[2/4 @ $88 per share] GME - Gamestop stock - anyone following this absolute MEME-HILARITY (now with Elon tweet)

[Zeze]

I'll keep it short.

• GameStop stock has been hovering at $5-15 in last 2 years. They're a boring game retailer on the decline due to ecommerce.
• Earlier in 2020, Gamestop made a major transformation announcement to shutter their stores and go full into esports/online gaming scene. All new board of directors.
• Enter reddit's r/wallstreetbets. It's an army of retail day traders.. but in millions.
• Some dude posted the stock will go up due to above news. It gained traction in early January.
• The army of idiots skyrocketed the GME to $50, 70, 100 in a WEEK just LAST WEEK (mid-Jan 2021).
• Enter Citron - a short-seller firm. Citron sh*ts on GME (and they make $$ in return). That's what they do. They shorted Nio, Tsla, etc, last year.
• The reddit Robinhood army goes apesh*t and fights the 'corrupted establishment of legalized profiteering' and SKYROCKETS the stock even more.
• So it's no longer about GME; but reddit's wallstreetbets (WSB) vs short seller firms.
• WSB even disrupted the Citron's live stream and they had to cancel it.
• Well today, it went up $150 (LOL). Aftermarket is trading at $250 now.
• This hits mainstream news - Bloomberg, Fox Business, Mad Money, etc. Today Elon tweeted on it.\
• It looks like it's no longer about GameStop; but waging a battle against the 'establishment' (hedgefund, fund mgrs, etc) vs Reddit Robinhood idiots that are 10M strong.

What's going to happen next? It'll be fun to watch it here.

Bloomberg - Are you a robot?

https://twitter.com/x/status/1354174279894642703

 

[Torn Mind]

Welp, I missed the boat and will just have to watch. I thought it would peak at $100. Come 9:30am, there will be a wave of selling.

 

[nakedfrog]

Good. Fuck the establishment. Fuck them long, fuck them hard, and don't leave a twenty on the dresser.

 

[BudAshes]

Good. Fuck the establishment. Fuck them long, fuck them hard, and don't leave a twenty on the dresser.

It seems to be in good fun, but could this screw over people's retirement funds that are tied up with these "establishments"? Real question I don't know anything about how this stuff works.

 

[Zeze]

Welp, I missed the boat and will just have to watch. I thought it would peak at $100. Come 9:30am, there will be a wave of selling.

You didn't miss anything according to WSB retards. They gon skyrocket it to $1000-2000, LOL.

And no, I'm not calling them names. They openly address each other as retards / autists. LOL.

 

[GodisanAtheist]

Autist Vs Scumbags: Hell in a Cell

I've been tangentially following the story on reddit and r/subredditdrama and whatnot, always kind of wild to see something from one of the dark corners of the internet go mainstream.

Heard my very conservative, old school, watches Fox every night FIL talking about how all of America's problems are the result of "En-Seals" and men not being able to release their natural urges... so there's that too.

 

[ponyo]

It seems to be in good fun, but could this screw over people's retirement funds that are tied up with these "establishments"? Real question I don't know anything about how this stuff works.

No. The rich fucks who are invested in hedge funds who can short stocks are millionaires and billionaires. These hedge funds get paid to manage rich people's money. The rich people are on the phone screaming at the stupid hedge fund fucks right now asking what's happening to their money. Before today, Melvin Capital who's major short in GME had 35% YTD loss. That was before today. . They started the year with $13 billion in the hedge fund. Not anymore.

You need to be accredited investor and have at least $1 million in liquid assets or earn more than like $250k a year or something like that to invest in hedge funds. But why would you? These hedge funds are morons.

 

[Red Squirrel]

That's crazy that people can just manipulate the stock like that. Did not know that was possible. I bet lot of people are going to be rich in the end though.

 

[ponyo]

Legend of u/DeepFuckingValue

They will forever remember him. They will sing songs and everyone will remember his name.

https://www.reddit.com/r/wallstreetbets/comments/l5nphz

 

[brianmanahan]

Autist Vs Scumbags: Hell in a Cell

this does remind me of that time in 1998 when the undertaker threw mankind off hell in a cell, and plummeted 16 ft through an announcer's table

 

[ultimatebob]

How much did you make off of this one, Ponyo?

 

[brianmanahan]

It seems to be in good fun, but could this screw over people's retirement funds that are tied up with these "establishments"? Real question I don't know anything about how this stuff works.

not in any average 401k or IRA.

in order to invest in hedge funds you've got to be an accredited investor at minimum (2.5$m net worth or 250$k per year income).

and hedge fund investors should ideally be buying into multiple funds to diversify against events like this.

but there could be some people who had too much in this fund getting some serious heartburn right about now.

 

[brianmanahan]

You need to be accredited investor and have at least $1 million in liquid assets or earn more than like $250k a year or something like that to invest in hedge funds. But why would you? These hedge funds are morons.

that's always been the result of studies that i've seen too... even if you have the ability to invest in hedge funds, there are better assets to invest in.

granted some funds do insanely well (the legendary medallion fund), but i think they closed that a long long time ago.

 

[ponyo]

How much did you make off of this one, Ponyo?

Didn't play. Was tempted many times as I've been watching this story unfold for many months. Probably could've made millions if I played but who knows how it would've really turned out. Actually having financial stake vs watching from sidelines is totally different experience and requires different nerves. I would like to think I could've diamond handed and held the position but who knows.

 

[Torn Mind]

That's crazy that people can just manipulate the stock like that. Did not know that was possible. I bet lot of people are going to be rich in the end though.

Stocks have been manipulated since forever.

 

[Zeze]

An “Angry Mob” On Reddit Is Pushing Up GameStop's Stock Price And Pissing Off A Bunch Of Wall Street Firms

One financial industry expert told BuzzFeed News the redditors were engaged in a “coordinated attack.”

www.buzzfeednews.com

 

[Red Squirrel]

Stocks have been manipulated since forever.

Well I meant, by a large extent. Technically any transaction affects it to some extent. I recall when the DOW crashed temporarily a few years ago because someone's sell bot accidentally went haywire and started to sell off everything and it caused other people's bots to do the same etc so then the stocks actually went down. Kind of funny really.

 

[Red Squirrel]

An “Angry Mob” On Reddit Is Pushing Up GameStop's Stock Price And Pissing Off A Bunch Of Wall Street Firms

One financial industry expert told BuzzFeed News the redditors were engaged in a “coordinated attack.”

www.buzzfeednews.com

There is something oddly satisfying knowing a bunch of wall street snobs are being trolled by people on Reddit. lol.

 

[PingSpike]

That's crazy that people can just manipulate the stock like that. Did not know that was possible. I bet lot of people are going to be rich in the end though.

I know almost nothing about stocks but I'm been reading a bit of wallstreetbets since it seems like kind of a fun adventure and honestly the memes are funny. The entire idea behind this is a short squeeze. Basically these hedge funds shorted the stock (bet it would go down). If the stock doesn't go down and the short comes due you're have to buy the stock to cover. The trouble is the hedge funds seem to have shorted 140% of the available shares. So there literally aren't enough shares for them to cover available. I guess this happened with volkswagon back during the last financial crisis. Porshe bought all the shares up and then the shorters were screwed. Anyway, you're seeing a lot of raging analysis, some astroturfing on reddit and twitter shitting on the stock which is to me what makes me think its real. If it was just a bunch of retards on reddit about to get slaughtered nobody would be lifting a finger to warn them off.

There's also something called a naked ladder short where they buy each others shorts on the way down, it seems the hedge funds organized that yesterday to try and trigger an exodus. It did push things down for a bit but it looks like the diamond hands are going to win out helped by papa musk's dagger through-the-heart tweet.

So there's my talking out of my ass on this, some one more knowledgable can probably point out my mistakes. I feel like I'm talking about a sport I watched some one else play like twice.

 

[Zeze]

I gotta thank WSB though. I made $80K so far (unrealized & not GME)

 

[Aharami]

I gotta thank WSB though. I made $80K so far (unrealized & not GME)

Which stock did you play?

Sent from my BLA-A09 using Tapatalk

 

[sdifox]

It's good to see the hedge fund raiders get fucked for once.

 

[Zeze]

Which stock did you play?

Sent from my BLA-A09 using Tapatalk

Nio in last May through July.

 

[Zeze]

ARE YOU READY FOR THE CRAZY DAY OF GME STARTING AT 930A TODAY?

https://www.reddit.com/r/wallstreetbets/comments/l60euz

It's going to be a bloodbath.

 

[Exterous]

Interesting occurrence to be sure. That said I am finding it harder to jump into things like this for a couple of related reasons. There is more risk now that I am older (less time to make up for the wrong choices) and am content with the trajectory we're on. Sure I'd like to retire sooner but I'd need to risk a bit more to make a meaningful change in that trajectory. I've ready too many posts from people who lost too much because they were still 'playing the game' when they were already 'winning' so that influences me some.

Still I did look around for available funds because FOMO is real and I like this to some extent but I used almost all the 'cash' I had in my investment accounts in May when it was clear the stock market wouldn't tank nearly as much as I had thought. And I wasn't going to sell any of the longer term holdings I have. Sell some of the APPL stock I bought in 2015 to buy GME? Nope.