#gamestonk


“If you guys haven’t been following the GameStop Stock Shit-Show, you really need to look into it. This is fucking hilarious. Allow me to catch you up.

So this hedge fund called Melvin Capital wrote out some douchey article about how the smart investment move would be to short-sell GameStop stock. To put it simply, short-selling is essentially gambling that a stock’s price will drop. If it does, you make money. If it doesn’t, you end up paying out money for however much it goes up.

Well, this little article that Melvin wrote pissed off a dark, dank corner of the internet called Wall Street Bets. WSB is a hive of Ritalin-addled lunatics who treat the stock market like a fucking casino. These dudes will regularly gamble their life-savings on a single trade. It’s a glorious thing to watch.

The WSB crew has a weird fascination with certain stocks. They call them “meme stocks.” Tesla is one, AMD is another, and GameStop, arguably, is the most weirdly beloved meme stock. So for reasons that make sense only to the degenerates on WSB, Melvin trying to short-sell their meme was a declaration of war.

Yes, this is dumb. But it gets so fucking hilarious.

WSB decided to do a “short squeeze.” This is when you see people trying to short a stock, so you buy up that stock, and you get a bunch of other people to buy up that stock. With each purchase the price actually goes up. Since Melvin was trying to short the stock at a price of $20 per share, WSB wanted to get it as high above that price as humanly possible. They got it up to $200 per share.

This means Melvin has to cover over $180 per share they bought. This came out to billions. Fucking. Billions. Melvin Capital, over night, was suddenly facing bankruptcy. Think about that. A bunch of self-identified degenerates on a fucking website were able to tank a fucking hedge fund. That’s hilarious.

Well, the rich and powerful don’t like seeing us plebeians fucking with one of their own. So Point72, another hedge fund, teamed up with a few other little funds, and they injected around THREE BILLION into Melvin Capital to keep them from spiraling. Essentially this meant the billionaire hedge fund crew were banding together to fight back against Wall Street Bets. And WSB just said “okay, no problem.”

Today the stock for GameStop is at $320 per share.

Melvin Capital lost all of that three billion they were given. It’s gone. They’re still fucked. Point72 gave a little over a billion of that injection, and that means that fund dropped from 17 billion to 16 billion. That means in less than 24 hours WSB managed to all but ensure one hedge fund will die and drop the value of another by 6% so far.

And remember, WSB are just a bunch of jackasses on the internet. They aren’t hedge fund guys, they aren’t millionaires or billionaires. This is literally being done by morons with a phone app coordinating to ruin billionaires’ lives because they can.

What we’re watching here with GameStop stocks is a bunch of rich people who are getting fucking wrecked, purely for entertainment, by the kind of middle-class and poor people they regularly lobby against and treat like this. This “eat the rich” via phone app. It’s “damn the man” with a meme-stock.

It’s fucking beautiful.

And because whoever is writing our reality lost all sense of subtlety after 2020, the icing on the cake is that the app the WSB crew are using to pull this off is a stock-trading app called Robin Hood. Yeah, as in steal from the rich and all that jazz.

Gamestop: 'Failing' firm soars in value as amateurs buy stock

In another surprise twist, the unprecedented rally was given a further boost by Elon Musk.

The billionaire Tesla boss tweeted the word "Gamestonk", along with a link to the Reddit message board that had been pumping the stock.

For its part, Reddit said it had not been contacted by the authorities over the stock price movements.

"Reddit's site-wide policies prohibit posting illegal content or soliciting or facilitating illegal transactions. We will review and co-operate with valid law enforcement investigations or actions as needed," a spokeswoman said.

The market turmoil has even come to the attention of new US President Joe Biden, with the White House saying it is "monitoring the situation".


Google halts Play Store 'review bombing' by GameStop traders

Google has removed a wave of negative reviews of popular stock-market trading apps targeted by furious investors.

Platforms such as Robinhood have been hit after preventing independent traders buying GameStop and AMC shares.

Users of a Reddit message board had managed to upset the market by buying the shares and inflating their value, hitting established hedge funds.

Many online traders, feeling betrayed by Robinhood's restrictions, have hit back with critical reviews of the app.


dogecoin
The power of the people or the power of Elon Musk?

Redditors restricted from buying GameStop stocks by Robinhood and Trading 212 refocused their efforts on a new venture: Dogecoin. The joke cryptocurrency has been trading at fractions of a cent for most of its existence, but thanks to the stonks gang, it rose from $0.007681 to $0.049 in a day. That’s a 500 percent increase, woof!
The meme cryptocurrency did also get a boost from tech billionaire Elon Musk, who tweeted a picture of ‘Dogue’. It wasn’t the only crypto Musk injected with a little stimulus either: after changing his bio to ‘Bitcoin,’ the currency, which has been trending down since the start of January, surged 20 percent. He later tweeted, ‘In retrospect, it was inevitable.’ Yeah, sure, like he didn’t see that coming


GameStop: What is it and why is it trending?

You've probably stared blankly at your WhatsApp chat as the words "GameStop", "Reddit" and "stock market" get thrown around the way "pub" and "meet at 8" used to.

Your friends have become Jordan Belfort from the Wolf of Wall Street overnight, and you have no idea what they're on about. Well, we see you slyly Googling "What is a GameStop?" and we're here to help.

Everyone loves a story of plucky underdogs and sticking it to "The Man" - and this one is a belter.

First, let's get the basics sorted...


Well, unless you were under a few different rocks on Friday, you probably saw this at some point.


Robinhood, Interactive Brokers restrict trading on GameStop, BlackBerry and other stocks

Online trading platforms Robinhood.com and Interactive Brokers said on Thursday they had restricted trading in shares of GameStop, BlackBerry and other companies that have seen hefty gains this week due to a social media-driven trading frenzy.

Individual investors who trade through online brokerage apps like Robinhood and discuss stocks on anonymous social media messaging boards have driven a dramatic jump in the stock price of companies including GameStop, BlackBerry and AMC Corp.

The outsized gains have forced some hedge funds that had been betting against the stocks to fold their positions and drawn calls for regulatory scrutiny from commentators.


Google salvaged Robinhood’s one-star rating by deleting nearly 100,000 negative reviews

Unhappy users have been review-bombing the app


GameStop shares jump 70% Friday as brokerages warn of risky investments

Canadian investing app Wealthsimple is now suggesting limit orders for some volatile stocks


GameStop: Meet the amateur traders fighting Wall Street

Until the start of the pandemic, it had never occurred to Alex Patton that he could become an amateur trader.

But now, in the wake of the GameStop shares frenzy, he is something of an unlikely veteran of the financial markets.

"Before Covid struck, I didn't know the first thing about investing," says the 28-year-old railway cyber-security engineer, of Kingston upon Thames, south-west London.

But after the stock market took a bad tumble in March last year and dealt his pension savings a blow, he decided that he should, as he puts it, "take a more active role in managing my money".

As a dual national with British and American citizenship, he had no difficulty in setting up an account with US trading platform Robinhood, which has found itself at the centre of the GameStop furore.


Silver price surges amid investor frenzy — but Reddit users say it isn't them

Feb 01, 2021 2:32 PM
The precious metal rose above $30 US an ounce to highest level since 2013.

The action in silver is partially based on a belief that a run-up in prices would punish Wall Street firms banking on a decline.

"Retail investors are rising up," analyst Phil Flynn with Price Futures Group said. "Refusing to be Wall Street's doormats, retail investors are attacking Wall Street positions that are vulnerable and making them pay. They are banding together and rocking the markets, squeezing stocks like GameStop and AMC and are now turning their attention to silver. They are attacking short sellers, and they are now realizing that silver is undervalued as compared to gold and bitcoin.


Elon Musk grills Robinhood boss over GameStop row on Clubhouse

Tesla boss Elon Musk has grilled trading app Robinhood's co-founder, Vladimir Tenev, about why it limited users to only being able to buy a small number of shares in some companies.

The move came after US games retailer GameStop's stock surged amid a campaign to cause hedge funds large losses.

Mr Tenev denied “conspiracies” that he was trying to help the hedge funds.

Instead he blamed a demand that Robinhood provide a $3bn (£2.2bn) security deposit at short notice.

The interview was conducted on the audio-only social network Clubhouse.

Mr Musk's 90-minute appearance was a major coup for Clubhouse, which is currently in a "beta" testing phase and requires users to be invited to access its platform.

It allows people to join private rooms for conversations, but participants are capped at 5,000.

However, fans streamed the interview on YouTube and overflow rooms on the platform, as Mr Musk's appearance attracted unprecedented attention.

Mr Musk also spoke about travel to Mars, Bitcoin and brain implants during his session.


GameStop’s Reddit Revolution Echoes Occupy Wall Street Crusade

An online trading army’s offensive against hedge funds is drawing parallels with the anti-establishment campaign that rattled the financial industry.




bbc: Gamestop: 'Failing' firm soars in value as amateurs buy stock
https://www.bbc.com/news/business-55817918


bomb: Google halts Play Store 'review bombing' by GameStop traders
https://www.bbc.com/news/technology-55853568


gamestop: GameStop: What is it and why is it trending?
https://www.bbc.com/news/newsbeat-55841719


reddit: Well, unless you were under a few different rocks on Friday, you probably saw this at some point.
https://www.reddit.com/r/thecorporation/comments/l3x9q8/gamestop_power_to_the_market_players_part_1/


restrictions: Robinhood, Interactive Brokers restrict trading on GameStop, BlackBerry and other stocks
https://globalnews.ca/news/7604713/robinhood-gamestop-trading-restrictions/


reviews: Google salvaged Robinhood’s one-star rating by deleting nearly 100,000 negative reviews
https://www.theverge.com/2021/1/28/22255245/google-deleting-bad-robinhood-reviews-play-store


risky: GameStop shares jump 70% Friday as brokerages warn of risky investments
https://www.cbc.ca/news/business/gamestop-developments-friday-1.5893812


meet: GameStop: Meet the amateur traders fighting Wall Street
https://www.bbc.com/news/business-55843829


silver: Silver price surges amid investor frenzy — but Reddit users say it isn't them
https://www.cbc.ca/news/business/silver-stocks-surge-1.5895790


musk: Elon Musk grills Robinhood boss over GameStop row on Clubhouse
https://www.bbc.com/news/technology-55888782


bloomberg: GameStop’s Reddit Revolution Echoes Occupy Wall Street Crusade
https://www.bloomberg.com/news/articles/2021-01-28/why-are-reddit-wall-street-bets-traders-buying-gamestop-and-fighting-hedge-funds