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Anyone following the GameStop stock madness? Bunch of wild kids got together on a website Wallstreetbets and ran up the price from around 10 to $483.00 in a week. Some cashed in and madew Millions, others hung on "To the moon!". I checked into two of their websites. They have their own language - stonks, paper hands, diamond hands, tendies. They actually caused tremendous losses at several hedge funds who had shorted the stock, squeezing the shorts and causing them to cover at high prices, causing one firm, Melvin Capital, to get a bailout from two other firms for $2.95 Billion Dollars. Yesterday, the stock closed at $53.00. Those who cashed in made a fortune, but many others lost everything, including in one or two cases, their life savings. One 10-year old made $4,000.00. The last time a major short squeeze happened was with Volkswagen, and the shorts got killed, but VW was and is a solid company. Gamestop is another Blockbuster but some wealthy guy bought a big block of stock, got on the Board and plans to go online and digital. Lotsa luck.
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Stonk Madness
- Thread starter pdplot
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Opened at 54 today, shot up to 95 and ended at around 61. Can you believe a lot of those little guys have run out of money and are waiting for their stimulus checks (stimmies) to go back in. Crazy. And now sports gambling and legalized marijuana. Although legalized pot might not be a bad idea. I've never tried it but my friend's wife in Florida has been on medical marijuana for a couple of years and is doing fine with less pain.
