Anonymous geeks are beating greedy bankers at their own game
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Redditors versus Wall Street hedge fund fatcats
- Thread starter Rogue Trader
- Start date
What Is Going on With GameStop? Meme Stocks Explained
Thanks to some financially savvy Redditors, and a push from Elon Musk, a number of flailing companies, including GameStop, are having a great week on the stock market. Here's what you need to know.
By Chandra SteeleJan. 28, 2021, 3:42 a.m.
Did you wake up this morning, check the news, and have FOMO about not buying GameStop stock, but also had no idea what was actually going on? Us, too.
GameStop has had a rocky time of things for the past few years and particularly during the pandemic, when it has had to shutter stores and saw its stock price plummet. Until yesterday, that is, when its stock price rose astronomically thanks to Reddit.
We had questions and you probably do, too, so let's see if we can answer some.
Something has happened with GameStop stock.According to my Twitter feed, it seems that way, yes.
TL;DR?Redditors on the r/wallstreetbets subreddit (bio: Like 4chan found a Bloomberg terminal) banded together to buy GameStop stock to inflate the price, make a huge profit for themselves, and thus destroy the financial guys who were betting against the company. Think of it as a DDoS attack on hedge funds.
What is short selling?Short selling is when you bet against a stock. It’s an easy concept, but not easily explained, so here I will rely on Investopedia:
I am more of a visual learner.Watch The Big ShortThe Big Short, which is about how hedge funds shorted the housing market in 2008, causing the resulting housing crisis.
What are hedge funds?Back to our friends at Investopedia: "A hedge fund is just a fancy name for an investment partnership that has freer rein to invest aggressively and in a wider variety of financial products than most mutual funds."
Are these people nice?Short (lol) answer: No.
How are they reacting to all this?Not well! The hedge fund Melvin Capital was heavily invested in GameStop and they want you to know they were not owned, even though they have lost billions to Redditors.
Michael Burry, an investor and the central villain in The Big Short (he was played by Christian Bale, so never a great sign), tweeted (and deleted): “If I put $GME on your radar, and you did well, I’m genuinely happy for you. However, what is going on now – there should be legal and regulatory repercussions. This is unnatural, insane, and dangerous. @SEC_Enforcement”
Jim Cramer yelled at me that this is a “short squeeze” (ew), what is that?It’s when a stock price shoots up based not on anything having to do with what’s going on at the company and its true worth (like a product release), but because of market factors.
These terms are getting worse because now I have to ask: What are stonks?Stonks are, as you may have suspected, the ironic internet way of saying stocks. The name comes from a meme that features Meme Man, a misshapen 3D model of a head that came from a 4chan board, and is typically a response to a bad financial decision.
Where are people buying these stonks, uh, stocks?A lot of them are using the appropriately named Robinhood.
Is this illegal?Not unless hedge funds are.
Should I be happy about this?We already have enough financial stuff to sort through here without delving into philosophical questions. But if pressed, we would say: a little? Who doesn’t love seeing billionaire wealth be redistributed, especially during a pandemic when government and corporate resources are not being shared with millions of suffering people? On the other hand, these tactics can potentially be weaponized against not-so-evil targets.
Elon Musk is involved here somehow?He always finds a way. Yesterday he tweeted, “Gamestonk!!” and linked to r/wallstreetbets. It caused a massive jump in awareness of the, um, stonks, and a surge in buying.
Today something is happening with AMC?Yes, r/wallstreetbets has lists of the most-shorted stocks that are circulating. Today AMC is riding the wave, and it has raised enough money that it won't go bankrupt anytime soon. Other stocks you can look forward to hearing about include BlackBerry and Tootsie Roll.
List of most-shorted stocks from CNBC.
Just curious, what's going on with AMC now?Well, they froze trading.
I'll be honest, I don't know what that means.It's when trading is suspended by the stock market (either NYSE or Nasdaq) because of expected volatility from news related to that stock, a technical issue involving trades, or a regulatory concern.
I have seen Zack Morris mentioned. Is this Zack Morris from Bayside High? Owner of my favorite Motorola phone?No, it is an anonymous person on Twitter and Reddit who uses Mark-Paul Gosselaar’s image and bills himself in his bio as a “FURU” (fake guru). They dole out financial advice, but also say “do your own DD” (due diligence). They have popularized the #SaveAMC hashtag.
So should I be buying the stocks on this list?Life is a gamble, but Wall Street is even more of one.
Thanks to some financially savvy Redditors, and a push from Elon Musk, a number of flailing companies, including GameStop, are having a great week on the stock market. Here's what you need to know.
By Chandra SteeleJan. 28, 2021, 3:42 a.m.
Did you wake up this morning, check the news, and have FOMO about not buying GameStop stock, but also had no idea what was actually going on? Us, too.
GameStop has had a rocky time of things for the past few years and particularly during the pandemic, when it has had to shutter stores and saw its stock price plummet. Until yesterday, that is, when its stock price rose astronomically thanks to Reddit.
We had questions and you probably do, too, so let's see if we can answer some.
Something has happened with GameStop stock.According to my Twitter feed, it seems that way, yes.
TL;DR?Redditors on the r/wallstreetbets subreddit (bio: Like 4chan found a Bloomberg terminal) banded together to buy GameStop stock to inflate the price, make a huge profit for themselves, and thus destroy the financial guys who were betting against the company. Think of it as a DDoS attack on hedge funds.
What is short selling?Short selling is when you bet against a stock. It’s an easy concept, but not easily explained, so here I will rely on Investopedia:
Short selling can be immensely profitable or infinitely bad. If the stock price goes up, you can lose more than you put in.
I am more of a visual learner.Watch The Big ShortThe Big Short, which is about how hedge funds shorted the housing market in 2008, causing the resulting housing crisis.
What are hedge funds?Back to our friends at Investopedia: "A hedge fund is just a fancy name for an investment partnership that has freer rein to invest aggressively and in a wider variety of financial products than most mutual funds."
Are these people nice?Short (lol) answer: No.
How are they reacting to all this?Not well! The hedge fund Melvin Capital was heavily invested in GameStop and they want you to know they were not owned, even though they have lost billions to Redditors.
Michael Burry, an investor and the central villain in The Big Short (he was played by Christian Bale, so never a great sign), tweeted (and deleted): “If I put $GME on your radar, and you did well, I’m genuinely happy for you. However, what is going on now – there should be legal and regulatory repercussions. This is unnatural, insane, and dangerous. @SEC_Enforcement”
Jim Cramer yelled at me that this is a “short squeeze” (ew), what is that?It’s when a stock price shoots up based not on anything having to do with what’s going on at the company and its true worth (like a product release), but because of market factors.
These terms are getting worse because now I have to ask: What are stonks?Stonks are, as you may have suspected, the ironic internet way of saying stocks. The name comes from a meme that features Meme Man, a misshapen 3D model of a head that came from a 4chan board, and is typically a response to a bad financial decision.
Where are people buying these stonks, uh, stocks?A lot of them are using the appropriately named Robinhood.
Is this illegal?Not unless hedge funds are.
Should I be happy about this?We already have enough financial stuff to sort through here without delving into philosophical questions. But if pressed, we would say: a little? Who doesn’t love seeing billionaire wealth be redistributed, especially during a pandemic when government and corporate resources are not being shared with millions of suffering people? On the other hand, these tactics can potentially be weaponized against not-so-evil targets.
Elon Musk is involved here somehow?He always finds a way. Yesterday he tweeted, “Gamestonk!!” and linked to r/wallstreetbets. It caused a massive jump in awareness of the, um, stonks, and a surge in buying.
Today something is happening with AMC?Yes, r/wallstreetbets has lists of the most-shorted stocks that are circulating. Today AMC is riding the wave, and it has raised enough money that it won't go bankrupt anytime soon. Other stocks you can look forward to hearing about include BlackBerry and Tootsie Roll.
Just curious, what's going on with AMC now?Well, they froze trading.
I'll be honest, I don't know what that means.It's when trading is suspended by the stock market (either NYSE or Nasdaq) because of expected volatility from news related to that stock, a technical issue involving trades, or a regulatory concern.
I have seen Zack Morris mentioned. Is this Zack Morris from Bayside High? Owner of my favorite Motorola phone?No, it is an anonymous person on Twitter and Reddit who uses Mark-Paul Gosselaar’s image and bills himself in his bio as a “FURU” (fake guru). They dole out financial advice, but also say “do your own DD” (due diligence). They have popularized the #SaveAMC hashtag.
So should I be buying the stocks on this list?Life is a gamble, but Wall Street is even more of one.
Normalcy will eventually prevail, like what had happened to Hertz. It's a loss making company and its share price had dropped from its high of US$106.15 in August 2014 to today's US$1.96. I expect the same to happen to the loss making GameStop when its musical chair game will stop. Just don't be the last one to hold on to this dying baby.
My guess is the Wall Street assholes will 贼喊捉贼 and tell Congress to ban small investors from fucking their shit up
The Wall Street swamp needs to be drained and this is the best way to do so.
Big boys always win 
robinhood is about to go ipo but kena hammered for such a lame move on the eve of their ipo.
finish liao all GG
Scared are you? That makes u a loser.
Don't be so cocky. If you have the guts, snapshot your trade here. Otherwise, NPNT. This is the rule here, don't you understand?Scared are you? That makes u a loser.
As a matter of fact, you are so naive and wrong. It is not worth to risk your hard-earned money into such gambling trades. Yes, you may win big, but you may also lose big. I'd rather put my money into companies that have strong and stable earning capabilities whereby I know even if it will drop momentarily during crisis, I can still see the light at the end of the tunnel if I have the holding power because these companies have viable and sustainable ongoing business entities and will not go bankrupt overnight.
Always remember: One's main objective is to be able to be completely debt free and also must have eternal recurring funds to retire comfortably and thus, having no worries. This I have already achieved. Have you?
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