Reddit executes a massive short squeeze

[rcjordan]

Reddit and Elon Musk's GameStop stock rocket: This 'insane' 'Ponzi scheme' can't last - CNET
https://www.cnet.com/news/reddit-and-elon-musks-gamestop-stock-rocket-this-insane-ponzi-scheme-cant-last/

<+>

"Hedge funds and others that bet against GameStop have collectively lost more than $5bn"

GameStop: Reddit users claim victory as $13bn hedge fund closes position, accepting huge losses
https://www.independent.co.uk/news/business/gamestop-share-price-reddit-hedge-fund-melvin-capital-b1793543.html

[grnidone]

I'm actually surprised this hasn't happened earlier.  And, I won't be surprised when Russia uses this as a tool to mess with US markets.

[Brad]

AOC learns how Robinhood makes its money

https://www.youtube.com/watch?v=pzCEQu1vDfE&feature=youtu.be

This is actually a very informative 13 min video.  Interesting who some of the players are.

[rcjordan]

he's been impressed with the sophistication some Reddit users have demonstrated, saying they're "not as dumb as everybody thinks."

"They're searching out situations that are over-shorted that have thin floats. They're organizing the night before and they're going after the stocks and in most cases, they're driving them up," he said, adding he made 5% on Tuesday "on some crazy pharmaceutical company I'd never heard of."


Kevin O'Leary starts day trading Reddit-favored stocks to see if he can beat robo-advisor returns
https://www.cnbc.com/2021/02/17/kevin-oleary-day-trading-reddit-stocks-to-see-if-he-can-beat-robo-advisor.html