck over a hedgefund for pushing our favorite game company from our childhood off a cliff. They acted in unison, as if a "hedgefund" themselves and bought a shit ton of stock. When stock is bought the value of a company goes up. The hedgefund that "shorted" gamestop will have to "buy" the stock they "shorted" tomorrow on friday. They "shorted" stock at 4 dollars a share but will have to buy them at the new price which is fluxuating between two to four hundred dollars. This will cost them billions.
Big tech has censored the subreddit, nuked their dischord, cnn is calling them white supremists, All trading apps stopped the ability for people to buy gamestop stock for most of today, an unbelievable occurance and word is the directive came from the white house.
They just did to the free market what they did to our election and it is red pilling a shit ton of people.
It's hard to find unbiased information that's why I didn't feel like using Google. Thank you for the explanation.