I want to root for the Davids in this, but it sounds like these Davids are also racist trolls? Is that right? If my understanding is correct, they suck (along with the Goliaths) and I hope they all lose a bunch of money.
This is also an excellent example of why the stock market is not and should be representative of the economy.
The culture in there is the very definition of toxic masculinity, I have not seen racism, but there is incredibly problematic language. They refer to themselves as "fellow autists" and "retards" (I can remove the language if it's problematic for people to read, it's discomfiting to even type it out). Lots of talks of brotherhood and solidarity, and "don't be a coward" "don't be a pussy", lots of references to being cuckolded "my wife's boyfriend told me to buy".
I can see the parallels between this group and the MAGAs. The lack of regard for "PC culture" and the desire to stick it to the system that has failed them, and a clear need for validation and a real sense of identity emerging through participating in the group.
A couple of people have compared this to betting where the house always wins. I wonder if this sentiment is about investing overall, investing in individual stocks, or day trading while following forums like WallStreetBets? Because there's a huge amount of variation in the risks involved from one end of this spectrum to the other.
And CNN doesn't really make sense (or I should say the people that voted for Trump to give the middle finger to the elite don't make sense) because Trump is the EXACT type of person that this is trying to give the middle finger too. He was part of this elite long before he ran for President. I have no idea what the majority of political views are on WSB, but I can guarantee that I'm on their side and would never in a bazillion years vote for Trump.
Yes, but he successfully convinced them that he WASN'T part of that elite and that he was actually on their side so it does kind of line up.
I want to root for the Davids in this, but it sounds like these Davids are also racist trolls? Is that right? If my understanding is correct, they suck (along with the Goliaths) and I hope they all lose a bunch of money.
This is also an excellent example of why the stock market is not and should be representative of the economy.
What all this tells me is: 1. that most (not all) finance bros are superbros, whether they work at a hedge fund or in their basements, 2. We need more banking regulation. MUCH MUCH MORE.
I'm ready for Elizabeth Warren to come out swinging.
Post by discogranny on Jan 29, 2021 10:45:17 GMT -5
Reddit is reporting that multiple news outlets have released the real name, age, previous employer, family details of the man who started all of this way back in the summer with GME. The guy who has made millions. They have also been harassing him for comment.
That sucks because now he's an easy target for a lot of different groups of people.
Reddit is reporting that multiple news outlets have released the real name, age, previous employer, family details of the man who started all of this way back in the summer with GME. The guy who has made millions. They have also been harassing him for comment.
That sucks because now he's an easy target for a lot of different groups of people.
He’s apparently a financial adviser. So far it doesn’t look like he has any legal exposure, but the line is thin. I wouldn’t risk my license like that.
Reddit is reporting that multiple news outlets have released the real name, age, previous employer, family details of the man who started all of this way back in the summer with GME. The guy who has made millions. They have also been harassing him for comment.
That sucks because now he's an easy target for a lot of different groups of people.
He should become known as "the guy who broke the hedge funds." At least that's how my Main Street mind perceives him.
What all this tells me is: 1. that most (not all) finance bros are superbros, whether they work at a hedge fund or in their basements, 2. We need more banking regulation. MUCH MUCH MORE.
I'm ready for Elizabeth Warren to come out swinging.
Reddit is reporting that multiple news outlets have released the real name, age, previous employer, family details of the man who started all of this way back in the summer with GME. The guy who has made millions. They have also been harassing him for comment.
That sucks because now he's an easy target for a lot of different groups of people.
He’s apparently a financial adviser. So far it doesn’t look like he has any legal exposure, but the line is thin. I wouldn’t risk my license like that.
He made like $14 million, right? With that kind of money, who cares about maintaining a license?
He’s apparently a financial adviser. So far it doesn’t look like he has any legal exposure, but the line is thin. I wouldn’t risk my license like that.
He made like $14 million, right? With that kind of money, who cares about maintaining a license?
Post by gretchenindisguise on Jan 29, 2021 13:52:38 GMT -5
Things really just seem to be holding right now without the meteoric rise we saw at the beginning of the week. The halting really seems to have taken the wind out of the sails of this push.
I wonder what the taxes are like for all this day trading.
I looked into this (albeit quickly yesterday). I believe that they are considered short term capital gains are are taxed at your normal tax rate.
Yes, short term capital gains (i.e., the money you make when you sell a stock held less than a year) are taxed as regular income.
This is another disadvantage of day trading compared to staying in the market for the long haul (at least a year), when you usually get tax advantages.
10-Year-Old Wins Big on GameStop Shares His Mother Got Him for Kwanzaa
Speaking to San Antonio News-Express, Jaydyn’s mother said she gifted her son 10 GameStop shares for Kwanzaa 2019 to mark Ujamaa—the principle that celebrates cooperative economics during the African American holiday.
Those shares turned into a win for young Jaydyn, who decided to sell them for about $3,200 on Wednesday after his mother consulted him during the upswing in the GameStop stock price
Things really just seem to be holding right now without the meteoric rise we saw at the beginning of the week. The halting really seems to have taken the wind out of the sails of this push.
Mostly because they can't buy more or persuade new people to either. Robinhood was one of the few brokerages that you could open/trade on the same day. Most require funds to clear which takes a few days. So when RH blocked these buys yesterday, it stopped the new money coming in.
They "relented" a bit today, but still only letting people buy like 1 share or something.
I'm not 100% on it all though because I don't trade through them. This is just from the reddit threads.