Gamestop Rallied Crazy Again

 


Hello People, So today we will talk about an amazing story and as you have read the title “Gamestop…….”

So, for those who do not know much about Gamestop!

Gamestop is an American company that sells video games, consoles and different other electronics..

Yes! right, so what’s wrong now?

Probably some days back, you must have heard of Gamestop stock went fire !

If not then let me couch in some important details to your notice.

Reddit(a social media site) and in particular wallstreetbets a forum in Reddit maybe you call it subreddit.

These people were involved in something called shorting……..phew technical?

Let's decode it with an example Suppose you borrowed some chocolates from an XYZ colleague worth $100 because you had an idea it will go down in future, mind you! you have not consumed it !!!!

And you sold it to your neighbour and now what happens the chocolate price tanked to $70 that means you can easily mint a profit of 30$ and since you sold it for $100 and can return back it to your colleague.

Pretty Nice (: Isn’t it?

But what if things go south?

You will be booking a loss, isn’t it!

Back to the story now what happened as these people on the forum r/wallstreet/bet

As BBC quotes GameStop was one of the companies that loads of hedge funds (companies who do these bets) had bet on to lose a lot of value.

But huge numbers of people in the wallstreetbets Reddit forum swapped tips and bought shares in GameStop.

The demand raised its share price massively, which nobody saw coming, and everyone who had banked on it dropping in value had to buy their shares back

And thanks to Elon Musk for a tweet that even spiked it crazier!!!

Now, so what happened again is on Feb 24 the stock again soared over 100% and being halted twice in the process and when the market was about to close at 4 p.m EST. Gamestop Exploded and just to make it a little more ironical Reddit was down at this moment !!!!

Gamestop is in Fortune 500 companies list !!!!!

What happens next ? No one knows

Well, What do you think? ? What drove it to a 100% rise

Write down in comments

Until then,

Keep Safe and Keep Happy

♥♥♥♥♥♥


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