And it's an amazing thing to behold.
Hedge funds were shorting Game Stop stock but then a revolt began on Reddit attempting to pump the stock price, and Elon Musk eventually joined in and promoted it and so basically Musk and a bunch of Redditors have managed to pump the stock price over 200% just TODAY. It's up to ~$216 in after hours trading as I write this, and it was trading at a little over $20 last Wednesday. So this stunt could have literally created millionaires overnight. It might be good to stay current with this stuff!
Some financial commentators are claiming that the short sellers have lost over $5 billion so far in 2021 on Game Stop stock. To that I say Bwahahahahahahahahahahaha!
This is probably going to to result in some sort of financial regulations, though I'm not sure how this kind of thing can be prohibited without banning all social media. But the important takeaway from this is that it appears to be a potent tool for opposing the schemes of the 0.01% while chipping away at their power base by making billions of their dollars disappear.
I look forward to watching the spin that various interests will place on this historic event (for real!) in the coming days. And seeing it happen again and again as a popular new anti-fuckery tactic.
I was thinking about putting this in the Chaos thread as an example of the good kind that no one saw coming but decided it was significant enough to merit its own thread.