After bubbling to the surface of trending topics last week, Gamestop stock became the only thing anyone could talk about this week, as a collective of savvy market watchers on /r/WallStreetBets upturned the entire stock market by going all-in on the struggling video game retailer as well as other companies thought to be on death’s door.
For those who still don’t understand what’s going on, /r/WallStreetBets users saw hedge funds were short-selling Gamestop stock on the bet that the price would go down; when they had to buy the stock back, they would get it for a lesser price than they borrowed it for and pocket the profit. But as everyone in /r/WallStreetBets started buying stock in Gamestop to force a short squeeze, the stock soared out of control as panicked hedge funds closed their Gamestop shares and hemorrhaged money and Redditors made a killing.
This led to multiple brokerages limiting the traders’ ability to trade with the volatile stocks, which many viewed as an affront to the supposed free market, setting up a “little guy” vs. “bigwig” narrative that’s dominated the conversation the past few days.
All caught up? Good. Now lets get into some dang memes already.
Wow, This Really United The Country
How Do You Do Fellow Fortune 500 Companies
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