Gamestop was a much-lampooned company with awful practices and many a horror story from employees and customers alike. I found it gross that the internet would rally behind such a company and never understood the whole thing (aside from the people with neither shame nor ethics wanting to make a buck).
It wasnt really a rally around them but against shadow markets over leveraging themselves. It could have been any company, but the data available was GameStop related.
I think you’re sleeping on the nostalgia factor for a lot of old gamers who had enough cash for a bit of a “fuck you” purchase but not enough discipline to buy a rifle or enough education to know that Wall Street doesn’t lose money when you buy stocks.
Wall Street doesn’t lose money when you buy stocks.
Hedge funds lost a shitload though. Wallstreetbets basically engineered a short squeeze and a few hedge funds genuinely lost a ton of money covering shorts. Granted, a lot of those diamonds handers were left holding the bag, but the effect wasn’t insignificant.
Gamestop was a much-lampooned company with awful practices and many a horror story from employees and customers alike. I found it gross that the internet would rally behind such a company and never understood the whole thing (aside from the people with neither shame nor ethics wanting to make a buck).
It wasnt really a rally around them but against shadow markets over leveraging themselves. It could have been any company, but the data available was GameStop related.
I think you’re sleeping on the nostalgia factor for a lot of old gamers who had enough cash for a bit of a “fuck you” purchase but not enough discipline to buy a rifle or enough education to know that Wall Street doesn’t lose money when you buy stocks.
Hedge funds lost a shitload though. Wallstreetbets basically engineered a short squeeze and a few hedge funds genuinely lost a ton of money covering shorts. Granted, a lot of those diamonds handers were left holding the bag, but the effect wasn’t insignificant.
https://www.businessinsider.com/rentech-simons-gamestop-meme-stock-price-nvidia-tesla-amc-portfolio-2024-5
Some hedge funds lost money.
Others were the ones manipulating the market in the first place.
Ha you could be right. I don’t live in the states didn’t realize GameStop had nostalgia value.