Not sure if there is much interest in this, but I find it fascinating. My summary is not going to do it justice, but, basically, "users" decided that there was too much shorting going on with Gamestop and, for lack of a better understanding on my part, felt that the price was being manipulated downward by very large entities that were shorting the stock. Collectively, a large number of small time "traders" decided to buy Gamestop but with instruction that the brokers not allow loaning the stock to cover shorts. This drove the price up to mammoth levels and caused a lot of the traditional financial community to balk and call for regulations to stop this activity - the hypocrisy being that similar activities are allowed by big Wall St. - IOW "reverse social justice warriors."
Again, I am not doing it justice, but if you are interested, check out the video here, it is long but it is on point..
https://thehill.com/policy/finance/536212-reddit-traders-cause-wall-street-havoc-by-buying-gamestopor a shorter article here
https://www.npr.org/2021/01/28/961349400/gamestop-how-reddit-traders-occupied-wall-streets-turfor just search on "Reddit Gamestop".
Now, in my opinion (and this is only my opinion and I have no particular interest in Gamestop or the equity markets in general), someone is going to get burned. I say this because if you screw with people who have a lot of money, they don't just take it. Sticking it to the man is usually expensive, again, in my opinion.
But, it sure is an interesting show to watch.
I am always on the look out for these "shows", because behavior interests me. Earlier today, I posted a video in a thread on the RPI Pico...
Take a look at ~7.05 - 9.05 where they talk about how they got together and kept a secret and without all of the usual Big Chip makers "inconveniences".....they did "what everyone says should be possible" - I think that is the quote.
In the same vein as Reddit Users vs. Wall St. now, I am wondering what the Big Chip makers and the cloners will do in reaction.