Today, Yesterday, Eight Million discussed on The Morning Toast
That's how about it right so like if you are just a person and you want to buy and sell some socks. Robinhood the up for you. If you're making trades without going through a broker or if you're not part of a hedge fund like you just use in house like broke or just use an app like has like robin hood in robin hood is named after robin hood. Who would steal from the rich to the poor and act opposite the so bunch of people on a sub reddit channel wall street bath. And it's like a popular before all this. They have like two million subscribers now. They have literally eight million 'cause they accurately predicted a short right so they saw that this hedge fund took this position betting against game stop for like billions of dollars billions of dollars. So they said. Let's all get together by up game. Stop stock to go up to go up to sort of expose the hedge fund and not expose them like in the way that we talk about celebrities but like expose their weakness their money. They would right now. So like basically the the hedge fund put so much money into game betting that it will lose so all these people on reddit were like if we all buy the stock will go up and the wall street is literally have made an incorrect analysis and will lose billions of dollars. And that's what started to happen yesterday. The game's top stock went up over four hundred percent the with no kia and amc theaters. Yes and the hedge fund that had waged this short bet was losing billions of dollars more than they even have in their fund. Slow to see it. So another fund citadel wound up covering their introducing. Giving them the money so that they didn't go belly up and that's where citadels involvement cobras interesting. Today make up the citadel owns been told me they had an but i haven't been online this morning. No ben told me that yesterday so game stops up four hundred percents. The hedge funds losing billions of dollars. The little people on reddit who came together to buy the stock are making a lot of money. Like doubling tripling quadrupling their initial investment and then robin hood yesterday that you they stopped any trading of the stock so if you could not buy more games if you own the stock you could only sell it in an effort to sort of balance out like tip the scales back and cover. These big hedge funds our losing billions of dollars. The real moral of the story here is a bunch of people on reddit outsmarted wall street. And you just love to see it and wall street. Beat them at their own game fair and square but they didn't incur the losses that they should've and that's not fair. No that's not fair. The fact that robin hood changed the rules is protecting like there's going to be major class action lawsuits..