February 12, 2021 at 12:07 PM
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Last month, Reddit users sent a multibillion-dollar message to hedge funds, investment banks, and the U.S. economy in general: you don’t control the market. Acting together on a massive scale and in response to the Reddit forum “WallStreet Bets,” Reddit users pushed the GameStop stock price to astronomical levels, resulting in small-time individual shareholders earning hundreds of thousands of dollars and creating massive losses to hedge funds that shorted the stock.
The reaction from Wall Street and the U.S. government has clarified one major thing, while the U.S. is allegedly built on a free market, the market is only free to be manipulated and profited off of by the wealthy.