Quote:
Originally Posted by Fat Charlie
Yeah, but the fortunes lost by shorting Gamestop are a story for the ages. 
What I don't get is why anyone is still putting money into it. Now that the hedge funds have taken their losses, what good can come from spending $300 for a $6 stock? In the beginning, the best you could say was that you were throwing money at it for entertainment. Now it's more like I put my kids' college money into Gamestop and all I got was this lousy tee shirt. |
Greed and not wanting to miss out. People don't want to cash out because the stock was going up and up and up and people want that last dollar. Today will be the test. At the end of the day GameStop was down 44%.
The crazy thing is that people were buying on margin to do this. Nothing like borrowing money to buy a $6 stock at $300 a share. That way you can lose more than all the money you have.
Personally I see GameStop as a more extreme version of Tesla and has a very similar pattern. Retail investors wanting to stick it to the Wall Street "elites" that are shorting the stock.