This was written by an actual journalist, whose job is to research stuff and know things. In what financial universe has the stock market ever accurately reflected the value of the companies sold on it and not the often irrational whims of the investment class? https://twitter.com/jbarro/status/1354464982981877762

Uber, a company that has literally never been profitable and has basically done nothing but flush $10 billion in capital down the toilet since it was founded on a business plan that makes no actual sense, is currently trading at $50 a share, up $10 from where it was last May.

The only reason people are freaking out about this is it gives lie to the “masters of the universe” narrative about hedge funds, private equity firms and others in charge of the finance sector that gets played in a ceaseless drumbeat by a sycophantic business press.

Basically someone fucked up and made a bet where getting it wrong means there’s no limit to the amount of money you could lose, someone noticed and decided to fuck up their life. If everyone involved has been billionaires no one would be talking about it outside finance circles.

But because one of the parties was a bunch of internet randos, people invested in the Very Serious nature of the financial super-genius lie are flipping the fuck out. That’s not supposed to happen. But it did, because the finance sector is still rich people playing dumb games

And to be clear, there’s an entire universe of amateur finance morons convincing people to dump every spare dollar into the stock market and the GameStop thing is part of that cesspit of scam artists.

But that advice has been working in the short term because we’re in a stock market bubble, with shit like Tesla valued higher than VW despite selling a farts worth as many cars and not making a profit. The problem isn’t scammers, it’s that EVERY PART of the system is bullshit.