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For days, some social media users have been earnestly trying to explain to non-finance bros what it means to short a stock, what a short squeeze is, and how hedge fund Melvin Capital wound up needing a $2.75 billion bailout because they made a catastrophically bad bet against the bland mall fixture that is video game retailer GameStop. Some people tried to get in on the action by looking into buying their own shares of GameStop on Robinhood, a trading and investing app, until Robinhood halted GameStop trading on Thursday, and then reauthorized it in limited quantities on Friday. Most people on the internet simply celebrated the mass freakout of stock brokers who got a taste of their own capital-manipulating medicine for once, especially in a pandemic that has exacerbated existing economic inequality throughout the nation.
January 22
I miss real life friends but at least I have this app, where I hate everyone and they hate me too Better things are possible (@InternetHippo) January 23, 2021
my cat has become OBSESSED with sitting in on my zoom calls and has now perfected the art of glaring straight down the camera pic.twitter.com/RbFSQSlkV6 Abby Tomlinson (@twcuddleston) January 22, 2021
The theme of Pulp Fiction is breakfast disappointment. Jules and Vincent ruin the burgers breakfast for the guys and ruin Jimmy s morning coffee. Butch doesn t eat his pop tarts and his girlfriend doesn t get her blueberry pancakes. And the diner robbery happens during breakfast.
Robinhood Blocks Traders on Reddit and Beyond from Buying GameStop Stock – Make Sense of the Market Mayhem GOBankingRates 1/28/2021 Dawn Allcot © Omar Marques/SOPA Images/Shutterstock / Omar Marques/SOPA Images/Shutterstock Mandatory Credit: Photo by Omar Marques/SOPA Images/Shutterstock (11683098aa)In this photo illustration, a Reddit logo seen displayed on a smartphone with stock market prices in the background.
The stock market is known for its volatility, but the rapid rise of GameStop (NYSE: GME) and AMC (NYSE: AMC), manipulated by a rogue group of retail traders on the social media platform Reddit subthread WallStreetBets has everyone from Wall Street to Washington scratching their heads – and, in some cases, scrambling to stabilize stock prices.
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