{"id":11197,"date":"2021-01-28T14:00:00","date_gmt":"2021-01-28T21:00:00","guid":{"rendered":"https:\/\/BigJimIndustries.com\/wordpress\/?p=11197"},"modified":"2021-01-30T14:10:04","modified_gmt":"2021-01-30T21:10:04","slug":"the-reddit-boys-revenge","status":"publish","type":"post","link":"https:\/\/bigjimindustries.com\/wordpress\/2021\/01\/28\/the-reddit-boys-revenge\/","title":{"rendered":"The Reddit Boys Revenge"},"content":{"rendered":"\n<p><em><a href=\"https:\/\/www.vanityfair.com\/news\/2021\/01\/gamestop-redditors-who-upended-wall-street-are-doubling-down\" target=\"_blank\" rel=\"noreferrer noopener\">from Vanity Fair<\/a><\/em><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">\u201cYou Meet Insanity With Insanity\u201d: The GameStop Redditors Who Upended Wall Street Are Doubling Down<\/h1>\n\n\n\n<p>by <a href=\"http:\/\/safari-reader:\/\/www.vanityfair.com\/contributor\/jessica-camille-aguirre\" target=\"_blank\" rel=\"noreferrer noopener\">Jessica Camille Aguirre<\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Reddit is Killing GameStop \ud83d\ude80\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/s5BfSwLa1T4?feature=oembed\"  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Wall Street can seem like a citadel, so it is with unreserved glee that many have kept tabs on the GameStop saga this week. For once, the underdogs were getting flush\u2014and even better, seemingly screwing over hedge funds in the process. On WallStreetBets, the Reddit forum where it all began, retail traders are rallying one another to stay aggressive and hold against downward pressure on the stock, whose value was sinking by Thursday afternoon. An I.T. worker in Atlanta who bought in on Monday after reading about GameStop on the forum said he watched the value of his position lose and then regain around $100,000 over the course of 24 hours, and he\u2019s not abandoning his shares anytime soon.<\/p>\n\n\n\n<p>\u201cIt does feel like a gang-up on Wall Street, which has suffered no repercussions from the pandemic,\u201d the I.T. worker said. \u201cJobless claims, jobless claims, every week we see them going higher and higher, all the chaos with Brexit, all the stuff that\u2019s happening. Like, we can\u2019t go outside, but you guys are making a profit. What the fuck?\u201d On WallStreetBets, it\u2019s to no small amount of admiration that DeepFuckingValue, one of the first users to go bullish on GameStop, who has since been&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-9198589\/YouTuber-Roaring-Kitty-disrupted-Wall-Street-Boston-suburban-dad.html\" rel=\"noreferrer noopener\" target=\"_blank\">identified<\/a>&nbsp;by the&nbsp;<em>Daily Mail<\/em>&nbsp;as 34-year-old financial adviser&nbsp;<strong>Keith Patrick Gill,<\/strong>&nbsp;continues to post his daily tally from staying long on the video game store chain. Midweek, that was&nbsp;<a href=\"https:\/\/www.reddit.com\/r\/wallstreetbets\/comments\/l6ekdz\/gme_yolo_update_jan_27_2021_guess_i_need_102\/\" rel=\"noreferrer noopener\" target=\"_blank\">almost $50 million<\/a>&nbsp;(from a reported initial investment of some&nbsp;<a href=\"https:\/\/www.theguardian.com\/commentisfree\/2021\/jan\/28\/anarchy-in-jokes-and-trolling-the-gamestop-fiasco-is-4chan-think-in-action\" rel=\"noreferrer noopener\" target=\"_blank\">$53,000<\/a>), but the next day, it had dived by more than&nbsp;<a href=\"https:\/\/www.reddit.com\/r\/wallstreetbets\/comments\/l78uct\/gme_yolo_update_jan_28_2021\/\" rel=\"noreferrer noopener\" target=\"_blank\">$14 million<\/a>.&nbsp;<\/p>\n\n\n\n<p>What happened was this: A few hedge funds, reading what they thought was the writing on the wall, bet against GameStop by shorting its stock, predicting that a brick-and-mortar store had no future in the COVID-delineated online economy. So retail traders bought the stock in droves and pushed its value up, knowing that traders would eventually have to buy the stock back at the higher price in order to cover their positions, losing money in the process. GameStop\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.vanityfair.com\/news\/2021\/01\/gamestop-mania-is-leaving-a-trail-of-destruction-in-its-wake\" target=\"_blank\">isn\u2019t the first short squeeze<\/a>\u00a0Wall Street has seen, but it\u2019s one of the first that originated in the online forums where day traders using popular platforms like Robinhood have coalesced during the pandemic. Some major funds were caught in the squeeze, including Melvin Capital and Citron Research, and total losses from the short positions in U.S. companies were estimated to be\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.reuters.com\/article\/us-retail-trading-shortbets\/losses-on-short-positions-in-us-firms-top-70-billion-ortex-data-idUSKBN29X1SW\" target=\"_blank\">more than $70 billion<\/a>\u00a0as of Thursday. Redditors rejoiced over Wall Street\u2019s pain, and CNBC\u2019s\u00a0<strong>Jim Cramer<\/strong>\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.cnbc.com\/2021\/01\/25\/cramer-sees-wallstreetbets-investors-vs-hedge-funds-as-a-new-paradigm.html\" target=\"_blank\">said<\/a>\u00a0the masses ganging up against institutional money could be finance\u2019s new paradigm. \u201cThere is definitely a level of nervousness here,\u201d said a hedge fund manager named Westley, who asked not to have his last name published.\u00a0<\/p>\n\n\n\n<p>[ <a href=\"https:\/\/www.vanityfair.com\/news\/2021\/01\/gamestop-redditors-who-upended-wall-street-are-doubling-down\" target=\"_blank\" rel=\"noreferrer noopener\">click to continue reading at VF<\/a> ]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>from Vanity Fair \u201cYou Meet Insanity With Insanity\u201d: The GameStop Redditors Who Upended Wall Street Are Doubling Down by Jessica Camille Aguirre Wall Street can seem like a citadel, so it is with unreserved glee that many have kept tabs on the GameStop saga this week. For once, the underdogs were getting flush\u2014and even better, [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3,8],"tags":[],"class_list":["post-11197","post","type-post","status-publish","format-standard","hentry","category-culture-art","category-weirdness"],"_links":{"self":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/11197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/comments?post=11197"}],"version-history":[{"count":0,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/11197\/revisions"}],"wp:attachment":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/media?parent=11197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/categories?post=11197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/tags?post=11197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}