Bird on a Fire wrote: ↑Thu Jan 28, 2021 12:31 amHedge Funds were short-selling Gamestop (the Blockbuster of video games, apparently), and then "parlaying" those shorts, ie making multiple bets that the stock's value would hit $0. Apparently they were also writing articles and spreading rumours about the company's imminent collapse.
Reddittors found out, and decided to f.ck them over by buying the stock. The value went up from $20 to $250 or something, so the hedge funds have lost many multiples of their short position.
Thought I'd take a look at how the meme stocks are doing and whether Wall Street has been destroyed or not.
Gamestop went from $20, peaked at around $250, now $80.
AMC went from $4, peaked at $59, now at $10.
So still a very good profit for anyone who got in at the start, but no longer the massive paper profits. Grim for the "hold till you die" bros who got in too late.
I hadn't realised just how memey Tesla stock was. It's showing the same aspects, people who've made a great profit and should be happy, yet are convinced they'll recover their vast paper profit and urge others to buy the dip.
Wall Street still seems to exist. This little adventure wasn't perhaps as world shattering as some people felt at the time.