January 27, 2021, 1:57 pm
If you woke up today and were soon baffled by Twitter being full of talk about Reddit users breaking the stock market by investing heavily in the declining physical video game store company GameStop, you were in good company. It appears that a group of amateur stock investors got annoyed at some hedge fund managers bragging that they were shorting GameStop’s stocks to the point that the company would soon be out of business.
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So they decided to destroy an entire $13 billion hedge fund company by buying up a ton of that stock, sending its value into the stratosphere. Today, an internet full of average people who barely understand how the stock market works at all are watching in amusement as Wall Street panics because Redditors just demonstrated that normal people can manipulate the market.
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The company, Melvin Capitol, had to ask for a bailout in order to avoid collapse, and their solvency is still in question. It’s unclear exactly where this growing movement will end, but many speculate that it won’t stop until/unless congress can figure out how to make this illegal without making it illegal for the rich to do the same thing.
For the most part, people are enjoying watching a large aspect of U.S. capitalism inaccessible to most be exposed as a massive gambling scam that lets the rich get richer while the rest get screwed. Here are some of our favorite tweets on the subject:
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*First Published: January 27, 2021, 1:57 pm
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