“Siri, what is a ‘stock?'”
If you’ve been on the internet at all in the last week, you probably know that something’s been going on with Reddit, Game Stop, and stock market, but aren’t quite sure what is going on.
Well, basically, a bunch of hedge funds on Wall Street decided to “short” GameStop because it wasn’t doing well. AKA, they bet on the business to fail so when it did fail, they’d get a bunch of money. Got it?
And the people of Reddit — particularly the thread r/wallstreetbets — decided to buy a shit ton of stock in GameStop to drive up the value so it wouldn’t fail, thus causing the hedge funds to lose a shit ton of money. Here’s a quick explainer, an even more detailed explainer, and a quick video Trevor Noah shared à la The Big Short:
Now, Wall Street is pissed and the investing app Robinhood has even barred people from buying further stock in GameStop and AMC.
TBH, you really don’t need to fully understand what’s happening to realize it’s fucking hilarious, and that’s why Twitter has absolutely exploded with jokes and memes about the debacle. Here are the 50 funniest:
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