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Old 2021-01-28, 04:41   Link #1
Anh_Minh
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The big GameStop short: Reddit traders outmaneuver US hedge funds

https://www.dw.com/en/the-big-gamest...nds/a-56365948
Quote:
Established US investment funds Melvin Capital and Citron Research bet that stock prices of an aging video game high-street retailer would keep falling. But Reddit users teamed up to confound their short positions.
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Old 2021-01-28, 04:47   Link #2
Sheba
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Wall Street is losing their mind and I love it. Those guys were due a kick in the teeth since 2008.

This reddit post sum up the sentiment of a lot of people, it should resonate with everyone who were affected by the 2008 crash, saw Occupy Wall Street fail and watched Trump's friends lining up their pockets with impunity during Don's presidency.

Last edited by Sheba; 2021-01-28 at 05:02.
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Old 2021-01-28, 05:12   Link #3
GDB
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I wanted to participate, but between getting an account and money transferring, this would all be over before it went through.
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Old 2021-01-28, 06:53   Link #4
Jaden
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This is epic! I think the economy is going to collapse, unless there are massive bailouts in order to pay off the stock holders!

I went for a bit of NOK. I doubt this kind of attack is going to work twice, but we'll see. Your move now, Wall Street
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Old 2021-01-28, 07:23   Link #5
MeoTwister5
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Some redditor put in like 50k and is supposedly currently at 48 million!
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Old 2021-01-28, 07:54   Link #6
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I have to admit, I'm actually interested in how this plays out.

On one hand, this might succeed in a way that Occupy Wall Street was unable to.

Other the other hand... well, at least during the Trump Presidency, I kept hearing about "the people with REAL power behind the scenes". This... could potentially be who Reddit is messing with. Sure, my understanding is that they're really only hedge funds (basically an offshore pool of money for the hedge fund group to draw from), but I think they're also some powerful billionaires who could cause this whole thing to explode. Actually, scratch that- it's going to explode no matter what. It's just a case of who will come out on top...
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Old 2021-01-28, 08:08   Link #7
Jaden
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What's kinda funny about this is that Gamestop was dying organically. Gamers hate the company, and there are popular YouTube channels focusing entirely on horror stories they experienced while working there. Brick and mortar as a sales medium for games is anyway obsolete.

It's not the case that hedge fund managers were driving the company to bankruptcy in order to benefit from shorting the stock, though no doubt sometimes such plays are made.

But as much as people dislike the company, it's far overshadowed by people's displeasure with the financial sector, so now the company is resurrected from the brink of death to be used as a cudgel against "them", just because Gamestop happened to have the most shorts listed against it at the time.
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Old 2021-01-28, 08:38   Link #8
Anh_Minh
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It's still dying. As the redditors would probably point out, Wall Street economy isn't the real economy.
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Old 2021-01-28, 09:11   Link #9
Sheba
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Wall Street have underestimated the grudge and hate the common ppl have toward them sunce 2008. Especially when every years after that, the financial sector have rubbed their gains on our face. People have not forgotten, and have certainly never forgiven them.

EDIT:

Robin likely got a visit from hedge fundies lawyers.

The message Wall Street sent is very clear, Hedge Fundies are determined to stop the poor and the middle class from getting anything from the stock market, it's indeed THEIR privilege. They want to die of old age, on their pile of ill-acquired wealth, like fucking dragons. And here, there is no knight to slay them.
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Last edited by Sheba; 2021-01-28 at 12:39.
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Old 2021-01-28, 13:02   Link #10
ganbaru
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Quote:
Originally Posted by Sheba View Post
The message Wall Street sent is very clear, Hedge Fundies are determined to stop the poor and the middle class from getting anything from the stock market, it's indeed THEIR privilege. They want to die of old age, on their pile of ill-acquired wealth, like fucking dragons. And here, there is no knight to slay them.
Let's be honest, the ''knight'' than are supposed to keep them in check work to help the dragons to fleece everyone else.
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Old 2021-01-28, 15:27   Link #11
Anh_Minh
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They didn't just freeze inconvenient trades. They actually force-sold shares from retail investors.
https://twitter.com/themaxburns/stat...72948226732046


Other perspective on the thing:
https://twitter.com/toxic/status/1353890766800621569
(Not sure if it's legit or a conspiracy theory. Not knowledgeable enough to know.)

Last edited by Anh_Minh; 2021-01-28 at 15:41.
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Old 2021-01-28, 20:47   Link #12
serenade_beta
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To be honest, I'm surprised Gamestop's stock was originally even over $100, considering how close to death it is
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Old 2021-01-29, 01:01   Link #13
Psyco Diver
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Something similar happened in Rite-aide years ago, I worked in a another pharmacy retailer, my boss was pretty close to the top dogs in our company. He told me to buy as much Rite-aide stock as I could, it was like $10-12 a share, I brushed it off because I knew the company was circling the drain. Flash forward 6 months and their stock shot up to over a $100 a share and another year later the company crashed. I should have listened to my boss lol

Not the last time I didn't listen to him, he tried getting me to leave the company, wouldn't tell me why, just trust him. Of course I didn't and a month later I was laid off (he was laid off shortly after me)
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Old 2021-01-29, 02:00   Link #14
Anh_Minh
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Quote:
Originally Posted by serenade_beta View Post
To be honest, I'm surprised Gamestop's stock was originally even over $100, considering how close to death it is
"Originally", it was less than $20.
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Old 2021-01-29, 02:23   Link #15
serenade_beta
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Quote:
Originally Posted by Anh_Minh View Post
"Originally", it was less than $20.
Ahh, I didn't look back far enough. Now it makes sense.
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Old 2021-01-29, 04:19   Link #16
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Old 2021-01-29, 12:56   Link #17
The Green One
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Fat Rich Wall Street Moguls: "The poor people are stealing money from us and playing in our playground and IT'S NOT FAIR"

Man this is priceless. If these idiots want pity so badly they can buy it. They've got enough money after all.
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Old 2021-01-29, 12:59   Link #18
dragon1412
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I don't understand much about financial hedge funds so I ask what you guys will probably laugh a me for: How exactly did this move attack the supposed groups ?? I supposed the bet things is refer to investing in something, but isn't at the end gamestop still dying as their issues isn't purely related to money, for redditors who use their money on gamestop aren't they gonna get affected as well ??? How does robinhood relate to this by automatically selling ??
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Old 2021-01-29, 13:15   Link #19
The Green One
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Basically the hedge funders were betting on Gamestop stocks going down and invested accordingly, while an online flash mob on reddit starting buying up Gamestop stocks raising it's values making the hedge funders lose a lot of money as result and they're being salty as hell about it. That's my basic understanding.
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Old 2021-01-29, 13:59   Link #20
Sheba
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If I got it right, hedge funders wanted Gamestop to bankrupt before they can refund part of the money they won from selling high the Gamestop stocks they bought low. Redditors purchased, afaik, ALL stocks right under their nose.
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