late yesterday afternoon. How high has it gone? On December 31, 2020, a share of GameStop stock cost $18.84. At time of writing, a share is over $300. The company is now worth over $10 billion.So the $10 billion question is, why? GameStop didn't announce some wild new innovation, like that it had figured out how to get everyone in the world addicted to gaming using microwaves.
WSB traders sometimes make what they call"YOLO" buys; even if it ends in a loss, you'll gain internet cred for being bold and entertaining. But the GameStop surge wasn't just for entertainment — an important piece of it was to target short-sellers. Short-selling is the opposite of what most people are doing in the stock market — trying to buy low and sell high. Short-sellers bet on the price of a stock. This is basically what happens: Step one, borrow shares from someone else.
Some believe that short-sellers serve as a check against stock prices being too high for no good reason. Others, however, believe it's scummy behavior, and that it encourages profiting off others' failures — and there have been plenty of instances where short-sellers have been accused of manipulating stock values to ensure that they profit.
Like so much else in the past year, this weird internet moment is a battle of power between individuals and big institutions. The WSB redditors are mostly"retail traders" — individuals trading from their homes, probably in their PJs — while short-sellers are mostly a part of bigger firms made up of professional traders. It's a controversy that may highlight Wall Street's hypocrisy as well.
redditors make me horny
Awesome! Now do Radio Shack! The 80s rule!
Well it does employ 10s of thousands of low wage workers during a pandemic and Wall Street hedge funds were actively trying to destroy it. We like the stock.
I hope gamestop actully makes a comback
it's coming true 🤣
Lol “Power to the players”
Things I don’t understand: stocks bonds treasuries interest rates Feds Reserves what goes up when it goes down, how they borrow stocks when my Robinhood only lets me buy or sell etc. At this point, I’m just treating this like a virtual trip to Vegas🤷♀️ yolo
And for that reason… I’m out
That’s a shitload of used games.😃
Yo! GameStop . We did this. Hope ps5 Will be readily available for everyone now
The people could take their wealth back by doing the same thing with bitcoin while crushing shorts They would have to stop buying shitcoins first
TL;dr? Anyone?
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goldietaylor I am wondering how people are doing.
Be a good time to get them loans and restructure your business model.
No, it is not “worth” that but the total stock is priced that. People not understanding the difference been going since the market started on a street in NYC.
yay now I can get $3 for game instead of $2 :)