JCC What's Wall Street up to today?

That’s fair. I mean GameStop won’t last long, but I get it now. At least they get to say their highest stock price was in 2021

 

Will investors get a complimentary subscription to Game Informer?

 

I'm gonna go buy something at Gamestop tomorrow.

 

Can someone provide something that'll give a general, more detailed rundown of what's going on here? Like, that isn't just Wolf of Wall Street gifs and handwaving comments about reddit anti-semitism?

 

My understanding is the following. Gamestop is a company in decline. The stocks of Gamestop were being short-sold by a couple of hedge funds. Then, in a reddit community called wallstreetbets, they somehow coordinated in crazy buying to make the stock price skyrocket, so that the short-sellers lost a lost of money. The price of the stocks is currently at ridiculously high values.

 

How long do you all think GameStop has before it crashes and 90% of the people who tried to short fail?

 

It’s a sad place. Other than big game releases, the most money comes in from reselling used games, I think. All of which were bought from gamers on a short sell. So, I have very little sympathy, other than it drives even more sales online.

 

Short-selling means that you sell without even having the security with the hope of buying it later at a lower price.

 

AMC is up 12% today and 50% after hours as well
So that’s something to watch out for.

https://www.google.com/amp/s/www.fo...c-stock-jumped-today-and-then-skyrocketed-af/

 

For as much as the internet really wants this to be a carnival atmosphere (and I get the impulse, I really, truly get the impulse) it just feels like the ultimate outcome of this will be that they’ll make it harder for individuals to trade stocks and change nothing about what enables hedge funds, because the latter can pay off politicians. People will cry foul about hypocrisy concerning muh free market but nobody ever cared.

 

The most likely outcome is Reddit will cave to pressure to ban the WSB subreddit.

 

I like the idea of short sellers falling into a trap of their own making. Why must there be any kind of regulatory intervention here at all? Why not just watch the whole thing implode as a kind of teaching moment for investor herd stupidity? Gamestop doesn't pose any kind of systemic risk to the economy, right?

 

Because a bunch of rich people are going to whine to their rich friends. Learning harsh lessons is for the poor.

 

and the hedge fund managers don't pay income tax on their earnings. Win win.