GameStop, the world's biggest retail video game chain has had a wild and turbulent 12 months to say the least. As the video game market continues on its inevitable trek to becoming more and more of an entirely digital industry, GameStop has clearly been struggling to adjust to the changes. GameStop drama has been covered here on GBAtemp in the past, from its switch to focusing on merchandise and legacy games, to its decision to remain open following the COVID-19 pandemic, to its reversal of that decision. However, perhaps GameStop's craziest story has very little to do with the financial success of the company itself.

Prior to this month, GME (GameStop's stock ticker)'s 5 year high was approximately $33 in April of 2016. However, that figure drastically plunged down to under $4 in 2020. This month however, that figure has absolutely skyrocketed above anybody's expectations--closing out today (January 27th) at $347.23 a share. Many factors went into this large stock price; primarily a battle waging between investors of the /r/wallstreetbets subreddit and the short seller Melvin Capital. In essence, Melvin is betting that the stock price will fall below $60 by Friday, while hundreds of thousands of investors on /r/wallstreetbets have been rallying together to keep the price above $60 in hopes that it will skyrocket even further. Allegedly, "$1,000 GME by EoW is not a meme!"

Always remember to invest at your own risk, and know that nothing posted on GBAtemp or /r/wallstreetbets regarding this situation should be construed as financial advice.

Source

 

[FAST6191]

I'd say computing is easier to get into than financial advising, but because of that the competition is greater.

But comparing to the hardest jobs doesn't make something "reasonably easy".

If someone did become a financial adviser then it's unlikely they would give advice on here either.

Entry level computing then sure. Certs that mean something, never mind the really fancy stuff, less so.

As for giving advice then plenty of lawyers, engineers, medics, accountants and more have given some pretty high end "if this hypothetical scenario were to have occurred" over the years that you might well pay good money for if it were a real consultation.

 

[smf]

As for giving advice then plenty of lawyers, engineers, medics, accountants and more have given some pretty high end "if this hypothetical scenario were to have occurred" over the years that you might well pay good money for if it were a real consultation.

Well I know some people have claimed to be a lawyer. Financial advice is way more complicated though, because you have skin in the game. So you have to be really careful you don't give advice to buy and then the next day sell your position. I don't think people would want to be restricted having to decide whether to risk the consequences holding a stock after you change your mind.

As it is there is a good chance that people on wsb are doing things against the spirit of the law, if not actually breaking it. Proving it will be harder though.

 

[GhostLatte]

These boomers just want to make me hold even more

 

[smf]

These boomers just want to make me hold even more

BlackRock, Donald Foss & Ryan Cohen want you to hold, so they can sell while it's high and leave you holding the baby.

The guy on wsb that has been buying shares up for the last year, is probably going to do the same.

Then they'll suspend trading.

 

[chrisrlink]

and now the government is getting involved holy shit https://www.gamingbible.co.uk/news/...bRKBCc1kFwKjhe5A3w_A_H95Ne-Cxgedy_-DM8U2KL6iM

 

[leon315]

okey from what i heard and people are discussing on live here: seems platform provider ROBINHOOD most likely and single handedly will prevent people to frenzy buy GS stock tomorrow, just like what happened today!

OFC all of this shitshow without any govt. regulations.

www.twitch.tv/hasanabi

 

[Plasmaster09]

okey from what i heard and people are discussing on live here: seems platform provider ROBINHOOD most likely and single handedly will prevent people to frenzy buy GS stock tomorrow, just like what happened today!

OFC all of this shitshow without any govt. regulations.

www.twitch.tv/hasanabi

"single handedly"
you do realize there's a jillion different platforms and that the hyperfixated madlads on WSB are constantly keeping track of which ones they can trust
nobody's going to even USE RH after today

 

[leon315]

"single handedly"
you do realize there's a jillion different platforms and that the hyperfixated madlads on WSB are constantly keeping track of which ones they can trust
nobody's going to even USE RH after today

so things as you just said people will just switch platform then frenzy buy GME as usual, which consequently raise Gamestop's stock once again?

 

[CallmeBerto]

so things as you just said people will just switch platform then frenzy buy GME as usual, which consequently raise Gamestop's stock once again?

Make a new account on fidelity.
Spend their life savings.
Stonks only go up.

 

[leon315]

Make a new account on fidelity.
Spend their life savings.
Stonks only go up.

in your just few words.
oh my... i can sense an immense malignity.
Definitely will spend all my life saving on it.

 

[Sicklyboy]

Yeah today was a frustrating day.

Nothing like seeing a few grand just evaporate in front of your face lol. But I decided to HODL because I got fuckin diamond hands and we're back in action baby.

At least until 9:30 AM.

 

[GhostLatte]

Apparently Robinhood is allowing people to buy tomorrow I guess they got the memo

 

[CallmeBerto]

Yeah today was a frustrating day.

Nothing like seeing a few grand just evaporate in front of your face lol. But I decided to HODL because I got fuckin diamond hands and we're back in action baby.

At least until 9:30 AM.

hey 420.69 became real, maybe 1k isn't just a meme

 

[NNate]

Apparently Robinhood is allowing people to buy tomorrow I guess they got the memo

It wasn't clear if everyone or if they were going to limit the number of trades. Hard to know what to believe

 

[Plasmaster09]

It wasn't clear if everyone or if they were going to limit the number of trades. Hard to know what to believe

they're gonna limit
they're gonna be as scummy as possible but it's a sign that they're losing

 

[Chary]

Apparently Robinhood is allowing people to buy tomorrow I guess they got the memo

Yeah, right. I'm sure they're very very sorry...to the hedge boys that they couldn't freeze buying for longer.

 

[Subtle Demise]

Why try to beat Wall Street at their own game, when they're the ones writing the rules?
The fact that there have been a dozen halts today is not a good sign. They can choose to stop all trading of the stock for an indefinite amount of time.

Then it's not a free market and never was, and any complaints regarding the US economy as being a capitalist free market are null and void.

 

[Viri]

Watching the stock market get abused, and crash and burn is pretty damn funny. I hope this keeps up.

 

[DeMoN]

Watching the stock market get abused, and crash and burn is pretty damn funny. I hope this keeps up.

Just like in 2008 and many times before, the American people will suffer from this. Wall Street and the rich will walk away scott-free and probably even richer.

 

[CallmeBerto]

Wallstreetbets might actually be mention and forever archived into the Library Congress.