These users will probably move into DOGE crypto. I opened a RH account around 7:30AM when I saw this nonsense going on and put money into DOGE and am already up 60% within 5 hours. (DOGE wasn't available on my other platforms to purchase thus I opened the RH account)
All? You do realize not all hedge fund shorted GME..... pretty sure some hedge funds will be making a buck after this... It's naïve to think of "elites" as one large group, instead of a bunch of groups that sometimes compete and sometimes collude with each other.
@adoo forgive us for all the twitter links. please continue posting your stuff also!! we appreciate you.
Most people don't understand what's going on. Not only are there institutional investors on both sides but a lot of the growth of GME was fueled by high frequency traders that rode the WSB investment wave in GME. WSB alone couldn't cause the stock to do what it did but plenty of institutional investors saw what was going on and joined in. The short squeeze was catastrophic for one or two funds but plenty of others saw huge growth from this. My personal opinion is that someone smart on WSB saw how over leveraged those hedge funds were on their short positions and made a smart move to try and rally people to squeeze it. Nothing wrong with that. A smart hedge fund could've done the same thing but someone on reddit figured it out first and crowdsourced the squeeze. Good for them. But a lot of people who went on this ride have no idea what or why this happened. I think WSB is generally pretty crazy but credit to the person who caught the short position on GME. Every institutional investor in the world missed it and instead a random person on reddit caught it and managed to crowdsource a short squeeze. But this does expose the need for much stronger regulations around shorts and better disclosure requirements for hedge funds. If a hedge fund managed to pull of a short squeeze like this, we wouldn't have gotten anywhere near this sort of reaction or attention so I'm glad its getting the press that it deserves. However, instead of vilifying reddit, I hope the focus is on better regulating the markets and limiting the ability of a fund to engage in that type of risky behavior (shorting 140% of available GME float should never be legal). This type of risky behavior is the stuff that obliterates financial markets if its happening on a massive scale.
So you can now search GME on Robinhood and see the ticker, but it says "This Stock is not supported on Robinhood" LMAO! WTF is that trash.
I don't think WSB needs to be vilified at all.... but this "altruist notion" behind WSB is just populism and greed. Like I said earlier .... Wall St/ elites aren't just one big homogenous group.
IMO, there's still a small chance for a squeeze for GME at the end of the day. Too much uproar over this, they may not be able to keep this buying freeze for another day. Institutions that haven't covered will try to cover by end of today, but volume so far has been relatively low.
Agreed. You see this sort of white knight investing mentality among other groups like bitcoin enthusiasts. Its really a bunch of misdirected rage and its a generally toxic environment. I hope no one confuses WSB for some group of people that trades smart stock tips (although there are other subreddits that actually produce some good market research). But I do hope that regulators wake up and recognize that they have a lot of work to do. WSB unintentionally exposed how crazy the markets are right now and how easy it is to create market movement that is entirely divorced from reality.
