Jesus Christ, the Virgin Mary and Tesla chief executive Elon Musk, with GameStop’s logo shining above them."



As mentioned before (see here, here and here), the standard democratization of Wall Street/little guys beat the big boys at their own game narrative never made much sense. Even viewed as zero-sum game, there were always more players at the table than just the hedge funds that went short and the traders on r/WallStreetBets. Certain hedge funds took horrendous losses in the massive short squeeze but on the other side of those trades were many investors like these two who went deep into a once and future five dollar stock when it was trading at somewhere between ten and one hundred times its likely post bubble value. Note how the second trader has not only wiped out his savings but is risking being fired by "sacrificing sleep and calling in sick to work."

 Drew Harwell writing for the Washington Post.

Evan Oosterink, a 19-year-old college student in the Netherlands, knew almost nothing about GameStop when in December he chose the company for one of his first big stock-market bets, calling it some kind of “American games shop where you can get all your games,” he said.

But his favorite Reddit forum, WallStreetBets, was increasingly obsessed with it, casting it as a way to crush billionaires, move the market and profit heavily in the process. Energized by its rising price, Oosterink said he invested another 8,000 euros last month — nearly $10,000, mostly from years of savings from his parents and some government college loans — leaving only (Read more...)