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GameStop short-sellers lost $1.6B in one day as Reddit rebelled against them
- nunez 6y agoI find this fascinating. A bunch of autists on /r/WallStreetBets decided that GME was going to be the next rally...and the next rally it became. I can get behind this frantic anonymous pump and dump (though I wish they picked another company given how terrible GameStop was to their employees during COVID), but how will the market prevent this from happening?
- rantwasp 6y agothe marker does not need to prevent anything. you have a bunch of large short sellers that oversold the stock (how can one short 140% of al the shares out there you wonder?) and when the stock started moving up the were left holding the bag. wsb is not big enough to drive this kind of motion. the attention wsb gets and the attention the stock gets does drive the stock. i hope a bunch of greedy fat cats lose their money and I hope the SEC investigates and punishes their aberrant behavior. also, apart from the memes, the foul language, the disrespect for people with disabilities, there are people on wsb that know their stuff and you can learn about things that are about to happen if you 1) have a strong stomach 2) can filter through the noise
- dzhiurgis 6y agoSomeone made this dashboard to track chatter on reddit https://dayminer.herokuapp.com https://dayminer.herokuapp.com