Items
topic_interest is exactly
stocks
-
2021-05-21
Cryptocurrency and the Stock Market
Crypto currency and the stock market are still trending because of stocks/crypto like Dogecoin and Bitcoin and more. People on the internet were investing in crypto and people I knew also invested in crypto. Dogecoin was so popular Elon Musk invested in it and also tweeted about it. Stocks for these currencies/stocks were making people rich super fast, people I knew that invested in stocks cashed out in the high hundred thousands, some even made millions. The stock market right now would maybe even be called a digital “gold rush”. -
2021-04-15
GameStop Part Three
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. -
2020-04-05
Corporate Growth
This is a photo of Elon Musk smoking marijuana on the Joe Rogan Experience podcast, captioned with the phrase “show me the money.” This is a reference to the astronomical growth of the Tesla Corporation in 2020 and the average investor’s potential to secure massive gains, as well as a joking reference to the near worship of Elon Musk that can be found in the subreddit ‘WallStreetBets.’ This subreddit often features ‘absolute madlads’ making huge gambles on stocks (usually TSLA, AAPL, or AMZN) and subsequently either securing massive returns tallying into the hundreds of thousands or losing everything. When most of my family was laid off from their jobs, my brother and I turned to day trading to keep ourselves and our family afloat. I was one of the only ones still employed at the time, and I was doing this in addition to working up to 75 hours a week to take advantage of overtime pay stacked on top of hazard pay. Although only my father and I were still working, everyone in the family still had bills to pay and the rent was still due. Tesla’s stock, specifically, has grown almost 500% this year and is set to grow even more. This meme is somewhat of an inside joke my brother and I had as we began securing leverage and buying covered calls on TSLA to increase our overall cash flow with the little savings we had to work with. We were quite literally counting on Elon Musk and his revolutionary car company that we had placed our faith in during this time to pay our rent. Luckily, it worked out for us. Ironically, the massive transfer of wealth to corporations from small businesses that went under as a result of COVID-19 was incredibly beneficial for my family and I since we invested in the right stocks at the right time.