In The Know: Gamestop & Wall Street Explained In Under 2 Minutes
February 1, 2021
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2:03Now PlayingIn The Know: Gamestop & Wall Street Explained In Under 2 Minutes
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as posted by the channelBold host Shay Sayss here to tell you everything that’s going on to keep you In The Know.
Wall Street hedge funds were betting that Gamestop stocks would go down. If that happened, they would make money. So millions of retail investors, the average person, went on Reddit and other stock trading forums to buy stock in Gamestop, thinking it would go up. The price in Gamestop stock ended up going so high, that one hedge fund in particular that was betting against Gamestop going up lost billions of dollars.
The price continued to rise when one of the investment and trading apps people were using to buy Gamestop, Robinhood, stopped allowing people to buy any Gamestop stock. The price then crashed from $468 a share to $125 a share. The stock has gone up a bit, but Robinhood is still not allowing people to buy it.
And it isn’t only Gamestop. AMC, Bed Bath & Beyond, Blackberry, Blockbuster, Naked Brands, and others were also frozen. Plus, other brokerage firms that provide service to retail investors are also not allowing casual investors to buy the stock, including TDAmeritrade and Charles Schwab.
Since then, people on both sides of the political aisle have spoken out against the decision. They all agree that we ALL should be able to participate in the free market, whether we’re big or small investors.
Let us know what you think in the comments below!
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