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Amateur Investors On Reddit Have Upended The Stock Market

Amateur Investors On Reddit Have Upended The Stock Market
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Wisconsin , United-states , New-york , Steve-sosnick , Ben-patte , Mike-novogratz , New-york-times , Gamestop , Wall-street , Bed-bath , Interactive-brokers ,

High school junior buys $50 in GameStop stock, rides Wall Street wave

High school junior buys $50 in GameStop stock, rides Wall Street wave
The Wisconsin teen turned a $50 Christmas gift into much more when he bought GameStop stock this week.
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Updated: 4:58 PM CST Jan 29, 2021
High school junior buys $50 in GameStop stock, rides Wall Street wave
The Wisconsin teen turned a $50 Christmas gift into much more when he bought GameStop stock this week.
Share
Updated: 4:58 PM CST Jan 29, 2021
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THE ACTION. >> I CURRENTLY OWN A FEW SHARES. . REPORTER: BEN PAT TOOK $50 FROM A CHRISTMAS GIFT AND BOUGHT STOCK IN GAME STOP. >> I DECIDED TO BUY IN ON THE HYPE, AND I’M STILL RIDING THE WAVE. >> A WAVE THAT ROCKED WALL STREET, THANKS TO AMATEUR INVESTORS, NAME STOP STOCK SOARED. WHAT HAPPENED TO THAT MONEY? >> AS OF YESTERDAY, WHEN IT CLOSED OUT $347, I WAS UP ABOUT $600. EARLIER TODAY, I WAS UP ABOUT $1000. TODAY, SOMETHING CRAZY HAPPENED, AND I AM ONLY UP LIKE $300. REPORTER: KNOWN AS SHORTSELLING, INVESTORS BET ON GAME STOP AND OTHER COMPANIES TO TANK. THEY BORROW SHARES TO SELL THEM. IF THE PRICE GOES DOWN, THEY CAN BUY THEM BACK AT A LOWER PRICE AND POCKET THE DIFFERENCE. INSTEAD, THE NOVICE DAY TRADERS MADE THE STOCK SKYROCKET, AND THOSE ON WALL STREET LOST BIG TIME. >> IT WAS SO SATISFYING, BECAUSE THEY ARE LOSING BILLIONS OF DOLLARS. REPORTER: IT WASN’T JUST GAME STOP, MILWAUKEE HEADPHONE MAKER ALSO SAW A BIG PAYDAY. >> WONDERFUL FOR THEM, TO MAKE A WHOLE BUNCH OF MONEY FOR THEIR CLIENTS. KEEP IN MIND, I DON’T BELIEVE GAME STOP IS WORTH $400 A SHARE. REPORTER: THE DIRECTOR OF THE INVESTMENT MANAGEMENT PROGRAM EXPECTS THE HIGH STOCK PRICES WILL EVENTUALLY DROP BACK TO REALITY. WHAT SEEMS LIKE A LOT OF PEOPLE GOING AFTER THE BIG GUY OUT WALL STREET, DID THEY SUCCEED? >> I WOULD SAY THEY SUCCEEDED IN SCARING THOSE BETTING AGAINST AMERICA AND BETTING ON STOCKS GOING UP. REPORTER: AS FOR THIS YOUNG MAN, HE IS STILL IN THE GAME. >> I COULD HAVE WALKED AWAY WITH $1000, BUT I BELIEVE THE BEST PART HAS NOT HAPPENED? REPORTER: YOU ARE 16. HOW DO YOU KNOW ABOUT ALL OF THIS? >> I READ IT ON THE INTERNET, ON MULTIPLE WEBSITES. REPORTER: AND APPARENTLY, IT PAID OFF. IN SHOREWOOD, HILLARY MINTZ. JOYCE: ON THE INTERNET. KOSS CORPORATION DID NOT RETURN OUR EMAILS OR PHONE CALLS. GAME STOP ENDED DOWN

Wisconsin , United-states , University-of-wisconsin , Milwaukee , Shorewood , America , Ben-patte , Kevin-spellman , Exchange-commission , Koss-corporation , Gamestop , Wall-street

Wisconsin teen buys $50 in GameStop stock, rides Wall Street wave

Wisconsin teen buys $50 in GameStop stock, rides Wall Street wave
A Shorewood High School junior turned a $50 Christmas gift into much more when he bought GameStop stock this week.
Share
Updated: 6:30 PM CST Jan 28, 2021
Wisconsin teen buys $50 in GameStop stock, rides Wall Street wave
A Shorewood High School junior turned a $50 Christmas gift into much more when he bought GameStop stock this week.
Share
Updated: 6:30 PM CST Jan 28, 2021
Hide Transcript
Show Transcript
THE ACTION. >> I CURRENTLY OWN A FEW SHARES. . REPORTER: BEN PAT TOOK $50 FROM A CHRISTMAS GIFT AND BOUGHT STOCK IN GAME STOP. >> I DECIDED TO BUY IN ON THE HYPE, AND I’M STILL RIDING THE WAVE. >> A WAVE THAT ROCKED WALL STREET, THANKS TO AMATEUR INVESTORS, NAME STOP STOCK SOARED. WHAT HAPPENED TO THAT MONEY? >> AS OF YESTERDAY, WHEN IT CLOSED OUT $347, I WAS UP ABOUT $600. EARLIER TODAY, I WAS UP ABOUT $1000. TODAY, SOMETHING CRAZY HAPPENED, AND I AM ONLY UP LIKE $300. REPORTER: KNOWN AS SHORTSELLING, INVESTORS BET ON GAME STOP AND OTHER COMPANIES TO TANK. THEY BORROW SHARES TO SELL THEM. IF THE PRICE GOES DOWN, THEY CAN BUY THEM BACK AT A LOWER PRICE AND POCKET THE DIFFERENCE. INSTEAD, THE NOVICE DAY TRADERS MADE THE STOCK SKYROCKET, AND THOSE ON WALL STREET LOST BIG TIME. >> IT WAS SO SATISFYING, BECAUSE THEY ARE LOSING BILLIONS OF DOLLARS. REPORTER: IT WASN’T JUST GAME STOP, MILWAUKEE HEADPHONE MAKER ALSO SAW A BIG PAYDAY. >> WONDERFUL FOR THEM, TO MAKE A WHOLE BUNCH OF MONEY FOR THEIR CLIENTS. KEEP IN MIND, I DON’T BELIEVE GAME STOP IS WORTH $400 A SHARE. REPORTER: THE DIRECTOR OF THE INVESTMENT MANAGEMENT PROGRAM EXPECTS THE HIGH STOCK PRICES WILL EVENTUALLY DROP BACK TO REALITY. WHAT SEEMS LIKE A LOT OF PEOPLE GOING AFTER THE BIG GUY OUT WALL STREET, DID THEY SUCCEED? >> I WOULD SAY THEY SUCCEEDED IN SCARING THOSE BETTING AGAINST AMERICA AND BETTING ON STOCKS GOING UP. REPORTER: AS FOR THIS YOUNG MAN, HE IS STILL IN THE GAME. >> I COULD HAVE WALKED AWAY WITH $1000, BUT I BELIEVE THE BEST PART HAS NOT HAPPENED? REPORTER: YOU ARE 16. HOW DO YOU KNOW ABOUT ALL OF THIS? >> I READ IT ON THE INTERNET, ON MULTIPLE WEBSITES. REPORTER: AND APPARENTLY, IT PAID OFF. IN SHOREWOOD, HILLARY MINTZ. JOYCE: ON THE INTERNET. KOSS CORPORATION DID NOT RETURN OUR EMAILS OR PHONE CALLS. GAME STOP ENDED DOWN

Shorewood-high-school , Wisconsin , United-states , Milwaukee , Shorewood , America , Ben-patte , Kevin-spellman , Exchange-commission , A-shorewood-high-school , Koss-corporation , Gamestop

'Dumb money' is on GameStop, and it's beating Wall Street at its own game

'Dumb money' is on GameStop, and it's beating Wall Street at its own game
28 Jan, 2021 01:10 AM
10 minutes to read
A GameStop near Union Square in Manhattan. Investors fuelled by a forum on Reddit have pushed GameStop shares into the stratosphere, and crippled short sellers. Photo / Hiroko Masuike, New York Times
A GameStop near Union Square in Manhattan. Investors fuelled by a forum on Reddit have pushed GameStop shares into the stratosphere, and crippled short sellers. Photo / Hiroko Masuike, New York Times
New York Times
By: Matt Phillips and Taylor Lorenz
GameStop shares have soared 1,700 per cent as millions of small investors, egged on by social media, employ a classic Wall Street tactic to put the squeeze — on Wall Street.

New-york , United-states , California , Indiana , Manhattan , Wisconsin , Greenwich , Connecticut , Huntington-beach , Americans , Hiroko-masuike , Taylor-lorenz

We Witnessed a Financial 'Storming of the Bastille' on Wall Street This Week by Matt Vespa

[SEE UPDATE BELOW]
Harrison is a good friend of the Triggered Podcast and his tweet pretty much sums what’s happening on Wall Street: “Populism is contagious.” Yes, a few smart randos on a Reddit thread, ‘wallstreetbets,’ decided to exercise their right to free speech and only boost the stock price of GameStop through the roof. It cost hedge fund firms, who were trying to keep the price low, tons of money—billions of dollars were just roasted. If you need a visual comparison, think the Joker lighting that mountain of money on fire in The Dark Knight. Some hedge funds got wiped out. I have another media reference for what’s happening—sort of—and it centers on the ending of Trading Places with Dan Ackroyd and Eddie Murphy manipulating the market of frozen concentrate orange juice. It’s that scene, but in reverse—and yes, those margin calls can be quite steep. They have been quite steep. As a Mets fan, I know new owner Steve Cohen, who serves as the basis for the character Bobby Axelrod on Showtime’s Billions, will be okay. That doesn’t negate the fact that his hedge fund lost a ton of money in the past few days.

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