GameStop eh? It's caused quite the stir this week.
And now, one ten-year-old has cashed in his shares in the company for the big bucks!
Keep scrolling to check it out...
Reddit is one of the weirdest places online.
People can go there to talk about literally anything.
Which means there are some pretty niche subreddits.
Including those on the stock market.
But this week, something strange has happened on Reddit.
The community has come together to take down greedy hedge fund managers. How, you may ask?
By buying all the stocks in Gamestop.
The internet is going wild for this crazy, David and Goliath story.
It's pretty confusing stuff.
@samvazza @bigblackjacobin @BethLynch2020 shorting a stock basically is betting that a stock will do poorly. this h… https://t.co/LMz14kIif7— density's child (@density's child)1611608021.0
Luckily, Twitter was there to help explain the idea to any finanacial noobs.
And people are loving it.
bunch of dudes on reddit joined together to raise gamestop's stock price 150% just cuz and u want me to believe the… https://t.co/Uk2csFoPk9— first-mate prance (@first-mate prance)1611699182.0
Just to let y’all know, people on Reddit are buying lots of shares in GameStop to raise the price of the stock. Doi… https://t.co/2gEfd2cq4l— randall (@randall)1611696836.0
Very thankful that I invested $100 worth of GameStop stocks last year as a joke— alpha!!! (@alpha!!!)1611698787.0
Me and everyone else wishing we bought an ass ton of GameStop stock when it was almost worthless a few months ago https://t.co/uxbXZ2C1Og— Benji-Sales (@Benji-Sales)1611591164.0
The idea of buying GameStop stock and selling it a few hours later at a fraction of the price is the most GameStop shit imaginable.— Marty Sliva (@Marty Sliva)1611595817.0
I have officially recovered all the money @GameStop robbed from me as a child off of their stock.— Crypto Lizard King (@Crypto Lizard King)1611689325.0
The owner of Gamestop right now seeing their stock go up somehow https://t.co/kK5LzrvkSs— Pizza Dad (@Pizza Dad)1611344911.0
I look forward to the economics textbook chapter about Game Stop stock.— Dan Fornace (@Dan Fornace)1611651638.0
Me watching my GameStop stock go up when I got it for free on Robinhood 😌 https://t.co/2KXYdXlB9U— 🖤 (@🖤)1611697143.0
Her: How did you become a billionaire? Me: “GameStop”— StockDweebs (@StockDweebs)1611704348.0
Bitcoin is so 2020. GameStop is the new store of value.— Aaron Levie (@Aaron Levie)1611701152.0
Many exceptionally rich hedge fund managers are losing money in the scheme.
You guys don't know how much damage you are doing with this gamestop thing. This is Reginald Esquire Esquire The 2… https://t.co/3DPsSm5keZ— QuarantinedCoof (@QuarantinedCoof)1611701399.0
Which the Reddit community has been finding absolutely hilarious.
But things have gotten more serious.
oh no the wrong people are manipulating the stock market— Brandy Jensen (@Brandy Jensen)1611699311.0
And now the US government has had to step in.
Social Capital CEO Chamath Palihapitiya has called this story "a pushback against the establishment."
"Coming out of 2008, Wall Street took an enormous amount of risk, and they left retail as the bag holder."
"A lot of these kids were in grade school and high school when that happened."
"They lost their homes, their parents lost their jobs, and they've always wondered, 'Why did those folks get bailed out for taking enormous amounts of risk, and nobody showed up to help my family?'"
Nothing that has happened here is actually illegal.
Nonetheless, it's been noticed by the government who may be inclined to step in in the future ...
There's many losers.
But also many winners, and none are as excited as 10-year-old Jaydyn Carr who got gifted some GameSpot shares a while back.
His mother bought him ten shares in the company.
As she wanted to teach him about investing... The price of the shares cost around $60.
And now Jaydyn has sold them for $3,000.
How do I love this? Let me count the ways, starting with little Jaydyn's smile. https://t.co/VETMz6NavZ— Dr. Sheila K. Hoffman (@Dr. Sheila K. Hoffman)1612014706.0
I'd say Jaydyn has learnt about the stock market now!