they did it to screw over hedge funds that are trying to bankrupt companies by dropping those stocks to $0... (gamestop on paper should be worth about $20)
WSB has been around on reddit and it's always been a subreddit for discussing stocks. One user in particular, u/DeepFuckingValue, has been posting GME YOLO monthly stock updates on WSB for the past few months. Dude seems like he genuinely cares about Gamestop and has been on a crusade to save the company for months. Not sure what made everyone else decide to take it and run with it but it sounds like a bunch of autists who'd been following those updates also realized how much GME stock was being shorted and decided to use it as an opportunity to screw over Melvin Capital for being responsible.
they didnt do it to make $$
they did it to screw over hedge funds that are trying to bankrupt companies by dropping those stocks to $0... (gamestop on paper should be worth about $20)
I wouldn't give all the credit to Reddit users. It was financial podcasts that started educating the masses in 2018.
https://www.cnbc.com/2021/01/29/famed-gamestop-bull-roaring-kitty-is-a-massachusetts-financial-advisor.html
WSB has been around on reddit and it's always been a subreddit for discussing stocks. One user in particular, u/DeepFuckingValue, has been posting GME YOLO monthly stock updates on WSB for the past few months. Dude seems like he genuinely cares about Gamestop and has been on a crusade to save the company for months. Not sure what made everyone else decide to take it and run with it but it sounds like a bunch of autists who'd been following those updates also realized how much GME stock was being shorted and decided to use it as an opportunity to screw over Melvin Capital for being responsible.
wsbets.win