![]() I haven’t been able to sleep for about a week now”. “The highs that I had were among the biggest of all time,” said Jeff. “I felt like a different person. “This whole thing has numbed me to money,” Jeff told me recently. …over the course of several days, as the GameStop stock inevitably imploded, Jeff went from having more than $200,000 to just $50,000. Investor Jeff told VICE’s Patrick Klepek that his dreams of “not working a 9-5 for the rest of life” and being “free to be able to do whatever wants” have been dashed: It didn’t last long, and many who held onto their stocks are starting to feel a little bleak about the whole thing as GameStop stock prices plummet. To keep the ball rolling as stocks rose at one point to just shy of $500 a pop, investors were encouraged to ‘hold the line’ (not sell their stocks) in an effort to, as VICE puts is, “buck the capitalist system entirely”. This amounted to one of the largest wealth transfers from the financial ruling class to the middle and middle-upper classes in recent memory, sending Wall Street spiralling. The Redditors bought huge numbers of GameStop stock, trading at low prices, and then kept buying more as the prices rose, forcing something called a “short squeeze”, and elevating the price. Last week, all anyone could talk about was money-losing video game retailer GameStop, after an army of smaller investors rallied on Reddit and elsewhere to support its stock and beat back the professionals. Successful Long-Term Investors Follow These Tips.The WallStreetBets / GameStop Saga Gets The Netflix Treatment.Virtual Reality Gaming Has Turned Deadly.Highlights From Bill Gates’ Annual Reddit AMA Sesh (He Doesn’t Rate The Metaverse).Enough With The Doom And Gloom! Here's 10 Reason To Invest In SA According To The Experts.The S&P 500 index, meanwhile, closed up 1.4%.ĪP Business Writer Stan Choe contributed to this report. AMC Entertainment fell 41%, headphone maker Koss Corp. ![]() The sell-off didn’t spook one Redditor, who declared “Down $68 but HOLDING.”īeside GameStop, which is based in Grapevine, Texas, shares of favorites of the online crowd fell as well. Another boasted “I just bought 3 more shares because of the dip. “In a week, we’ll be stoked we got these for so cheap!” one Redditor reasoned. Many posts on WallStreetBets, where users have been encouraging each other to buy shares in GameStop and other stocks, urged their fellow traders Tuesday to resist the temptation to sell. “What I love about this now, is that if you pick your spots right and work as a group, you can hit again and again,” he said in the forum. The number of GameStop shares that have been shorted (bets that the stock will fall), were slashed by more than half in recent days, according to a report Monday by the analytics firm S3 Partners.īut now, instead of one hedge-fund manager trying to squeeze another who had built up big bets that a stock’s price would fall, it’s smaller investors communicating over the internet doing the targeting. Some of the institutions that thought the stocks would decline have now admitted defeat and walked away from those bets in a stunning reversal of financial power on Wall Street. Investors on Reddit and other social-media portals have banded together in recent weeks to snap up shares of GameStop, AMC and other struggling chains. That led some big financial institutions to “short” the stock, or bet on the price to fall. The business model of the mall-based retailer of physical copies of video games has taken a beating as fewer people go out shopping in malls and as more people download video games instead of buying them in stores. The extreme moves in GameStop have been driven by a frenzy of speculative trading and appear to have little to do with the actual prospects of the company, which has been losing money consistently. – Asian shares mostly higher, China markets fall back.– Wall Street's GameStop bug may have mutated silver surges.– Robinhood raises $3.4B from investors amid surge in trading.
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