LogFAQs > #950003666

BlackScythe0 posted...

So basically some hedgefunds made a bet the stock would fall and some independent investors on reddit said "lol faq"

Apparently Elon Musk was mad that these firms were shorting his companies, so he rallied people on twitter to buy Gamestop stock since they were going BIG on shorting it, causing those firms to have to buy back the shares they shorted at way more money and driving them to ruin.

While Musk is a jerk in his own right, I'm kinda all for these capital investment firms getting pounded. Fuck them. They profit while we suffer, get bailouts when they fuck up, and do FAR more shady shit than this reddit stuff they're crying uncle over (like using computer algorithms to "flash trade" before transactions from normal people go through to skim some money off of them each time).
This whole thing is hilarious. Wall Street firms and actual Congress critters wanting to shut down Gamestop trading for a month just because some dudes on reddit out-capitalism'd them.