What happened during the Game Stop stock craze in 2020?
In: Economics
Some rich motherfuckers, hedgefunds, decided to short gamestop stock (GME) because it was a shit company and its stock was overvalued. They were banking on the price going down so they borrowed a shit ton of the stock to sell at the overvalued price. They had planned to repurchase them at the future lower price and then return it to the lender. Some lucky mofo decided to buy game stock stock, posted about it in a sub full of degenerates (wallstreetbets), and lucked out. It became a meme and morons lapped it up.
People who didn’t know how to buy stocks without a shitty app that needs to advertise itself on reddit jumped on the bandwagon and inflated a shit company’s stock so the few at the very top (many many many millionaires) cashed out early and left all the literal regards holding onto a shitty stock.
The hedgefunds that were shorting the stock got bailed out really early. Like literally a week after the peak of the mania and stopped giving a shit. But all the dipshits still holding onto their lumps of coal hoping they’ll become diamonds are pushing it hard to make it still seem like their rocket ship is going anywhere but the fucking ground even after it crashed.
Morons under this very post still have no idea wtf happened when they talk about Robinhood and other shitty apps’ “manipulating” the stock by preventing purchases. It’s a shit conspiracy. The reality Robinhood and all those other apps ran out of money to pay their lenders that allows them to let their customers buy stock without needing to wait until their deposits are cleared which usually takes 1 to 3 days. Meanwhile, purchasing was completely normal on many no garbage sites but they’re too complicated for the average game stock “investor.”
Notice how they all use the same jargon to explain shit. They think they sound smart but, in reality, they don’t know wtf they’re talking about and are holding onto whatever gives them a tiny sliver of hope. They’re all cultists who are praying that their unrealized losses will eventually turn into gains LMMMMMMMMAAAAAAOOOOOOOO
Though I suspect this post and the comments is yet another shitty attempt to drum up interest and discussion about the dead horse again to get a few more suckers so they can finally make a whopping twenty cents instead of eating their losses of thousands or more.
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