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I basically lived this arc in fast motion that week. Monday I was like “huh, interesting”, Tuesday I had some laughs with my Dad (who works in banking) about ho
by Uehreka 5y ago
I basically lived this arc in fast motion that week. Monday I was like “huh, interesting”, Tuesday I had some laughs with my Dad (who works in banking) about how crazy it was, then Wednesday I started seeing a lot of my friends who work in retail and food service talking seriously about getting Robinhood accounts and kicking themselves for “not getting in on the ground floor”. By Thursday I was texting close friends trying to convince them not to dump their paycheck on this bonfire.
All along the way, there were some people who were calling me a killjoy and saying that everyone on board was in it for the lulz. But the people I saw doing this were not ironic memelords or anything, they were earnest working class folks who were taking the memes at face value and throwing money at what they believed was a chance to take down wall street while make money doing it.
- cwkoss 5y agoGamestop is still up 500% YOY. I'm pretty surprised it's held so much value.
- plorkyeran 5y agoThe valuation before the short squeeze was pricing in the risk of bankruptcy. Covid hit Gamestop hard, and part of why it was so heavily shorted was that many thought the company was circling the drain. A year later that's no longer such a common opinion, so even ignoring the shenanigans you'd expect the price to be considerably higher.