I think there was more to it than that. It seemed more like a situation where they could kill two birds with one stone. They could destroy, or at least severely damage the stock market by ensuring the hedgefunds couldn’t buy back the shorted stock, and even if they didn’t, they had the chance to become extremely wealthy while trying.
It probably would have worked too if it weren’t for those meddling kids stock brokers like Robin Hood working with hedgefunds to claw back stocks and the SEC towering over them with potential charges of market manipulation.
Chozo@kbin.social 8 months ago
It's not that they wanted GameStop to win. They wanted Wall Street to lose.
Krono@lemmy.today 8 months ago
I think you are right, at the start they had noble intentions hidden behind a get rich quick scheme.
But then they all became GME holders, they had a vested interest. So now they act like the shitty video game store in the mall is actually cool and innovative and soon some management changes and NFT nonsense will turn the company around.
In some small way, they became what they sought to destroy.
Chozo@kbin.social 8 months ago
Outside of people clearly being facetious on WSB, I literally never see anybody genuinely have this attitude toward GameStop.
Krono@lemmy.today 8 months ago
If every pro-GameStop post on r/WSB and r/Superstonk was actually a joke then they have achieved levels of sarcasm far beyond what I thought possible.
Katana314@lemmy.world 8 months ago
The act is very important in the event of an SEC investigation. Since I don’t hold stock in the company, I’m safe to say this, but basically if they wrote “Yeah, I don’t have any faith in the company itself, I just caught Wall Street tycoons making an insane short sell” then that comment could become a major exhibit in an exchange fraud case that makes them forfeit their shares.