For years, Wall Street guys, bankers, and hedge funds have made massive profits at someone else's expense. Speculation, inside-trading, bad luck, or flat-out bad intentions have given those guys quite a terrible reputation among most people.
Needless to say, millions of Wall Street victims fantasized and dreamed about getting back at them one day and finally making a profit with stocks. Now, this dream has finally become a reality.
To put it in simple words, people from a thread in Reddit were in cahoot to drive GameStop's stock price up. They started buying a bunch of stocks, given the fact that the company was nearly dead.
But, why's that important? Well, that pretty much doomed countless short-sellers, which are the wolves of Wall Street that are simply betting that GameStop's stocks will continue to go down.
These massive purchases made GameStop's stocks rise all the way to $400, as short-sellers also had to start buying some stock to cover their losses and stop the bleeding, hence creating a never-ending cycle.
Now, several hedge funds may go broke because they just can't cope with those losses unless they establish some kind of regulation or bailout, which means that Redditors just beat Wall Street on their own game. Needless to say, that fueled some interesting reactions online.
Redditors Beat Hedge Funds On Their Own Game: Funniest Memes And Reactions To The GameStop Scandal
At the end of the day, there should be no special treatment for those guys. I mean, it's ok when everybody else loses money because it's a free market but once someone cracks the code and plays a fair game vs. them, they want regulations and bailouts.
This is just another proof of how globalization and internet communities can drive change when they get organized, and this week will always be remembered as the time some Redditors trolled Wall Street.