The GameStop Stock Debacle

Phoenix

Get Well Soon
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I’m really trying to understand what’s going on, but a sub-Reddit has managed to game the system and the stock of GameStop went from $3 to $100+ causing hedge funds who had shorted the stock to lose huge amounts of money. Or at least that’s what I think is happening


I guess I’ll never be rich
 

RJN

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Luckily I haven’t bought any hedge funds (ignore that I can’t afford them and don’t even really understand what they are)
 

KindaCool

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I actually invested some money into another stock that made money off this mess lol

Something to do with "retail inflation" or some shit. All I care about is the $12.46 I made.
 

RJN

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I saw this. I can’t say if it’s accurate or not, but it helped me understand

Es00k-6XYAAcFx6
 

octophone

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Hilarious. A bunch of people with some spare cash and nothing to do have just showed everyone that the stock market is completely fake. Twitter suggesting that the main hedge fund involved could declare insolvency. Ha ha.
 
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Mats

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it's amazing. Wall Street sharks shaking and crying about injustice because a crowd of commoners copy/pasted their artificial market mechanisms and played against their usual strategy of making heaps of money out of crises

time to invest Moopy funds!
 
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dmlaw

Democracy doesn't work
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I'm reasonably sure that it will MYSTERIOUSLY turn out that this was illegal all along once the regulators have had a proper look at it.

If I had made any money on these trades, I'd be quite nervous, given the tendency for the SEC to come down heavily on the little guy whilst ignoring hedge funds and similar.
 

VoR

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This is old but it's resurfaced on Twitter and I am completely obsessed. Move over Billy Eichner!

 
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KindaCool

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Gaming stores were on their last legs anyway. I'm surprised they're still around.

Not to mention, they always have THE worst customer service.
 

Mats

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Gaming stores were on their last legs anyway. I'm surprised they're still around.

Not to mention, they always have THE worst customer service.

GameStop is indeed on its last legs (or rather was now that Harambe's avengers have swooped in) and if Wall Street capitalists followed their own propaganda they would let it die out in peace like the dinosaur it is. but no, in complete opposition to logical thinking they still reap even when no profit is turned because they have rigged their own set of dice

the trading platforms which they use have seemingly removed the option to buy in order to hold back the plebeians from exposing their industry, effectively and illegally manipulating the market

I hope their yachts run aground and they choke on their foie gras canapés :)
 

Beverley

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GameStop is indeed on its last legs (or rather was now that Harambe's avengers have swooped in) and if Wall Street capitalists followed their own propaganda they would let it die out in peace like the dinosaur it is. but no, in complete opposition to logical thinking they still reap even when no profit is turned because they have rigged their own set of dice

the trading platforms which they use have seemingly removed the option to buy in order to hold back the plebeians from exposing their industry, effectively and illegally manipulating the market

I hope their yachts run aground and they choke on their foie gras canapés :)

You're so smart :disco:
 

Mats

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I'm not really though :D and I wish I knew more about the technalities so I could make more convincing argument, because if there is something the vultures and their enablers don't care about it's E•MO•TIONS!

I probably come off as a hysterical leftist (which is not far off) but I don't mind money or that some are rich, some less so. what triggers me is the repeated unveiling of obscene wealth and greed by people who don't even flinch when they pocket the tip right in front of the waiter. and that we have built a society that is so fragile on its own that we have to bail them out when their well runs dry. only for it to start over, only we are even further behind than we were and they are going full speed ahead

in other words, eat the rich
 

Indie

How appropriate. You fight like a cow.
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Lawsuits have already been filed against the platforms which stopped people form trading.

I like the stock market and such financial instruments. But hedge funds shorting stock deserve every single thing thrown at them. I hope they all drown.
 

Mats

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Lawsuits have already been filed against the platforms which stopped people form trading.

I like the stock market and such financial instruments. But hedge funds shorting stock deserve every single thing thrown at them. I hope they all drown.

I know what shorting is about but I still fail to grasp, with my limited cognitive apparatus, how it works
 

Phoenix

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I’m not stanning a corporation but I’m glad that a cinema chain has benefited from this

https://www.reportdoor.com/meme-stock-rally-rescues-amc-theaters-from-600m-debt/

‘Meme stock’ rally rescues AMC theaters from $600M debt
This week’s bizarre “meme stock” rally, which has delivered lottery-like windfalls for holders of GameStop stock, also wiped out $600 million in debt owed by the AMC theater chain.

That’s because, on Wednesday, a private equity firm named Silver Lake — and private equity firms are popularly considered the “bad guys” in this snobs-versus-slobs drama — elected to convert the corporate bonds it held into AMC Entertainment Holdings stock. Although the theater chain’s stock price has tumbled and soared since the move, the debt relief is permanent.

Just Monday, AMC was warning investors that “there is substantial doubt about our ability to continue as a going concern.” The reason is obvious: the COVID-19 pandemic has savaged the movie theater business, and the broader stimulus, payroll, and recovery actions by the U.S. government have done little to prop it up.

Wiping out more than half-a-billion dollars in debt, though, should take a lot of pressure off AMC in the short term. “A week ago, it was not crazy to think this company was doomed,” Bloomberg’s Matt Levine wrote on Thursday. “Now it is entirely possible that it will survive and thrive and show movies in movie theaters for decades to come because everyone went nuts and bought meme stocks this week.”

 

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