Reddit's GameStop stock battle with Wall Street is an 'insane' war

[Phenom]

Wall Street's bets against GameStop went horribly wrong when users from a Reddit forum decided to bet on its success instead. Now billions of dollars are at stake.

Wall Street investors have bet struggling video game retailer GameStop would fail for a long time. At points, it's been one of the most heavily bet-against stocks on the market. But over the past few months, a bunch of Reddit users have been pushing up the value of GameStop shares instead. At first, it was because they believed the company was better off than the Wall Street doubters believed. As GameStop value has soared, Wall Street's bad bets cost investors billions of dollars.

Now the Reddit users want the price to rise even more, as they wage an epic battle against Wall Street.

At one point, the Reddit users from the forum r/WallStreetBets sent the stock up more than 14,300% (you read that right), though it's gone through wild fluctuations. They've spread their strategy to struggling movie chain AMC, too. In their wake, these online market players have upended Wall Street, creating a drama filled with memes, app trading disasters and weird internet lingo as big-time investors have lost billions of dollars.

It's a crazy story, complete with cameos by Tesla CEO Elon Musk and CNBC financial commentator and former hedge fund manager Jim Cramer. There's even Michael Burry, one of the subjects of the book and movie The Big Short, who happens to be a prominent investor in GameStop.

Even Silicon Valley found a way to get in the middle of this mess. It's wild.

Source.

 

[Demon_skeith]

What a way to kick off 2021, make the billioners feel the other end of the money value's pain.

Though I wish I had some GS stocks right now..

 

[Ash]

What a way to kick off 2021, make the billioners feel the other end of the money value's pain.

Though I wish I had some GS stocks right now..

Technically, it's still not too late although there is a higher risk in investing right now because of the price. The potential for the share price to skyrocket is still there which is why almost everyone is holding and not selling.

 

[Empire]

Ohh, SO it's not so good idea to start getting into the stocks battle right now,

 

[Ash]

Ohh, SO it's not so good idea to start getting into the stocks battle right now,

The short squeeze hasn't started so there is still time to invest. But yeah, it's not as great a time to get into GameStop as it was before when the price was a lot lower. All depends on your personal risk tolerance I guess.

 

[MrDawn]

Now the Reddit users want the price to rise even more, as they wage an epic battle against Wall Street.

I remember back when people were protesting and rioting against Wall Street and getting arrested back in 2011. Protesting is ineffective and a huge waste of time. This is a much better alternative because it's a more direct action and it's funny. It's downright hilarious. A bunch of very intelligent people got together and used Game Stop to bankrupt a bunch of rich tight wads. Hahahaha. The lesson here is "Money Talks And Bullshit Walks."

 

[Phenom]

I remember back when people were protesting and rioting against Wall Street and getting arrested back in 2011. Protesting is ineffective and a huge waste of time. This is a much better alternative because it's a more direct action and it's funny. It's downright hilarious. A bunch of very intelligent people got together and used Game Stop to bankrupt a bunch of rich tight wads. Hahahaha. The lesson here is "Money Talks And Bullshit Walks."

You have to be careful with that line of reasoning though @Terminated. That can get you in a lot of trouble. Peaceful protesting is an excellent way to raise awareness because it is a constitutional right. I'm not disputing the fact that what the Wall Street and hedge fund suits are doing is wrong, it is; but, they have the money and lawyers to fight this to a level that most people can't and it all comes down to the interpretation of it.

 

[Ash]

It seems to have taken a huge dip which is not good for us. Sold another share earlier today for around $115. As I mentioned before, I have got my initial investment back and a bit of profit so it's not too bad for me.

We will have to wait and see if the short squeeze ever happens (or if it already happened when the price hit $450+)

 

[MrDawn]

Peaceful protesting is an excellent way to raise awareness because it is a constitutional right.

It might be constitutional but it doesn't work, which is why it almost always leads to Civil Disorder. I see it as everyone yelling their opinion at what they want the government to do and a lot of the times, the government says no. Then these people get pissed and start vandalizing and attacking everyone.

You have to be careful with that line of reasoning though @Terminated. That can get you in a lot of trouble

I don't know what led you to think that I condone civil unrest and anarchy. You really think my reasoning is that barbaric? I'm in no way a savage.

I'm not calling you out that you're completely wrong about protests working. I just believe differently than you do. Maybe you desperately want protests to be more effective and that's okay to have that wishful thinking.

I strongly believe protests that has lead to violent rioting doesn't work based on American history.

 

[Phenom]

It might be constitutional but it doesn't work, which is why it almost always leads to Civil Disorder. I see it as everyone yelling their opinion at what they want the government to do and a lot of the times, the government says no. Then these people get pissed and start vandalizing and attacking everyone

It worked for Gandhi and he was fighting a far harder battle. Then there was the civil rights movement with the peaceful sit ins and such. Those worked and they weren't against the law.

I don't know what led you to think that I condone civil unrest and anarchy. You really think my reasoning is that barbaric? I'm in no way a savage.

I'm not calling you out that you're completely wrong about protests working. I just believe differently than you do. Maybe you desperately want protests to be more effective and that's okay to have that wishful thinking.

I strongly believe protests that has lead to violent rioting doesn't work based on American history.

I never said you did. And I respect your opinion to think that way. I just meant with the way things are going, that they could very well call you out for that line of thinking. You did also use Arnold, a Democrat, in a response on another thread condoning the violence even though he's no angel.

Protests can work, we just have to do it in other ways. Run for office, push for changes in laws and enforce the free market enterprise concept and hold the agency that oversees it accountable.

 

[MrDawn]

You did also use Arnold, a Democrat, in a response on another thread condoning the violence even though he's no angel.

Arnold wasn't encouraging the Capital Riot. He was against it. He never condoned it at all. He was berating Trump and everyone who went and participated in the Capital Riot.

Arnold is entirely against rioting and vandalism of any sort. I can accept that not every celebrity likes Trump nor do I need to fault them for not liking that candidate. Arnold quoted a lot of things in his video that really spoke to me. One was his quote from Teddy Roosevelt.

Trump and Arnold have a negative history. It doesn't matter what political party they're in. For one thing, you're wrong about Arnold being a Democrat, he's of the Republican Party. He just hates Trump and would rather see one of Trump's competitors, no matter what their political party is, sitting in the White House instead. Which happened. Biden is President and I have come to terms with that.

Arnold was aggravated that the riot ever happened and heavily implied in that video I posted that Trump lied and convinced those people to riot for him.

In the video he outright blamed Trump for the capital riot. In another segment of that video he speaks out against racist hate groups because his father was a former Nazi who abused him and his mother. And then in the video just to get his dig in at Trump, he swore loyalty to Biden.

I get that he's no angel and he doesn't live up to your political expectations. But he's a far better human being than most of the people in the world. And if I had to pick a side between Arnold Schwarzenegger or Donald Trump. You bet I'd side with Arnold. That's how much I look up to him.

Arnold has done nothing but promote peace.

 

[Phenom]

@Terminated watch this

One of the comments in the video says it perfectly: "Where was he when BLM and antifa were doing far worse during the summer last year?"

And the sheer fact that you've come to terms with Biden being president is sad.

Are you aware that he's about to grant 11-20 million illegal aliens citizenship? Are you aware of the strain that is going to put on us as legal US citizens and taxpayers? Or the spit in the face it is of those who are doing it the right way and going through the process?

And I love this hates Trump argument. Why did he hate Trump? When did Trump incite the riot?

The news has already come out that there was already a crowd outside the Capitol Building, pressing against the thin police barrier before Trump even began his speech!

 

[MrDawn]

And the sheer fact that you've come to terms with Biden being president is sad.

It's not like I can do anything about it. I hated Obama from the time he took office to the time he left office. Now we have Biden who is just going to copy and paste everything Obama ever did. Because Biden doesn't have an original thought of his own.

 

[Phenom]

There's plenty you can do. Write your state representatives or call them, tell them to speak up or out. Do a petition or any other legal means.

Just because he's President doesn't mean we quit the fight.

 

[MrDawn]

Just because he's President doesn't mean we quit the fight.

You know. I think we're both taking this for granted. We should be proud to be Americans despite who our president is.

I'm being very optimistic about Biden being our president. He's not genocidal and perhaps he genuinely cares about us as citizens.

Look at it from this angle please. There are worse world leaders out there, that are far worse than Biden. Think of Ramzan Kadydrov, dictator of Chechnya, loves Putin, and big time supporter of the Russian Federation. We could have someone like him. He hates the gay community and likes to commit mass murder.

Know who else is like him? Kim Jong Un. These two are just alike.

I think if we came from a country like that. We probably wouldn't care who is president as long as we're not fearing for our lives you know?

So when I look at it like that. I think, there's people in other countries that have it way way worse than we do.

 

[Ash]

I don't think anyone expected the hedge funs to act in an illegal way and it's clear that the short squeeze either already happened or is unlikely to ever happen. I've sold my 4 shares and managed to get a decent profit. Keeping my last share just in case something does end up happen.

 

[Phenom]

Look at it from this angle please. There are worse world leaders out there, that are far worse than Biden. Think of Ramzan Kadydrov, dictator of Chechnya, loves Putin, and big time supporter of the Russian Federation. We could have someone like him. He hates the gay community and likes to commit mass murder.

Are you forgetting that Biden literally has made racist comments throughout his entire career?


Just watch these

 

[MrDawn]

Are you forgetting that Biden literally has made racist comments throughout his entire career?

Yes. I'm well aware lol. Yes, you're preaching to the choir. No. You cant get him out of office. You'll need to wait 4 to 8 years.

 

[Phenom]

That's pretty much a majority of what surveys after the poll results discovered. There was one that was done by Trump's own campaign team and it found out that if he had focused on running his campaign against Harris, things would have turned out differently.

 

[Demon_skeith]

Technically, it's still not too late although there is a higher risk in investing right now because of the price. The potential for the share price to skyrocket is still there which is why almost everyone is holding and not selling.

To jump in now seems like a bad idea.