What’s going on with GameStop stock?

Posted 
 by 
Kaladin
 in 
Stocks

I heard it went up super high but isn’t the company dying slowly?

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rob 9 months ago

It's a lot more complicated than this but here's the simple explanation:

  1. A bunch of Wall Street bankers placed huge bets that GameStop would go bankrupt
  2. A subreddit called WallStreetBets did the math and realized they could screw with these bankers if they all collectively purchased GameStop stock and held it.
  3. More and more people got in on this gambit, and the stock shot way up
  4. The Wall Street bankers lost a ton of money, because GameStop went way up instead of down.
  5. A bunch of Redditors also lost a ton of money because GameStop came crashing down
  6. The stock market is a clownshow
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