ive been following it all week lol - so much underhanded shit going down trying to stop it and so far every trick hasn't really worked to slow it
tomorrow is likely to be outrageous - probably gonna be a ton of pressure put on by the hedge funds and if it holds then it may be the beginning of the end
+ there's the class action lawsuit now against one of the brokers and potentially even now an inquiry from congress about some of the market manipulation by wall street lol
or none of this will matter and wall street will win in the end... again...
but i do find it ironic that they were telling you all that the best thing to do with your stimulus check was invest it in a fund...
I mean, at the end of the day, I don't blame either side (except for the app restrictions... more on that in a second). Hedge funds have been doing this for decades, and there's a group of millennials who did it back to them.
At the end of the day, its just a short-term pat on the back. Its not sustainable. A lot of these "young investors" don't know when to get in or out, and they'll hold the stock too long, it'll go belly-up, and that'll be that. Hedge funds can sustain losses longer than millennials can sustain success.
A company like GameStop actually has "some" value. It shouldn't go bankrupt from this. It's value is certainly declining, and its declining, due in most part, to change in consumer preferences, i.e. millennials, which is the ultimate irony of this whole play. They're propping up a stock that they helped drive into the ground.
But a company like AMC has no value and should go to zero. They'll essentially have no revenue of any kind for like 18 months. This is just delaying the inevitable for them.
As far as apps like RobinHood goes, they're fucked. Biggest long term mistake they can make is to restrict buying access. Its one thing for them to halt all trades on the stock, period. SEC is probably only days away from that happening to begin with. But to halt buying while still allowing selling is a travesty, and that app will get decimated in the long run for it. They lost all trust with their userbase.