It's not a coordinated attack, that's the narrative that Wall Street is pushing. Hedge funds made some very risky investments by trying to get a company to go bankrupt, thinking they were untouchable and nothing was going to happen. People happened to believe the company they were betting on still had the potential to recover and bought their stock. Wall Street's risky position blew up in their face because of it. That's the only story here
Edit: to be clear, people started buying gamestop stock as far back as 2019 believing it had potential to turn around its business and were publicly posting about their belief in the company. Are you going to tell me they "coordinated an attack" for the past year and a half? The only coordinating here was by the hedge funds trying to short sell gamestop into bankruptcy. Why do they get to decide if a business gets to exist if consumers still believe in them? They've only continued to double down on their shorts even as the stock price increased, their own greed put them into this position and WSB has done nothing but say WE LIKE THIS STOCK
Edit 2: People are still saying GameStop had no chance of turning around their business, let me point you towards things that indicated otherwise. 1) new consoles were coming out. Historically, GameStop has always had increased business around new console releases and these consoles still had disc drives indicating their manufacturers still thought consumers would like to buy physical discs. GameStop is a major seller of physical game discs. 2) Ryan Cohen, co-founder and former CEO of Chewy.com, bought a 13% stake in the company with a plan to adopt a strategy that would transform the company into a specialized e-commerce seller of gaming products, 3) GameStop signed a multi-year deal with MicroSoft to share revenue for all digital sales on any xboxes they sold. All of these things happened last year, long before any talk of a "short squeeze", because people saw potential in GameStop. The squeeze came about because hedge funds kept shorting the stock even though GameStop was making these changes. This is the hedge funds fault they're in this
FriendlyLawnmower on January 28th, 2021 at 13:07 UTC »
It's not a coordinated attack, that's the narrative that Wall Street is pushing. Hedge funds made some very risky investments by trying to get a company to go bankrupt, thinking they were untouchable and nothing was going to happen. People happened to believe the company they were betting on still had the potential to recover and bought their stock. Wall Street's risky position blew up in their face because of it. That's the only story here
Edit: to be clear, people started buying gamestop stock as far back as 2019 believing it had potential to turn around its business and were publicly posting about their belief in the company. Are you going to tell me they "coordinated an attack" for the past year and a half? The only coordinating here was by the hedge funds trying to short sell gamestop into bankruptcy. Why do they get to decide if a business gets to exist if consumers still believe in them? They've only continued to double down on their shorts even as the stock price increased, their own greed put them into this position and WSB has done nothing but say WE LIKE THIS STOCK
Edit 2: People are still saying GameStop had no chance of turning around their business, let me point you towards things that indicated otherwise. 1) new consoles were coming out. Historically, GameStop has always had increased business around new console releases and these consoles still had disc drives indicating their manufacturers still thought consumers would like to buy physical discs. GameStop is a major seller of physical game discs. 2) Ryan Cohen, co-founder and former CEO of Chewy.com, bought a 13% stake in the company with a plan to adopt a strategy that would transform the company into a specialized e-commerce seller of gaming products, 3) GameStop signed a multi-year deal with MicroSoft to share revenue for all digital sales on any xboxes they sold. All of these things happened last year, long before any talk of a "short squeeze", because people saw potential in GameStop. The squeeze came about because hedge funds kept shorting the stock even though GameStop was making these changes. This is the hedge funds fault they're in this
GidgetTheWonderDog on January 28th, 2021 at 13:09 UTC »
And they STILL would probably only give me $3 for my Madden 2021.
Chrismont on January 28th, 2021 at 13:35 UTC »
You see, it all started with this one gorilla named Harmabe...