Photo: Noam Galai/Getty Images Like a scene out of The Big Short, or maybe The Wolf of Wall Street — some finance movie, you get the idea — AMC Entertainment has become one of the day’s most popular stocks through risky attempts to “short” the stock by hedge funds, according to CNBC. Basically, that means borrowing shares, selling them, then hoping to buy them back at a lower price before returning them to the lender.
But why AMC, a movie theater chain struggling during the COVID-19 pandemic? Redditors on r/wallstreetbets tried to organize a buying effort in hopes of hurting the hedge funds that are trying to profit specifically off losses in stock value by companies like AMC, as The Verge explained. It’s the same reason why they targeted GameStop yesterday, and will probably target something weirder like, say, oh, Sea World tomorrow.
WRONG, WE ARE FIGHTING CORRUPTION. you can GO LIGMA NYTs!!
A lot of these bit players are going to get burned, but for a good cause...and not nearly as badly as the sharks who have been doing this for decades and have been getting bailed out.
$BB is next up. I like the stock