UPDATE GameStop's stock closes today at $347.23 per share; up from under $4 last year

Xzi · Jan 28, 2021

DeMoN said:
People actually think they can beat the big Wall Street firms? *grabs popcorn*

They already did. Everybody who was shorting the stock lost a combined $14 billion when it hit $156 per share. I don't know how many short-sellers stayed in after that, but obviously it's more than double that loss now for those who did.

CallmeBerto · Jan 28, 2021

DeMoN said:
People actually think they can beat the big Wall Street firms? *grabs popcorn*

We already won.

first GME
then the stock market
the world
the moon

Plasmaster09 · Jan 28, 2021

Xzi said:
They already did. Everybody who was shorting the stock lost a combined $14 billion when it hit $156 per share. I don't know how many short-sellers stayed in after that, but obviously it's more than double that loss now for those who did.

Bad news: apparently some whiny idiots from the hedge funds spouting "evil stocc manipuwation wah" nonsense on major media outlets ended up getting r/wallstreetbets locked, and the stocks have dropped a bunch. Not "they've won" a lot, but a lot.
Seriously, what's wrong with these people? When you try to short-sell something to death, get your ass kicked by a mob of stock-enthused redditors and your response is to basically bully them into submission, you should probably reexamine your life choices.

Edit: Nope, the ban/lock just got undone. r/wallstreetbets is public and open again, and there's a new Discord community in place of the old one that got banned.
Viva la Gamestonks!

CallmeBerto · Jan 28, 2021

Plasmaster09 said:
Bad news: apparently some whiny idiots from the hedge funds spouting "evil stocc manipuwation wah" nonsense on major media outlets ended up getting r/wallstreetbets locked, and the stocks have dropped a bunch. Not "they've won" a lot, but a lot.
Seriously, what's wrong with these people? When you try to short-sell something to death, get your ass kicked by a mob of stock-enthused redditors and your response is to basically bully them into submission, you should probably reexamine your life choices.

We are back 3.7m Degenerates strong.
can't stop us because we don't even know when to stop.

Xzi · Jan 28, 2021

Plasmaster09 said:
Bad news: apparently some whiny idiots from the hedge funds spouting "evil stocc manipuwation wah" nonsense on major media outlets ended up getting r/wallstreetbets locked, and the stocks have dropped a bunch. Not "they've won" a lot, but a lot.
Seriously, what's wrong with these people? When you try to short-sell something to death, get your ass kicked by a mob of stock-enthused redditors and your response is to basically bully them into submission, you should probably reexamine your life choices.

Yeah /r/wsb came back up relatively quickly though, and I still show GME at $347 since the markets are closed. I think if the stock suddenly drops by a bunch at open tomorrow, they'll just buy in like crazy again and cause it to spike even more. Supposedly the short-sellers are in a position where they have to buy up 20 million more shares on Friday, and so that's when the largest spike is expected to happen before a massive sell off.

CallmeBerto · Jan 28, 2021

@Xzi

they fact that they spent all day making shit up on the news and are trying to get rid of us proves that we are winning.
Diamond hands my degenerates

NNate · Jan 28, 2021

Those in power don't like people coming in and disturbing the status quo and messing up their easy money. Unfortunately I don't think this'll end well for the little guy. The SEC will probably lock things down in the future. Very sad

Sicklyboy · Jan 28, 2021

Plasmaster09 said:
apparently some whiny idiots from the hedge funds spouting "evil stocc manipuwation wah" nonsense on major media outlets ended up getting r/wallstreetbets locked

This is not true. The mods of WSB locked the sub to take a sec and figure out an attack and cleanup plan for all of the bots and spammers that had joined and posted garbage recently.

@wsbmod, the official WSB twitter account (it's in the wsb subreddit sidebar), retweeted this, so yes, this is the official narrative.

FYI

1) Reddit did not shut down r/wallstreetbets

2) The mods shut it down bc they were overwhelmed

3) It’s now back, for now at least:https://t.co/XESyewgaks

Source: senior Reddit administration official
— Balaji (@balajis) January 28, 2021

Gamemaster1379 · Jan 28, 2021

Lumstar said:
About time someone toys with Gamestop. They engaged in predatory tactics, acquiring or eclipsing most other nationwide game retailers. Derided as GS is, many cities don't have any other stores that better cater to gaming enthusiasts.

Gamestop is literally just the carcass being kicked around here. They aren't even relevant at this point. They're a bystander to their own carnage.

NNate · Jan 28, 2021

Gamemaster1379 said:
Gamestop is literally just the carcass being kicked around here. They aren't even relevant at this point. They're a bystander to their own carnage.

Agreed, they just had a lot of short calls to mess with and squeeze.

Jonna · Jan 28, 2021

I've tried to read this entire topic and the past 5 pages, and I still can't understand what's going on.

Does some one have a bit of time to explain what's happening? I know nothing about the stock market or stocks or any of these words being thrown around.

SonyUSA · Jan 28, 2021

Jonna said:
I've tried to read this entire topic and the past 5 pages, and I still can't understand what's going on.

Does some one have a bit of time to explain what's happening? I know nothing about the stock market or stocks or any of these words being thrown around.

Big boy wallstreet and hedge funds kept betting Gamestop stock prices would fall over and over and over again and made a ton of money, they got so greedy they doubled down to the point where they were waging 130% of the available floating stock would fall. Reddit saw that and realized if everyone bought stock and held it, as their (wallstreet's) options expired they (wallstreet) would be forced to buy at a higher price, shooting the stock price up and creating a upward cascade effect that would shoot the stock up into the stratosphere. One hedge fund lost so much money from this they needed a 2 billion dollar bailout to stay afloat, and others are suffering too, while ordinary people are getting that money to pay off student loans, fund their parents retirement, pay for surgeries, and donate to charities.

Something like that... all the info I know about the stock market I learned in the past 72 hours lol

TL;DR Wallstreet gets more cucked the more stock redditors buy in gamestop

r5xscn · Jan 28, 2021

Jonna said:
I've tried to read this entire topic and the past 5 pages, and I still can't understand what's going on.

Does some one have a bit of time to explain what's happening? I know nothing about the stock market or stocks or any of these words being thrown around.

I went to reddit and just learned some of it. So take this with a huge grain of salt.

Basically, a few days ago, hedge funds, Citron, Melvin, etc, shorted GME stock by 140% of the total available shares.

How does a short work?

Here is an explanation by u/copperblood/ from reddit (https://www.reddit.com/r/technology...f?utm_source=share&utm_medium=web2x&context=3)

Hey, can I borrow this apple at $1 and promise to pay you back? Sure. Oh shit, this apple has gone up 800% and now I have to pay it back at 800%. Don't want to do that? Don't short shit. I have zero sympathy for these hedge funds that are losing their shirts right now. Historically, they've been betting against jobs and markets for years, getting rich at the expense of workers. It's great seeing Melvin Capital lose $3.75 billion over this. Seriously, fuck them.

So now the guys who shorted GME need to buy back GME stocks when the shorts expire, which is due on Friday this week. People over WSB saw this opportunity and went in. Now those guy who shorted GME will buy those stock at whatever price it is on Friday and WSB will probably sell theirs at that moment or after.

RedBlueGreen · Jan 28, 2021

Ericzander said:
This is true. It is also true that I sold my two free GME stocks that I got for inviting you and a friend for less than $4.50 each and was too scared to get back in when it rose to $60. AMA.

Edit for proof:
View attachment 243631

Do you have a microwave, a large CRT TV, and a flip phone so I can tell myself to buy when it was at $4?

Julie_Pilgrim · Jan 28, 2021

TO THE MOON

DeMoN · Jan 28, 2021

I've read a bit more about this. It's interesting that the overall short % of float has not changed despite some hedge funds supposedly forced to liquidate. WSB is saying this is a good thing, but I'm a bit nervous about this because it means that new shorts are joining. The new shorts bought in at $350. They do not have to worry about liquidity as much as the old shorts that bought in at much lower prices. Regular investors are buying at the high prices but more shorts will continue to counter. And despite all the memes, I'm pretty sure many who bought in yesterday or before are gonna be locking in their gains, many of which are 10x or more which is already life-changing for most people. So this will be a waiting game for a while, media hype will die down, people will get scared or bored, and eventually the crash will happen and the hedge funds that shorted high will make bank at the expense of people who jumped on the hype train too late.

Of course I could be entirely wrong and this stock hits $5000 by end of week.

Foxi4 · Jan 28, 2021

Gamemaster1379 said:
Gamestop is literally just the carcass being kicked around here. They aren't even relevant at this point. They're a bystander to their own carnage.

To be honest, that's not even true. Several GameStop fundamentals have changed this year and, in spite of the pandemic shutting down stores, the company had fairly healthy vitals. The company acquired several big name executives, including Reggie. They've also signed a deal with Microsoft which gives them not only exclusivity in regards to the smash hit Xbox All-Access program, but also a cut of all digital proceeds on any Microsoft console purchased in their stores. That's right - even if you go all-digital, GameStop gets a kick-back. There are big prospects of further co-operation, they very well may become the go-to brick and mortar location for all things Microsoft since it's easier to sign a deal than to handle distribution - they have the manpower and the physical locations that Microsoft does not. Trying to flatten the GameStop stock was clearly malicious - the company isn't "failing" in any sense of the word and the release of next gen consoles has fueled it up significantly this year.

Gamemaster1379 · Jan 28, 2021

Foxi4 said:
To be honest, that's not even true. Several GameStop fundamentals have changed this year and, in spite of the pandemic shutting down stores, the company had a fairly healthy vitals. The company acquired several big name executives, including Reggie. They've also signed an exclusivity deal with Microsoft which gives them not only exclusivity in regards to the Xbox All-Access program, which has been a smash hit, but also a cut of all digital proceeds on any Microsoft console purchased in their stores. There are big prospects of further co-operation, they very well may become the go-to brick and Mortar location for all things Microsoft since it's easier to sign a deal than to handle distribution - they have the manpower and the physical locations that Microsoft does not. Trying to flatten the GameStop stock was clearly malicious - the company isn't "failing" in any sense of the word and the release of next gen consoles has fueled it up significantly this year.

It's still true. Gamestop had bad optics, like many brick and mortar stores. Paint a picture any which way you like, it had same negative optics as many others.

Hedges decided to zero on in Gamestop in particular. Any company with overwhelmingly good optics doesn't get shorted over 100% of available stock.

Any company with over 100% shorts on its available market stock could have been the epicenter of this in Wallstreetbets and we could be seeing absolutely any ridiculous company at 20 times or more valuation spike.

Therefore, Gamestop is once again irrelevant in this tug of war of price and now, not only did it have enough bad optics to be shorted over 100% of available market stock, it now has positively insane obfuscation of any real value with whatever this circus is. It might get lucky and stay overvalued for a while, or it may crater unbelievably hard and not even be redeemed by the positives you pointed out.

Foxi4 · Jan 28, 2021

Gamemaster1379 said:
It's still true. Gamestop had bad optics, like many brick and mortar stores. Paint a picture any which way you like, it had same negative optics as many others.

Hedges decided to zero on in Gamestop in particular. Any company with overwhelmingly good optics doesn't get shorted over 100% of available stock.

Any company with over 100% shorts on its available market stock could have been the epicenter of this in Wallstreetbets and we could be seeing absolutely any ridiculous company at 20 times or more valuation spike.

Therefore, Gamestop is once again irrelevant in this tug of war of price and now, not only did it have enough bad optics to be shorted over 100% of available market stock, it now has positively insane obfuscation of any real value with whatever this circus is. It might get lucky and stay overvalued for a while, or it may crater unbelievably hard and not even be redeemed by the positives you pointed out.

I think a market correction of a grossly oversized short like this is not only welcome, it's necessary. Big hedge funds have been doing this to companies since the dawn of time - Tesla has been a target of short sellers since its inception, which decelerated its growth. Imagine shorting Tesla now when it's breaking all records of market growth, to the point that Musk briefly became the richest man on the planet, overtaking Bezos, if only for a moment. In my opinion, if you play stupid games, you should win stupid prizes - it doesn't matter if you're a billion dollar hedge fund or a small trader. This is just desserts for trying to tank a company that isn't even out of business, nor is it headed in that direction at all.

MiiJack · Jan 28, 2021

Anyone willing to spare me some money

?

Time to fly, 621

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