>>12025952>The hedge funds banked on GameStop going bankruptThis is the part I disagree with.
GameStop was hitting hard times, and they reconfigured their business, shutting some stores, refinancing...and they were actually making a slow comeback toward the end of last year.
But when a bunch of hedge funds borrow a few tons of stock, and sell them all at once, it floods the market with stock all at once, and it's almost a sure thing the price will suffer, so the hedge funds can then buy it all back at a lower cost, hand the stock back to those they borrowed it from, and pocket the difference.
They were not betting GameStop would go bankrupt, they were MANIPULATING the price of the stock to drag profits out of it.
But this time a few million gamers, and others that simply hate this kind of piracy, got together and bought, when the average investor should have seen GameStop dropping & sold... and fucked up their manipulation.
I heard they lost 14.3 billion bucks just yesterday.
