And GameStop's peak from a few months ago is more like 100x.
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This behavior has got to be about something deep in people because you get these results even when people only interact once! So you're not teaching them something useful for when you interact into the future. It's just that... You. Can't. Stand. It.https://twitter.com/KevinFarzad/status/1354554496169299970?s=20 …
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What's fun about GameStop is how baffled the financial commentators are. They act like this is illegal or gaming the system, when it literally is the system they wanted! A free market means anyone can buy or sell for whatever reason they want. @chamathhttps://twitter.com/itsavibe/status/1354484760115081217?s=20 …
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The second part is good toohttps://twitter.com/itsavibe/status/1354486276494393346?s=20 …
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Of course, anger at the stock market and the rich people it makes richer is a time-honored tradition. Here's folk singer Malvina Reynolds--ahem, Berkeley alum--about a financial news story she read in the
@sfchroniclehttps://www.youtube.com/watch?v=iJGnSMc32u8 …Pokaż ten wątek -
"Why not you and I" indeedhttps://twitter.com/RBReich/status/1354665451838574592?s=20 …
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It's probably no accident that this is taking place on investing apps like
@RobinhoodApp which claimed to bring investing to anyone. But, Robinhood is no friend of these investors. It shut down its users ability to buy more GameStop.https://twitter.com/Zakariyasl/status/1354805729509613569?s=20 …Pokaż ten wątek -
The memes almost write themselveshttps://twitter.com/ComfortablySmug/status/1354817994950537219?s=20 …
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And now wall street analysts are talking about regulation. Free market was the only "moral" thing when investment firms destroyed people's pensions and savings; when the hedge funds start to loose because of collective individual decisions, regulation please!
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My hope is that this display of the power of individuals will be a model for progressive causes.
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The utter inability of financial analysts to model, anticipate, or understand a tiny bit of non-selfishness by individual investors signals that people have real strength in numbers against a financial sector that doesn't serve them.
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Funny that the market actually is being manipulated now by preventing the people from buying while going back and forth amongst themselves to force the price down
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