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Fascinating story. Small investors may yet bankrupt the hedge fund billionaires: by uniting to buy and hold stock in the US version of the high street’s Cex - it’s called @GameStop. The billionaires had bet heavily on the company going bump.
Fuck yeah - imma buy shares Mon. https://twitter.com/nytimes/status/1355133623083692033
Fuck yeah - imma buy shares Mon. https://twitter.com/nytimes/status/1355133623083692033
Who knows in what guise the Revolution will arrive? It doesn’t necessarily mean tooling up, busting the local Bastille and feeding a hungry guillotine(can’t do THAT keeping 2m apart so it ain’t safe).
The workers WILL regain ownership of the means of production and the rich man WILL be humbled - it’s inevitable, mes amies.
Anyway, I am IN.
Anyway, I am IN.
Visit sub Reddit ‘Wall Street Bets’ if yr interested in how this all came about... see @wsbmod.
Update: Wall Street hedge funds are panicking. They are trading GME stocks between themselves which Do Not Exist (aka failure to deliver) in order to drive down the share price. GME shareholders not selling. No UK brokers allowing buying, only selling.
The billionaire hedge funds have bet on Gamestop going broke ie on the price going down. If stock keeps rising their losses could be infinite - they are already paying 
interest on the shares they borrowed to sell. At the end of the borrowing term they MUST return the shares.
interest on the shares they borrowed to sell. At the end of the borrowing term they MUST return the shares.
At which point the shareholders can decide when they want to sell. The most expensive per share price ever was about USD 350k I think? Gamestop was USD 2 a year ago... 485 last week, low of 80 today. I’d buy more if I could - but brokers won’t allow it.
Easy-read peace on Gamestop ($GME) for anyone who wants to catch up.
Basically, Wall Street places bets on a company’s stock dropping then sells the fake shares to force prices to drop. https://finance.yahoo.com/m/96b10499-6e0a-33e9-8819-cd290d8fc794/the-american-pastime-of.html?soc_src=social-sh&soc_trk=ma
Basically, Wall Street places bets on a company’s stock dropping then sells the fake shares to force prices to drop. https://finance.yahoo.com/m/96b10499-6e0a-33e9-8819-cd290d8fc794/the-american-pastime-of.html?soc_src=social-sh&soc_trk=ma
How is this possible? Wall St. ‘borrows’ or ‘invents’ individual shares from brokers (without the owners knowing).
Once the company’s share prices approaches $0 it goes bankrupt and Wall St. Never. Has. To. Return. The. Borrowed. Shares. Or account for the fake ones.
Once the company’s share prices approaches $0 it goes bankrupt and Wall St. Never. Has. To. Return. The. Borrowed. Shares. Or account for the fake ones.
Usually this strategy works. But Reddit users, brainstorming on Reddit forum r/wallstreetbets realised:
1. More than 122% of Gamestop shares were being traded. That ain’t possible.
2. The hedge funds were paying HUGE interest on borrowed shares.
3. GME share price impossibly low
1. More than 122% of Gamestop shares were being traded. That ain’t possible.
2. The hedge funds were paying HUGE interest on borrowed shares.
3. GME share price impossibly low
Wall Street were under pressure to return the borrowed stocks but r/wallstreetbets bought a load and are refusing to sell. Wall St. temporarily halted the price skyrocket by banning buying of the stock which, of course, lowered the price (removing demand increases supply).
To me this looks like democracy in action... a step toward the people owning the means of production.
I went in on it to have a front row ticket to the defeat of Capital. May yet lose it all, we’ll see.
In for 7 x $GME @ $92.
I went in on it to have a front row ticket to the defeat of Capital. May yet lose it all, we’ll see.
In for 7 x $GME @ $92.
