They're actively bankrupting investment firms for We The People!
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Whats with gamestop and this vertical spike??
They are memeing gamestop stock into the stratosphere. There is no reason to invest in it, as physically buying games is becoming obsolete, but they think it is funny to pump the stock up
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.
OK but clearly they are overvalued
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.