So I did it earlier this week, after hearing about the Gamestop stock in the news I couldn’t resist.
I took $252.88 out of my penny jar and plunked it down on a single share of GME stock. As of this weekend, I’m up $72.11. And I can’t wait to RIDE THIS STOCK TO THE MOON!!!????
…actually, I don’t really care that much, and very likely in the very near future I might lose nearly every dollar I put into this stock. Because for me, like a lot of other people, this is about so much more than making money. This is about putting the hurt on some hedge funds who are used to treating the stock market like a casino, and this time they’re gonna pay for it. During this pandemic people have been losing homes, jobs, and loved ones. Meanwhile the stock market has been going gangbusters. But to just rub salt in the wound, Melvin Capital and Citron Research are trying to short the stock of a brick and mortar company during a pandemic and profit off their misfortune. Not this time, Gordon Gekko, not this time.
I’m not the only one who feels this way either. For the first time, Wall Street bankers are getting a taste of their own medicine. Instead of one rich person trying to influence markets to their unfair advantage, regular people are crowdsourcing the effort to deny them their riches and redistribute some of that money from the top 1% to the other 99%. We’re learning how to play the game, and not even illegal maneuvers by Robinhood prompted by their criminal masters can stop it.
But speaking for myself, I’ll continue to hold my share of GME until every short seller gets their just deserts. Or maybe I’ll continue to hold onto it forever, to remind myself how the game is rigged and the people responsible never get punished. But at least this one time, justice is served.