Everyday Americans take a stand against Wall Street elite through online forums
Everyday Americans taking a stand against Wall Street elite By Tristan Ruppert | January 30, 2021 at 6:46 AM CST - Updated January 30 at 6:46 AM
BILOXI, Miss. (WLOX) - A battle between the big wigs on Wall Street and your neighbor is unfolding right now. The free market is the arena, and Wall Street is bleeding.
Several hedge funds and professional money managers were shorting GameStop stock, pretty much betting that the company would fail. Now, why have those shorting efforts failed?
Well, the movement began in one of the unlikeliest of places, online in a Reddit forum known as “Wall Street Bets,” where investors encouraged one another to buy loads of GameStop stock, forcing hedge funds who bet against the stock to purchase their stock back before they take on a greater loss.