Feb 03 2021 118 mins 53
An exhaustive breakdown of how Reddit bankrupted Wall Street using Gamestop stock. In late January 2020, a bunch of amateur stock traders in the subreddit /r/WallStreetBets decided that they would hatch a plan to drive up the value of stock shares in the ailing video game retailer, Gamestop. They bought up tons of the stock and within a few days the shares went up from $12 to over $400. Because a bunch of hedge funds had been majorly betting against Gamestop's stock improving, this move literally cost them billions and bankrupted a few of them. Here is the step-by-step walkthrough of how one of the craziest financial moments in American history happened. Get the official Deep Cuts shoulder patch! http://bit.ly/deepcuts_patch Pre-Save the album version of the Napster musical on Spotify now! https://distrokid.com/hyperfollow/thedeadboydetectives/simple-code Additional incidental music credits: The Deadboy Detectives D.Catalano https://wekeepoddhours.bandcamp.com Dadbeats http://bit.ly/FoodFightPod P S E U D O C I D E https://www.facebook.com/pseudocidesc/ Learn more about your ad choices. Visit megaphone.fm/adchoices
