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Our World-20211224-01:40:00

in was late november to early december. i think the stock price was around $16 back then. gamestop's share price had attracted the attention of another kind of investor — short sellers. hedge funds that thought gamestop was overpriced. hedge funds like citron capital, founded and run by this man, andrew left. i'd known gamestop for a long time. to me it looked like they were following the blockbuster video path. and then all of a sudden we found out in december, while the industry was actually up — the video game industry had their best month ever, december of 2020 — gamestop actually had a bad quarter, ora bad month. they were declining, and that was supposed to be their saviour month. and that's when i started to short the stock. left�*s hedge fund was now one of the many hedge funds that were shorting gamestop. essentially, they were betting that the share price would fall. if it did, they would make money. but that had also been noticed by people on wallstreetbets.

Gamestop , Share-price , Kind , Attention , Hedge-fund , Stock-price , 6 , 16 , Andrew-left , Blockbuster-video-path , Citron-capital , Stock

Our World-20211224-01:38:00

that business model wasn'tjust outdated, it was prehistoric. a business doomed to fail. its share price this time last year was around the $3 mark. over the summer, though, a few investors began to proselytise about gamestop. people like the then—obscure youtuber, keith gill, roaringkitty. many think it's a foolish investment, but everyone's are wrong! they argued that far from being dead in the water, gamestop had potential. gamestop is an established, uniquely—positioned player in a thriving $150 billion gaming industry. one group in particular was listening. an internet message board called wallstreetbets. so could you just describe to someone who's never been on wallstreetbets, roughly

Share-price , Business , Business-model , Gamestop , People , Investors , Mark , Youtubers , Summer , Keith-gill , 3

Our World-20211224-01:45:00

steve huffman was looking on. he had the power to switch wallstreetbets off. was there any pressure on you to maybe lock down wallstreetbets ? we faced that question, that literal question — is there pressure, should you do something? but our motivation, or what we were trying to do, our duty in the situation was actually the opposite, to keep wallstreetbets online. so we did take a closer look here, but really, we were making sure the community didn't break. because a lot of people were coming to reddit for that experience. with reddit keeping wallstreetbets up, it now seemed unstoppable. can i ask how much you lost in total? no, i mean... i think the fund was down approximately, i don't even know... 18%, 19% —18%, possibly. how much is that in cash terms? i won't discuss that.

Steve-huffman , Power , Pressure , Wallstreetbets-off , Down-wallstreetbets , Something , Question , Situation , Opposite , Motivation , Duty , Lot

Our World-20211224-01:48:00

starts to actually win some chips at the table, then they have to shut down the game. one of the things that came up time and time again when talking to amateur investors is how much they believe that the financial systems were rigged to benefit the rich. and much of that seemed to stem from the 2008 financial crash. well, nothing was learned from 2008. no—one was held accountable, the banks were bailed out. you know, i couldn't get a job. i couldn't afford housing at that point. you know, i crashed on a friend's couch. you can kind of see on the posts, like, the difference between the memes and the jokes and the person who's like, you know, "this is for my immigrant parents." "this is for the people who ruined my dad's business in 2008." there's a lot of earnest posts on there still. it's notjust socialists who think that. jordan belfort was a vocal supporter of wallstreetbets.

One , Things , Investors , Game , Chips , Table , Nothing , Systems , Crash , Stem , Banks , Accountable

Our World-20211224-01:52:00

to reach the front page. so that means you're only - going to hear from the people who are saying whatl people want to hear. you're only going toi hear from the people who are diamond—handing it. right, so if someone said, "do you know what, guys, i think we should sell up now..." no—one's going to like it. no—one's going to like it, so, it's just the more extreme funny stuff that gets upvoted, and you get that false bias? that's so interesting. yep, exactly. i asked reddit�*s boss whether he felt any responsibility for those who lost out. i think any trade, any trade, notjust a risky one like that wallstreetbets is known for, has risks. but it also has opportunity. and i think it's important that individuals have that opportunity. like, i don't think we as a society should be so paternal to say that, well, this group is smart enough to make these decisions, but this group, you know, we should keep them out. and nobody goes to

It , Someone , People , Page , Toi , One , Boss , Guys , Bias , Stuff , Upvoted , Yep

Our World-20211224-01:42:00

is a bigger story than i thought? on wallstreetbets, there's often a couple of stocks or companies that have their attention. and so over the years, it's been tesla, it's been virgin galactic, it's been blackberry. and so in my mind i'm just browsing reddit, gamestop, ok, gamestop's got their infatuation right now. so i was actually a little bit late to the party. i didn't realise reddit had leaked into the real world again. so it was really at the take—off of the mania, i was like, ok, this is a bigger one. by mid—january the price of gamestop shares was nearly $30, a tenfold increase from eight months before. it was about to go stratospheric. i got the champagne. cheers, congratulations, look at this shit! look at this shit, 60%!

Gamestop , Story , Wallstreetbets , Stocks , Couple , Attention , Companies , Mind , Browsing-reddit , Infatuation , Tesla , Virgin-galactic

Our World-20211224-01:53:00

wallstreetbets thinking that this is a safe place to spend money. gamestop has been characterised as a wallstreetbets vs wall street battle. but we didn't interview anyone who thought it was as simple as that. i suppose the question is, was this a people's revolution? well, it certainly started as a people's revolution. and then i'm sure it would be only logical that any shrewd, large investor would say, "hmm, look what they're doing, let's jump on that bandwagon." and i think the important thing, and what makes this dangerous, is those sophisticated investors that got in on the back are smart enough and sophisticated enough to know when to get out of the situation, while the little guy is typically the one that ends up holding the bag. and that's very dangerous and sad. tantalisingly, what could have happened is hedge funds taking aim at other hedge funds.

Gamestop , Money , Wallstreetbets , Place , Vs-wall-street-battle , It , People , Question , Revolution , Peoples-revolution , Anyone , Doing

Our World-20211224-01:54:00

this narrative that it was just wallstreetbets that moved it, i mean, a lot of other people think, uh, no, it must have been much bigger forces at play. obviously there was a short squeeze, obviously it could well have been hedge funds trying to screw over other hedge funds. sure, absolutely. really? you think other hedge funds were doing that, potentially? i mean, if you saw an opportunity to make money, its legal, it's fair. go buy stock, it's an open market. what's without doubt is that wallstreetbets helped to start things rolling. but much larger financial players were also heavily involved. people using robinhood and people who are not large institutions, are not registered financial professionals, are a bigger part of the market than they've ever been. they're about a quarter, 25%. but they're still a small player, relative to the biggest institutions. and so when you see a price movement from gamestop at $18 all the way up to $325, it's very unlikely that the only people that are buying

It , Lot , People , Hedge-funds , Squeeze , Narrative , Play , Hedge-fund , Uh , Forces , Things , Money

Our World-20211224-01:57:00

around that and just, like, learn a lesson. and gavin says he ended up making $40,000. there is this kind of assumption that a lot of people who are on wallstreetbets were just there to, like, make a political point about hedge funds, but actually there were lots of retail investors that were there to make money, like you. yeah, no, definitely. i would say, as much as people say that they wanted to make a point about hedge funds, at the end of the day they all wanted to make some money. what's clear is that trading apps have transformed the financial system. trading's become more democratic, but conversely, it's also become more risky — exaggerating the highs and the lows. the story of gamestop, then, is both inspirational and cautionary. if this was a revolution, it was one that had its casualties, of some investors who reached for the moon and didn't quite make it.

Lot , People , Point , Wallstreetbets , Gavin-may , Kind , Hedge-fund , Lesson , Assumption , 0000 , 40000 , Money

Can WallStreetBets make Reddit a meme stock?

It will be tough for WallStreetBets to make Reddit its next meme stock

Nazmul-islam , Jaime-rogozinski , Jessica-liu , Greg-martin , Exchange-commission , Google , Fidelity-investments , Bed-bath-beyond , Facebook , Gamestop , Bed-bath , Wall-street