Posted on Jan 28, 2021
People Mock Stock Market Millionaires By Asking Why They Don’t Just Pull Themselves Up By Their...
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"Over the past several weeks, Redditors have taken to buying up stock in GameStop in an attempt to constantly raise the share price, which in turn forces big hedge fund companies that essentially bet against the share price rising to go deep into debt rather than profit while driving a company out of business."
"The movement has been such a massive deal that it’s captured mainstream attention, with media outlets generally siding with the hedge fund bros and complaining that it shouldn’t be possible for random people to manipulate stock prices — something hedge funds and billionaires have been doing for years."
"The gist of it, however, is that all the random people on Reddit with hundreds or thousands of dollars to spend are making lots of money, while hedge funders are bleeding out because they took a gamble on the market and lost.
It’s more than a little difficult to feel sorry for those people — especially when the market is pulling out all the stops to try to help them keep their money and bankrupt Redditors who are holding the stock and refusing to sell it back to them at the cheap prices they need to survive."
"The movement has been such a massive deal that it’s captured mainstream attention, with media outlets generally siding with the hedge fund bros and complaining that it shouldn’t be possible for random people to manipulate stock prices — something hedge funds and billionaires have been doing for years."
"The gist of it, however, is that all the random people on Reddit with hundreds or thousands of dollars to spend are making lots of money, while hedge funders are bleeding out because they took a gamble on the market and lost.
It’s more than a little difficult to feel sorry for those people — especially when the market is pulling out all the stops to try to help them keep their money and bankrupt Redditors who are holding the stock and refusing to sell it back to them at the cheap prices they need to survive."
People Mock Stock Market Millionaires By Asking Why They Don’t Just Pull Themselves Up By Their...
Posted from god.dailydot.comPosted in these groups: 
Economy
Stock Market
Economy Stock Market
Posted >1 y ago
Responses: 1
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I have been reading up about this, the redditors or group is called wall street bets, or WSB, and they had their discord server shut down because a bot spammed racist and hateful speech at 4 am for about two hours, after the server had a very large influx of new members, the free market apps have also disallowed buying stock in Gamestop and AMC apparently to protect the Hedge Fund conglomerates from losing more money, and there is likely to be an SEC investigation into this matter. no doubt redditors did it to manipulate the market, and stick a stick up the asses of the rich bastards who manipulate the market by shorting. allegedly, the information about the shorting of Gamestop was public knowledge, for people who knew what to look for, and the same for the AMC stock, but a speculative bubble might be a grey area the feds can exploit to prevent this from happening again. Will be interesting to see how this plays out, and what folks here that have a better grasp of the mechanics of the market have t say about this.
personally, I find it hard to shed a tear or garner sympathy for those that tried to manipulate the market in order to make millions had their rug pulled out from under them, by a subreddit.
personally, I find it hard to shed a tear or garner sympathy for those that tried to manipulate the market in order to make millions had their rug pulled out from under them, by a subreddit.
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