Currently, GameStop (ticker symbol GME) is undergoing a historic short squeeze the likes of which is rarely seen. What happened to cause this? Louis Rossmann brings us an explanation of how a group of amateur investors on the internet may bring down some major hedge funds because they were far too greedy for their own good.
And while I would not ordinarily recommend anything from Legacy Media, this article from Slate is actually pretty informative and entertaining.
Others may have just wanted to screw short-sellers, who are by definition rooting for shareholders and companies to suffer. They’re also often considered to be sophisticated investors, cast against the determined amateurs populating internet forums. At the end of November, the subreddit ascertained that hedge fund Melvin Capital Management was shorting GameStop, and the community rallied with fury against the New York-based fund.
“When these boomers made their bet, GME wasn’t a big thing on WSB yet,” one poster wrote. “I don’t feel bad at all taking money from these rich greedy hedge fund managers.”
“They’re not even playing with their own money,” another wrote.
“I’m an old millennial. I’m tired of getting screwed by the globalist elites,” said another. “This isn’t left or right republican or Democrat. It’s the 1% versus everyone else.”
