The Elites Move to Save the Hedge Funders from Reddit, and P

The Elites Move to Save the Hedge Funders from Reddit, and People Have Thoughts


AP Photo/Richard Drew
If there was ever an episode that thoroughly exposed our financial system as a rigged game, this is it. As I wrote earlier today, some Reddit trolls decided to beat Wall Street at their own game (see Reddit Trolls Beat the Stock Market, and the Elites are Really, Really Upset). GameStop stock had been shorted at 140% in an effort to see the company crushed for the profit of the hedge funds. That’s when a Reddit board decided to fight back. They mobilized and drove up the price of the stock causing the hedge funders to absorb their losses on the other side instead of cashing out with big gains like they had planned.

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