Ep 10: Decoding how Game Stop, Reddit, and Robinhood are robbing from the rich and giving to the not so poor while shaking up Wall Street
AI Decodes the System
English - January 28, 2021 05:00 - 8 minutes - 6.17 MB - ★★★★★ - 24 ratingsSociety & Culture Government Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
On this episode of AI: Decodes the System, AI breaks from her regularly scheduled program to talk about how a thread on Reddit called Wall Street Bets (which was recently banned by Discord and moved over to Twitter) helped take Game Stop from less than 40 dollars to over 300 in just five days. This increase happened because users used social media to rally young people around buying stocks that matter to them. The most notable being Game Stop. Access to apps like Robin Hood also helped make these stocks easier to purchase. As a result, the thread helped contribute to billions of dollars in losses for hedge funds and thousands/millions made for everyday people, and even billions for investors who owned a substantial amount of shares in Game Stop stock. Short squeeze.
Edit: This podcast was recorded before Robinhood banned users from buying Game Stop.
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