Collected Item: “GameStop Part Three”
Give your story a title.
GameStop Part Three
What sort of object is this: text story, photograph, video, audio interview, screenshot, drawing, meme, etc.?
Text Story
Tell us a story; share your experience. Describe what the object or story you've uploaded says about the pandemic, and/or why what you've submitted is important to you.
A continuation of my other two posts about the GameStop stock short squeeze. As time has gone on, GameStop's stock seems has remained volatile. In the past few weeks it has dropped slightly, but nowhere near where professional analysts (who may have a stake in it going down) have wanted it to be. GameStop has changed their internal structure, paid off over $200,000,000 in debt with cash, and all things are pointing up for them.
However, the most interesting part of these few weeks as far as the pandemic is concerned is the internal dissent within GameStop communities on Reddit. This frenzy over the stock began on the subreddit WallStreetBets, but the return of old moderators to cash in on the moment caused an exodus to a new subreddit, simply called GME. Like WSB before it, this new subreddit was abandoned due to poor moderation, moving now to SuperStonks. There it remains to this day, however the active posters on these subs are extremely paranoid about hedge fund "shills" coming to spread uncertainty.
The pandemic, from its very beginning, spawned a new type of investor. Tesla's skyrocketing stock price at the beginning almost one year ago is what made people on WallStreetBets rich, and many people who have previously never invested before (me included) have jumped onto the bandwagon to get some money for ourselves. Many of these new investors are now learning for the first time that the SEC is not necessarily out to protect them, and that hedge fund billionaires will not necessarily play by the rules. It remains to be seen the big takeaway from this revelation for most people, once the initial paranoia is past. Some people I have seen have developed a strong sense of class consciousness, seeing this as an attack on the little guy by billionaires who became exponentially more wealthy from such trickery during the pandemic. Others accept it as the way things are. It is certainly a historical oddity that the pandemic has triggered mass participation in the capitalist stock market, and the result may be a growing number of young opponents seeing for themselves the rigged system.
However, the most interesting part of these few weeks as far as the pandemic is concerned is the internal dissent within GameStop communities on Reddit. This frenzy over the stock began on the subreddit WallStreetBets, but the return of old moderators to cash in on the moment caused an exodus to a new subreddit, simply called GME. Like WSB before it, this new subreddit was abandoned due to poor moderation, moving now to SuperStonks. There it remains to this day, however the active posters on these subs are extremely paranoid about hedge fund "shills" coming to spread uncertainty.
The pandemic, from its very beginning, spawned a new type of investor. Tesla's skyrocketing stock price at the beginning almost one year ago is what made people on WallStreetBets rich, and many people who have previously never invested before (me included) have jumped onto the bandwagon to get some money for ourselves. Many of these new investors are now learning for the first time that the SEC is not necessarily out to protect them, and that hedge fund billionaires will not necessarily play by the rules. It remains to be seen the big takeaway from this revelation for most people, once the initial paranoia is past. Some people I have seen have developed a strong sense of class consciousness, seeing this as an attack on the little guy by billionaires who became exponentially more wealthy from such trickery during the pandemic. Others accept it as the way things are. It is certainly a historical oddity that the pandemic has triggered mass participation in the capitalist stock market, and the result may be a growing number of young opponents seeing for themselves the rigged system.
Use one-word hashtags (separated by commas) to describe your story. For example: Where did it originate? How does this object make you feel? How does this object relate to the pandemic?
#501, #GameStop, #WallStreetBets, #Stocks
Who originally created this object? (If you created this object, such as photo, then put "self" here.)
Adam Peretz
Give this story a date.
2021-04-15