Incase you haven't caught up yet, a subreddit with 2 million users decided to Bognadof the Gamespot stock, so much that 3 days ago it closed $40 US dollars, then yesterday it was $75 and just now when the market closed it was $145 US. Gamespot is now worth 10 billion dollars, the first time ever in it's history and Melvin Investment, a hedgefund that was short selling the stock has lost an estimated 6 billion dollars, after receiving a 2.75 billion bailout yesterday from 2 other investment firms. This really is entertaining to watch and is costing someone rich a lot of money.
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Who is buying stock in a company that Amazon made obsolete 5 years ago?
I would have shorted it too, it's going down to zero once this all ends.
You would've shorted 147% of the available shares? The people getting short squeezed here deserve it.
I couldn't afford that, but a small short position where I wouldn't lose too much would be a good choice.
I don't think this is about the viability of GameStop as much as just people saying to Wall Street "You can't bankrupt a company for profit".
That’s 100% the reasoning behind the whole Scheme to my knowledge
You're right of course, but if you lose all your money in the process being early is the same as being wrong.
True. I rarely short. I thought about shorting based on the fact Biden will fuck everything up, but I decided against it. Would have lost quite a bit.
Still, anyone who thinks GameStop will survive the pandemic is optimistic.
I'm not sure anyone really believes that. There's people who want to fuck over a hedge fund, and there's people who see the stock go up 100% in a day and want a piece of that while hoping to not be left holding the bag when it goes bust.
Everyone else is probably taking their money and running before it goes back to $20, and preparing to retire.