Struggling stocks like GameStop have become the center of a financial power struggle between amateur investors and billion dollar hedge funds. CNBC’s Andrew Ross Sorkin and Galaxy Digital Founder and CEO Mike Novogratz join Stephanie Ruhle to break down what happened over the last few makes that made the video game store stock skyrocket. Aired on 01/28/2021.
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GameStop Surge Shows Power Shift On Wall Street | Stephanie Ruhle | MSNBC
when someone can make a whole career out of skimming money from other people’s transactions, that’s a problem we really don’t need to tolerate.
Norm alice: kinda sounds like private health insurance too, doesn’t it. A middle man that serves no purpose.
@kenDog The calm pretty much every privatized thing that once was or could have been publicly ran, yeah..
Most profit is theft. Cut hours, fewer benefits, lower pay.
eat the rich
I know a guy who lost $20,000 on this, funny part I told him that this will go down like a rock and he still held.
@Eugor Pls dont let the guy sell stocks, they’re literally mass selling when no one can buy to tank the stock. That’s legit stock manipulation in broad daylight.
Its a corporate illusion, they are trading the stocks at lower values among themselves just to make the stocks appear to be going down.
There are literally no sellers.
Proof: https://i.imgur.com/yVw7iIj.jpg
Just hold on to the stocks.
Live by the free market and die by the free market.
What’s free? This is not free
@Kev its free money
Yes I’m not interested in your tears hedge funds. You can experience a taste of what everyone is is dealing with
@mikey j Only if you have the money to play.
Power to the people!
All I know is my nephews want GameStop gift cards ALL THE TIME.
So does my grandson, what’s up with this Gamestop and playstations
@Lynn Lanier Soto-Shambach game stop is changing their game plan to get the position as the center of gaming. And this revolutionary event of investors pouring their money into game stop is making everything look up. They almost went bankrupt, and big hedge funds over shorted the company to try and run it into the ground. Now were fighting back
Millenials are mad! We love our GameStop. Lol.
I wouldnt exactly use the word love. I mean when a used game is pretty much the same price as the new copy. It’s not exactly a bargain compared to ebay. Also they would have bought that used game for like 10 bucks and sold it for 58. If its not even selling probably give you a dollar and a quarter for any sports game. Wouldnt hire you and if you got lucky enough pay you 9 dollars or less a hour. When black froday has 45 dollar controllers new. You missed it and try to buy a used one, they want to sell it for 55. 5 dollars less than the new one. You start to wonder why the company exists.
I probably only been in a gamestop 6 times, but I understand the sentiments of people who spent a lot of time there.
General strike. Take everything, give nothing.
The nerds will always prevail. Lets go gamers !
I like how the guy is like “these retail investors are gonna loose thier rent!”. The understanding thats lacking here is how f’ed gen Z’ers are. If a guy living under a bridge could spend his last dollar to have just a ghost of chance of landing a punch on the institutions that put him there; he’ll spend it with a smile.
Power to the players
Geeks united!
“Revenge of the nerds!”
Remember Gamestop’s old motto?
“Power to the Players!”
@Leroy Van Drie they dont CARE if they lose!
Money IS NOT everything!
@Leroy Van Drie I expect to lose and that is okay with me. Hold the Line!
@Amanda P well, all of a sudden it has become prohibited to buy anymore.
@Jayant indeed. Cant have the little guy win can they?
@Amanda P the “free”market.
Ah, I see. NOW the stock market is problematic….
Not when elites got rich shorting the market in 2008 and not when elites got rich shorting the market in 2019.
ONLY NOW is it a problem when it benefits some of the 99%.
@Granny2 Levi they are trying to say “sell so you dont lose your shirt!”
But that just means “sell”
Which then allows the short sellers to win.
All couched in terms of, we are trying to help you!
F*** MSNBC
@Amanda P do what you must. It’s your money.
@Granny2 Levi this is a message to wall street from the people.
Making money is not the point or end goal.
@Amanda P I meant that it’s your money to invest, regardless of making money or not, and you have a right to do what you must with your own money.
@Granny2 Levi I wish it was my money! I make 13k a year. Dabbling in the stock market is something I cant afford.
Plus, I’m in subsidized housing so if I win in the stock market I’d end up homeless unless I could sustain earnings from it.
And still end up homeless because my credit rating isn’t high enough to get another apartment.
So, unless I could make enough in less than 3 months to buy a house outright I dont dare try my hand at it.
Doesn’t mean I dont support the people that are a part of this.
Also doesn’t mean I wouldn’t hand money to someone else to do it and consider it a donation to a worthy cause.
Wealthy: why don’t poor people just invest their money? 🤷🏼♀️
People: ok
W: …👀
W: wait stop!
Lmao 😂 true
Exactly!! I would only buy a few shares of a failing business
Invest where I tell you to. Don’t go against me
Just like that. It shows that there advise wasn’t advise for us to ACTUALLY follow but to placate us into believing that we could have a part of “the American dream” too.
“The big guy gets bailed out before the little guy does.” So true it hurts! Little guy that hasn’t made it back to where I was before losing everything in the 08/09 crash. I was financially fine, until my job went away and couldn’t get another one for almost a year later and paid $11 an hr. That don’t cover a house payment! There wasn’t help for home owners in the 08/09 crash like in 2020.
Wall street be like:
Mortgage crisis in 2008 = “We don’t need regulations!”
GameStop trolling in 2020 = “Please regulate this so it never happens again!”
Totally.
Well as a gamer I’m happy, looks like GameStop will live long enough to see PlayStation 6.
Stocks don’t represent the economy.
No they don’t, but most of our leaders say “look our stock market is great, so our economy is great”….NOT!!!
“Can you connect the dots?”. Yes. Average people are tired of getting screwed. And playing and beating Wall St. at their own game is… sweet. Regulations will come to stop average people making money from rich people. Only the rich are allowed to rob.
So right.. legalisation is being drawn up right now and we all know it…Both parties will ensure this
It’s not about money… its about sending a message
Exactly! A lot of the people behind this are willing to lose the money they put in. But not only a message it also exposing what truly goes on.
Look what happened to their rigged system with a few Reddit threads and a couple of investers
You just quoted a nihlistic murduring psychopath.
@David Lee yup, but this is a different context, they are not fighting against Batman.
It’s about sending an excellent message: “This is what you get for de-regulating everything during the Reagan years.”
They’re putting money in the market to make a point.
We should call “Wall Street” something more descriptive like “The Thieve’s Market” because stock dividends amount to theft of the labor value added by workers to goods sold. People who buy stocks effectively bid on worker exploitation agreements. It’s not the sort of place that people who want to respect everybody find attractive.
Don’t expect honor among thieves.
“You’d be shocked at all the anger on reddit,” says the Wall Street executive. Any normal person would not be shocked at all. This is why we need democracy in the workplace (i. e., market socialism)