GameStop is expected to lose money this year and next year. Sales growth is sluggish as fewer gamers need to go to stores โ or even shop online โ when they can download new titles directly from their consoles, PCs, phones or tablets. So why are shares of the video game retailer up more than 275% so far in 2021?
The company can thank a loyal group of investors on Reddit who continue to back the stock even as many others on Wall Street have argued that the shares are overvalued and due for a sharp decline.
The stock was extremely volatile on Monday, and it was halted several times. Shares more than doubled at one point, and finished the day 18% higher.
Posters on the WallStreetBets subreddit have been touting the company aggressively. That appears to have helped fuel a so-called short squeeze in GameStop (GME) stock.
A large number of investors have bet against GameStop recently by borrowing shares and selling them with the hopes that they can then repurchase the stock at a lower price and pocket the difference.
That's a risky strategy: If a stock suddenly spikes higher, short sellers may have to rush en masse to buy back shares or risk losing their shirts. The more that a shorted stock goes up, the bigger the losses become if a short seller doesn't buy back (or cover) their position. That creates the squeeze.
#CNN #News #ChristineRomans
Investors on Reddit send GameStop stock soaring
Hedge funds are predatory vultures gobbling up capital and laundering unearned wealth by gutting businesses with thousands of jobs. Watching a bunch of Reddit users screw these preppy grifters out of money has been hilarious and I love every second of it.
@Toby Dionโ I really don’t like communism but I support it now, in fact I even supported Bernie the communist. In the end we have to choose between the free market and the deaths of 8 billion people under worldwide communism *THANKS FOR YOUR HONESTY*
Predatory vultures describes CNN
@Trevor Guthrie Bernie isn’t a communist. What the heck?
@Toby Dion youre in for a roundhouse kick if actual good wins
preach
Not as fun when they’re the ones being manipulated for a change.
@mhelo rosario I know it’s hard for you CONservatives to stay on track and use memory that lasts longer than five seconds, but try to keep up with the discussion at hand.
@Edgar Gonzalez dude we’re not living in the 90s 2000s or even the 2010s anymore this next decade is done for the boomers. And fossil fuelers
Oy vey STOOOP
It is only a federal offense, no big deal
@Judo Ichidai
Good.
The natural evolution of “Hey, you guys got Battletoads?”
Ah yes, BattleToads. Loved that game.
I’m crying!
Toadcoin
Ffis that
https://youtu.be/P85afV3OgnA
oh yes
๐คฃ๐คฃ๐คฃ๐คฃ๐คฃ๐คฃ๐คฃ
If she doesnโt remember Funcoland, sheโs too young bro
LMAO!!!!
https://youtu.be/VVSxuJRu-Q0
Won’t give me a fair trade on my game? Fine. No fair trade on your Gamestop.
At the same time if she does she’s too old. There’s a special sweet spot.
Honestly this is hilarious to see.
Buy GME!
@Jay Gee distorting stock to be at a price *it doesn’t deserve* ? Lol. Didn’t realize Wall Street was in the habit of handing down moral denouncements straight from the Book of Judge-y. Meh. Still fake news. Wall Street has no morals. The stock price is where it’s at *because it happened*
Yeah those tiny hats deserved it
@Immortal Sugimoto I understand that it has been standard practice in Wall Street to do the same thing but the difference here would be that a small group people manipulated a big group of people into spiting another small group of people. Wall Street manipulates the market among themselves which is scummy but theyโre not using a gullible public to spite someone.(Which I at least think is more scummy)
@Random Hip Hop its to late now. It drop, bounce up, then run down hill
The billionaires are saying it was Russia ๐คฃ๐คฃ๐คฃ
Politics are trash all I need to live are stonks, specifically TSLA and GME
RUSSIA RUSSIA RUSSIA once again
@Jesuschristonacamel good little sheep. Dems are the party of the extremely rich and extremely poor. Look at big tech giants votes. Both parties are owned by the tiny hat billionaires anyway
๐๐คญnext time my wife gets pissed of about something I did I’m blaming it on russia JS
@Karl Marx exactly as they have been eating us for decades and decades
Hedge fund managers should learn to code now
hmm that is hate speech mate
HAHAHHA
LMAO
How dare you!
Best comment award.
Goes to show how easily stocks can be manipulated. I’m convinced it’s happening all the time.
Since the beginning my friend. Now that the โPlebsโ have found the levers of power you can expect the reaction to be less than pleasant.
The billionaires are the ones usually manipulating them, that’s why their so mad.
Bitcoin. Free yourself
Thatโs literally all the stock market is.
It is, it litterally is,its not even hidden it’s a well known fact
2021: The year where a bunch of Redditors screwed over billionaires through the stocks. You love to see it.
Whatever the story, I wamt to know what stock they’re doing next ๐คฃ๐คฃ
@Michelle Meister that’s not happening. They’ll short it and they’ll sit and it will drop back down and they’ll make bank. The reddit suckers who were last to sell will lose.
@O G you mad because they gaining money as you type ๐๐
@Bob King basically short sellers make money whenever a stock price goes down. The reason all the redditors are buying amc gm and bb is because these are the most heavily shorted stocks on the market specifically by melvin capital. They say melvin capital already closed his shorts when in reality they have a contract on friday so expect those 3 stocks to boom tomorrow
Wall Street hedge funds: โNOOOO you canโt short squeeze us more weโve already lost $2 billion on our short positionsโ. Meanwhile some absolute chads on Reddit saving AMC and GameStop for the memes: โlmao in real life money glitch go brrrrrrrrrrโ ๐๐๐
@BoxTrick no cap
FWIW you didnโt actually SAVE them. Stock prices and the health of a company have been largely disconnected for at least 30 years. Welcome to Bubble Economics 101.
Hahahaha that last part had me fucking dyin hahaha “money glitch go brrrrrr” hahahaha
TO THE MOON!!!!
This is more satisfying than the infinite 1up glitch in super Mario bros
They literally only did it to spite billionaires and itโs fucking hilarious to me
@TheBase1aransas CNN did. They call it “Trumpism”. No joke.
People the power!
And can you guess what ethnicity most of those billionaires were? Ill give you 109 tries
The tiny hats will get desperate
@Rasmus Erlandsson I dropped 25k lmao
The land of the โfreeโ and home of our brave.
https://youtu.be/HD40cY7y0Gs 23a
Actually that phase is a lie. Francis Key the man who wrote the national anthem was a slave owner for 30 years in the state of Maryland.
This is a reverse money transfer, from Wall Street to Main Street for once.
@Karl Marx I think this situation the BIGGER threat to installing UBI, and not hyper-inflation that some people retort against UBI. I may not use my SS to buy stocks, but damn if we have UBI we’d all be participating in the stock market.
@Bam Atienza yeah this is true
@Gabe Mendoza Exactly, most everyone is going to be a loser here save the few that get out at the top. Now’s the time to short!
Beautifully said!
@Lucas
You’re probably right, but that’s why I don’t play the stock market like that– I’d lose sleep every night.
Donโt play games against gamers, eat the rich!
๐๐๐๐๐๐๐๐๐๐๐๐
Ffis that
https://youtu.be/P85afV3OgnA
oh yes
@Sir Picklestien GO2DAMOON+
@dandagod official lol
โFrothinessโ lol okay lady
Not only are they killing hedge funds, they might make a pretty penny when they’re done.
Are this experts available in the Netherlands?
Yes , write them with the digits above to learn More .
Nice reviews indeed would get in touch with them certainly.
Great I found this comment section just at the right time. Gonna send a message across shortly
Insightful thread indeed
Crypto trading, especially bitcoin has made more millionaire this year alone despite the global economic meltdown it has still held strong. Bitcoin to the moon
“It’s not about the money, it’s about sending a message”.
Legend!
Tfis that
https://youtu.be/P85afV3OgnA
oh yes
yep best comment right here
Up!
PERFECT COMMET HOW IS THIS NOT AT TOP
The internet is a powerful thing, and we used it to spite the rich!
“He who sells what isn’t isn’t, must buy back or go to prison” GME & AMC ๐๐๐๐๐
Hedgefunds: “Its capitalism baby, dont like it? Get out”
Also Hedgefunds: “THE PLEBS ARE GOING TO RUIN US! QUICK! CHANGE THE RULES AND REGULATE THEM!”
Dfis that
https://youtu.be/P85afV3OgnA
oh yes
Legend has it Melvin capital already has a bailout lined up
Duke
: That’s about the size of it.
@Michael Rose they’ve already been bailed out once when Gamestop got to $150. Then they doubled down and GME went up to $350