BlackRock may have raked in $2.4 bln on GameStop's retail-driven stock frenzy
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BlackRock 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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  • 234567890987654 [none/use name]
    ·
    4 years ago

    it’s not different to any random person winning the lottery.

    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.

    • glimmer_twin [he/him]
      ·
      4 years ago

      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.