Reddit Made History With GameStop (Why It May Still Hit $1000)
A group of online anarchists just broke Wall St. for the foreseeable future
We are witnessing the French Revolution of the financial world. A group of anarchist Reddit retail investors has challenged some of the wealthiest people in the world.
These Reddit day traders, who are often considered unsophisticated by the Wall Street elite, pounced on that assumption and trolled a lot of important people out of billions.
We are now living in a meme; one where near-bankrupt retailer Gamestop’s stock has soared in historic volatile fashion.
The aftermath: GameStop stock jumped more than 822%, from $17.25 at the beginning of the year to a high of $159.18 on Monday. Then it dropped by nearly half, only to rise back up to $147.98 on Tuesday. It ended today at $313.54.
Ok, so what happened? And what happens next?
How Reddit Pulled Off a Miracle
There’s a way to make money on a company you think will go bankrupt — it’s called short-selling.
Short-selling is a risky practice that involves borrowing a company’s shares for free to sell them at a high price (ideally). You can then buy the stocks back at a…
