This week has been crazy for the stock market. One stock in particular is really a sight to behold. That stock is GME (GameStop) which around July 2020 was valued for less than $5 a share (having many thinking GME was going to go bankrupt) has started actually going up, defying expectations, and reaching heights of around $500 a share. Seeming to grow almost exponentially by growing to more than 100 times its earlier worth.
This has made many people very happy and very rich. With many people especially many from /r/wallstreetbets (a subreddit of reddit.com) investing early on last year and even this year multiplying their hundreds in thousands and their thousands into millions. The three largest holders of GME have even made billions.
Not everyone is happy though , every time someone wins in a game or in the stock market someone else has to lose. This time the biggest losers are the billionaire hedge funds betting on GME to plummet.
The 1% borrowed a lot (too much) GME stocks and sold them. They hoped that the price would go down and when they would have to give the stocks back it would be at a lower price than when they sold it so they would get to keep the profits.
But that did not happen, with the help of /r/wallstreetbets , GME has risen like a phoenix from the ashes. Now the rich are mad and crying now that they have to pay up and quickly having to pay more and more.(this video will help explain it better)
GME has been one of the biggest middle fingers the 99% have ever given to the rich. But now the rich are mad and using their influence to slow it down.
Many stock trading apps , the biggest and most ironic being RobinHood have stopped letting people buy GME and are only letting them sell. (Some even accusing RobinHood of selling their stocks with out their consent)
Selling will drive the price down so that the 1% that own these apps won’t lose billions because of GME and other hyped up stocks. This caused GME to drop to around $100. But the 99% aren’t taking it and aren’t giving/selling it either. As of writing GME is back to around $300 and more people are joining from all over the world to make GME rise to new heights.
Low and middle class traders aren’t the only ones not taking it from RobinHood, many people from congress including AOC , Ted Cruz , and even Donald Trump Jr are calling out how unfair it is for punishing GME and its investors for doing the same thing the 1% do. Congress plans on taking RobinHood to court!
The story of GME reminds many of Occupy Wall Street except now its not only being in the streets but online , and in the stock market where it can and is really hurting the 1% where it hurts. Their money.
With the scraps the government and the rich pay their workers, the 99% was able to make a spaceship that not only raised their own wealth but also took from the greedy 1% that keeps on taking and not giving anything back!
Only time will tell what will happen and where GME will go but I and many people around the world are betting on the moon!
This story is still developing and very interesting , I didn’t cover everything. Check out reddit.com and /r/wallstreetbets as well as other outlets to get more up to date information and clarifications.