The Internet Is Mocking The ‘Poor’ Millionaires That Are Losing Money In Their Hedge Funds By Telling Them To Just ‘Work Harder’ (52 Pics)
Call it a Reddit Rebellion or Occupy Wall Street: Reddit Edition, but what we’re now witnessing in the stock market is rather, let's put it this way, “unprecedented.” A small group of Reddit traders from r/WallStreetBets sent GameStop shares soaring, causing billions in losses to billionaire Wall Street investors.
At this point, the GameStop turmoil has far exceeded the walls of the online forum and got the White House monitoring the situation. Meanwhile, amid outcry over limiting GameStop trades, the brokerage app Robinhood is about to reopen “limited buys” again this Friday.
And just a day ago, a Reddit trader penned this viral open letter explaining the real motives behind the group’s resentment for the Wall Street giants. Turns out, they’re not backing down. Did someone say something about 2021 being "boring?"
But the GameStop frenzy has not only shed light on the imbalance of power we see in this world, but has also sparked some of the funniest jokes, memes, and puns on the way. Because in the end, no matter who wins the mad stock fury, the small people of Reddit, or the rich and powerful guys, at least we got something to add to our beloved comedy department.
Previously, Bored Panda reached out to a banking expert and independent investor who preferred to stay anonymous to find out more about the current frenzy in the stock market.
The investor said that sharks in Wall Street hedge funds smelled blood and tried shorting (betting against) GameStop’s stock. What happened is that they “underestimated the sheer volume of small individual investors who have easy access to markets thanks to apps like Robinhood, eToro, etc. and can share their intentions via social networks.”
Most importantly, this unprecedented case of the success of online forum-bred traders indicates that “the age of individual investor (as opposed to institutional) is not over just yet."
Even though nobody can be sure about the future of GameStop at this point, the independent investor believes that it depends on how well they manage “this tsunami of electronic entertainment."
What may happen is that “an influx of funds might allow GameStop to reinvent their business model and concentrate almost purely on digital sales and remote deliveries.” They may also leave “a few brick-and-mortar places for that authentic old-school experience.”
But right now, get your popcorn, kiddos. The stock entertainment buzz is still airing and there’s no end on the horizon just yet.