Post by robeiae on Jan 27, 2021 9:37:32 GMT -5
www.buzzfeednews.com/article/amberjamieson/gamestop-reddit-stock-shares
It really is a lot like a 4chan attack.
More: www.cnet.com/news/reddit-and-elon-musks-gamestop-stock-surge-its-a-ponzi-scheme/
And this is hilarious:
I'm guessing he deleted that tweet when he realized he might actually get to cash out...
Also:
This has a real chance to do serious damage to some Wall Street firms.
Investors on Reddit have launched an attack that’s both trolling and serious on Wall Street firms by purchasing shares in GameStop, pushing the stock price up over 480% in a week, costing hedge funds millions of dollars, and skyrocketing young investors’ portfolios and egos.
Popular subreddit r/WallStreetBets (WSB), whose tagline is “Like 4chan found a Bloomberg Terminal,” has over 2 million members reading and posting “stonks” tips and news. Its biggest obsession in recent weeks has been raising the stock price of GameStop, the old-school video game mall retailer.
“They’re digitally doing it in a coordinated attack,” Howard Lindzon at Social Leverage, an early stage seed investment fund, told BuzzFeed News.
Lindzon thinks the investors chatting across Reddit — who tend to be millennial and Gen Z men — are just having a fun time causing trouble for hedge funds who’d bet on shares in the gaming retailer dropping. “They’re just playing a game,” he said. “And they’re having a blast.”
Popular subreddit r/WallStreetBets (WSB), whose tagline is “Like 4chan found a Bloomberg Terminal,” has over 2 million members reading and posting “stonks” tips and news. Its biggest obsession in recent weeks has been raising the stock price of GameStop, the old-school video game mall retailer.
“They’re digitally doing it in a coordinated attack,” Howard Lindzon at Social Leverage, an early stage seed investment fund, told BuzzFeed News.
Lindzon thinks the investors chatting across Reddit — who tend to be millennial and Gen Z men — are just having a fun time causing trouble for hedge funds who’d bet on shares in the gaming retailer dropping. “They’re just playing a game,” he said. “And they’re having a blast.”
More: www.cnet.com/news/reddit-and-elon-musks-gamestop-stock-surge-its-a-ponzi-scheme/
And this is hilarious:
"This is unnatural, insane and dangerous," Michael Burry, a prominent GameStop investor and one of the subjects of the book and movie The Big Short, wrote in a now-deleted tweet. His roughly $17 million investment in the company has ballooned to $250 million as of Tuesday, Markets Insider reported.
Also:
Now emboldened Reddit communities are talking about taking on other companies that Wall Street is broadly betting against. The Reddit crowd is already attempting to push up BlackBerry, the once-popular handset maker that now focuses primarily on selling business software. And Redditors are also targeting the struggling movie chain AMC, pushing its stock from hovering around $2 per share to more than $8 in after-hours trading.