Just A Bunch Of Good Memes About How Reddit Successfully Trolled Wall Street Tycoons With GameStop Stocks
Don't worry, I had to learn a bunch about investments and hedge funds to appreciate these jokes too.
ICYMI, popular subreddit r/WallStreetBets successfully pushed up the value of GameStop after learning that Wall Street was betting that the gaming retailer's stock would plunge.
Essentially, hedge funders were trying to short GameStop stock. When redditors got word of this, they launched a coordinated plan to surge GameStop's value in the stock market by urging investors to pour money in.
The company's stocks opened at $88 on Tuesday and jumped 90% by close. It then jumped another 50%, to over $230, during after-hours trading. Its stocks were priced at $4 a year ago.
The mass troll was designed to make hedge fund investors sweat and potentially lose out on a ton of money. And people online...reveled.
The jokes are ripe and, like GameStop's stocks (GME), ever-growing.
People found it particularly hilarious that a company like GameStop could soon be as attractive to investors as big tech companies are today.
And of course they continued to dunk on Wall Street execs.
There has been so much talk about finances and the economy online this week that people either couldn't care less or were eager to learn it all. Trying to figure it all out has become a meme of its own.
But by far the funniest outcome is watching us media outlets wrestle with the seriousness of the situation and the trolliness of redditors.