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BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy
deleted.comBlackRock Inc, the world's largest asset manager, could have made gains of about $2.4 billion on its investment in GameStop Corp as retail investors pour money into the video-game retailer's shares. Assuming no change in BlackRock's position, the value of its stake would be worth $2.6 billion now, compared with $173.6 million as of December. GameStop's stock has surged nearly 700% in the past two weeks in a rally fueled by interest from amateur investors on Reddit, forcing hedge funds to retreat from heavy losses and sparking calls for scrutiny of the social media-driven trading frenzy.
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That was my argument against this being “praxis”, or more ridiculously “more praxis than the left has achieved in years”. it’s nice that some people got to pay off their student loans or whatever, but it’s not different to any random person winning the lottery. The structure remains unchanged by this.
Yes, but the superstructure has been affected, this is damaging to false consciousness.
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Because the added value isn't company-based, it's that there's a guaranteed buyer. It's like being a scalper, but instead of screwing people you're screwing a hedgefund.
This puts words to how I feel about it, its very important as a cultural event I think, less as an actual material advancement of socialism.
Sure it is a great example of the stock exchange being made up bullshit, that’s hardly new information though. And probably for every person that thinks “wow these guys proved it’s all a bunch of bullshit” there’s another person who thinks “wow what an awesome way to make money the stock exchange is awesome!”
The stock market being bullshit isn't new to us, but it is new to a lot of people.
If 50 percent of people come away from this thinking the market is a fuck and the rest come away as non committed opportunists we have probably tripled the left's current influence.
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Except for the part where this requires a massive movement of likely tens of thousands of people working in solidarity to defeat a capitalist foe?
Like, what? Of course this doesn't take down all of Wall Street, what a ridiculous expectation and bar for "success". Other hedge funds are still smart and if not sunken into shorting the stock will now be calling it, but a lot of that money is also going to individuals.
It literally is more praxis than most of what the left has achieved in years, like, what have we gotten done? Elected AOC and the gang, but have we gotten actual policy reform? This is certainly more than ChapoTrapHouse as a brand, a subreddit, a site, a podcast have ever been able to achieve.
This movement isn’t based in principled or revolutionary leftist theory and therefore will default back to hegemonic bourgeois capitalist ways of thinking/acting. 99% of these people will cash in and buy a PS5.
I’m happy to be proven wrong by further developments.
Which is why we must capitalize on it.