EDIT: Elon Musk just tweeted "Gamestonk" with a link to r/wallstreetbets
I am now suddenly picturing Meme Man laughing menacingly while choking an investment banker with a PS5 power cable
Last January, Guy on/r/wallstreetbets predicted a massive spike on gamestop. Bought at $3.00 per share with as 53k loan. Stock jumped 700+% this month and the guy's gamestop stick is now worth $11.3 million.
Supposedly, bed bath beyond sick is supposed to spike too.
Essentially, after seeing this guy's return, everyone's been buying gamestop causing the price to skyrocket, causing massive problems on wall street.
But short answer, no, he’s not joking. (Although then most surprisingly thing about this was that GameStop still exists. What’ll they tell me next? That Chuck E. Cheese’s still exists?!?!)
What do you know about short selling stocks? Nope, not joking. This is what's called a "squeeze" where those in charge of market manipulation are forced to cover their asses by paying exorbitant amounts of money due to a bad bet.
There are not enough shares on the market for big institutions to cover shorts or to cover their option contracts. As more people refuse to sell, the institutions are forced to buy GME at ever increasing outrageous prices in order to fulfill their contracts. The spike could honestly quadruple on Friday (when option contracts expire) if people refuse to sell.
People are jumping onto this stock right now partially to get some gains, and partly just to screw over big companies.
It will pop and the price will drop to reasonable levels at some point - look up volkswagen short squeeze for a historical example. But while it runs up, these big institutions are forfeiting billions to every day retail investors.
Just came back from a quick qwant search....
WHOA they actually are!
EDIT: Elon Musk just tweeted "Gamestonk" with a link to r/wallstreetbets I am now suddenly picturing Meme Man laughing menacingly while choking an investment banker with a PS5 power cable
Yeah, EM is not a fan of short sellers... this must be sweeeet payback for him...
Imagine if all Q followers helped out a little!
We'd see revenues for us and bankruptcies for them that we'd never thought possible!
If you have money, there is a fair chance gamestop explodes tomorrow.
More than fair. Almost guaranteed after today's performance.
Last January, Guy on/r/wallstreetbets predicted a massive spike on gamestop. Bought at $3.00 per share with as 53k loan. Stock jumped 700+% this month and the guy's gamestop stick is now worth $11.3 million.
Supposedly, bed bath beyond sick is supposed to spike too.
Essentially, after seeing this guy's return, everyone's been buying gamestop causing the price to skyrocket, causing massive problems on wall street.
5 year old explaining it to a 5 year old.
Buy GME (GameStop) and HOLD THE LINE to watch them crumble!
This is not investment advice
Oh, read up on the story.
But short answer, no, he’s not joking. (Although then most surprisingly thing about this was that GameStop still exists. What’ll they tell me next? That Chuck E. Cheese’s still exists?!?!)
Still does.
What do you know about short selling stocks? Nope, not joking. This is what's called a "squeeze" where those in charge of market manipulation are forced to cover their asses by paying exorbitant amounts of money due to a bad bet.
The margin calls have got to be something to behold
And now they are being called domestic terrorists by the media for something the establishment did.
Sound familiar?
Whats with gamestop and this vertical spike??
Physical games are not obsolete for consoles; digital is the answer for some, but far -- farr -- from everyone. Used game market still very important.
Only reason GameStop ever has trouble is because of shitty corporate and shitty employees.
Ah I see now lol
There are not enough shares on the market for big institutions to cover shorts or to cover their option contracts. As more people refuse to sell, the institutions are forced to buy GME at ever increasing outrageous prices in order to fulfill their contracts. The spike could honestly quadruple on Friday (when option contracts expire) if people refuse to sell.
People are jumping onto this stock right now partially to get some gains, and partly just to screw over big companies.
It will pop and the price will drop to reasonable levels at some point - look up volkswagen short squeeze for a historical example. But while it runs up, these big institutions are forfeiting billions to every day retail investors.
Ah ok, appreciate it.
my stocks are wayyyy down
Can someone ELI5 as to what's going on with this?
Motion to stop titles that start off with: why is nobody doing x,y,z!?!?!