MY WEEK BACKING GAMESTOP ON THE STONKS MARKET:
The next day I went straight back in, and since then, the price has quadrupled. It just keeps going up, fueled by hype and the Redditors’ refusal to sell. Yesterday Elon Musk tweeted his support, throwing a lot more fuel on the fire. Already one hedge fund has thrown in the towel, nursing a huge loss. The whole trend has now spread to other stocks which have been shorted.
On WallStreetBets, talk is turning to exit strategies. At some point, they are going to cash in, and when they do, the whole thing will come crashing down. Given the huge gains, it’s amazing none of them have done it already. It makes you wonder: is this really just about greed? Maybe it’s more about the lolz.
And don’t you dare LOL over this story, shouts the Dow Jones-owned MarketWatch: Opinion: Stop laughing about GameStop’s stock mania — no, really.
UPDATE (FROM GLENN): CNBC Guest SCORCHES Anchor for Siding With Wall Street Over the Little Guy in Epic Clash Over GameStop’s Meteoric Rise.