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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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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.