The latest in the GME saga. The Q1 earnings came out today after market closing. This was supposed to be a big too the moon moment for all the diamond hands out there. The price dropped instead because of course Gamestop didn't earn enough to justify the 1500% price increase over the previous quarter. And even though the price is still pretty high by any reasonable measure, the cope has begun.
We've had months of r/superstonk hyping up the happening. Months of long DDs full of charts and graphs and links to financial documents. Tons of theorycrafting and reasons why the price had to go to the moon. Once again, when it didn't work out, it was time to spin up the When Prophecy Fails machine.
People shorted gamestock because any investor would common sense knows that the Q1 report was going to be disappointing. It was pretty much a sure thing. It's not a conspiracy, it's people paying attention to actual fundamentals instead of reddit posts.
Shorting every ETF with the hope to push GME down seems like a pretty bad investment strategy.
There isn't a happening. It's all a speculation event to create volatility in a stock that can be heavily predicted. It's very easy for them to make gains buying the dips and selling the highs pumped by the crowd hyping online.
I also 100% believe that some meme makers are being paid to make videos for and content for it. Part of keeping the event going so that volatility of the highs and lows can continue to be grifted.
The only downside I see is underinformed people putting their life savings into GME.
Otherwise it's ordinary people getting to game a rigged system for once, and the finance class losing billions in the process.
The "gaming the system" that ordinary people could be a part of was fizzled out quite effectively (and somewhat illegally). That might still be the reason people want to buy the stock now, but the shorting isn't as egregious as it was a few months ago. People hopefully have other reasons to do what they are doing, but it may be propped up by a bunch of underinformed people who still think a short squeeze is going to happen.
edit: full disclosure I paper handed GME the day I learned they were doing NFT bullshit
