Poll of the Day > Gamestop is now Killing the LITTLE GUYS as One Man is DESTROYED losing 850K!!!

(+) Yeah! (+)

Small investors are now feeling the pain of Gamestop as the stock losses continue to slide on the "meme stock" that skyrocketed in 2 days to $300 and now came crashing down to just 90 bucks

It briefly rallied 20% today at the opening but then slid right back to 90 at the end of the day as small traders who already cut their losses, Wednesday's rally came too little, too late.

Dave Portnoy, the Barstool sports founder and amateur day trader already revealed he lost 700,000

30 y/o Tigran Avestisian, a chemical engineer was down 10,000 on a 40,000 investment in GAmestop but HELD onto his shares hoping for another rally

He said "for a little while, it was just free money for everybody. But part of the stock market is knowing when to get out"

He was up to 80,000 at one point and still hopes to eke out a gain

Others on WallStreetBes where the campaign to buy up Gamestop shares to punish hedge funds also vowed to stay on despite punishing losses

Youtuber, Keith Gil, aka Roaring Kitty who is viewed as the leader of the movement posted a screenshot showing 13 million in losses but is sitll up 7.6 million on his bet which is more than what he made a year ago.

For those who got in late, the losses were massive..one user who goes by the name "Silk" lost a massive 850,000 when he bought 1.1 million in options which are buy and sell stock before the crash wiped out his entire investment and now he says his business is RUINED.

The 52 y/o said it wiped out his family's event planing business and will have to lay off his whole staff..

He said "I'm going to be honest with you, i have not slept in 3 days so i haven't really thought about it properly. I just want my money back but i k now it's gone. I didn't spend enough time to research what i was doing or what the market could do to my account so quickly."

Others said "Starting to think i might actually lose everything. At this point it's all or nothing, probably threw a little more than i should have at this, but i've enjoyed it. THIS IS ENDGAME. What else is left to do but hold? holding all this time to sell now would be foolish"

Many are showing screenshots brockerage acounts showing huge lossses as others said "it's only a loss if you sell"

Gamestop hired Matt Graces on the newly creaed role of Chief Technology Officer, giving investors hope of a digial pivot to the struggling gaming chain

Janet Yellen is now calling a meeting with top financial regulators this week to discuss market volatility driven by this as she will convene the heads of the SEC and Federal Reserve to discuss what to do next

Do you think Gamestop is going down the toilet?.

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It's called a short squeeze because...and this might surprise you...because you don't long the investment. These people waiting for another rally should accept their money is already gone.

IronBornCorps posted...

It's called a short squeeze because...and this might surprise you...because you don't long the investment. These people waiting for another rally should accept their money is already gone.

Yeah I kept hearing last week "don't sell, hold! keep buying!" No. the time to sell was Wednesday morning. It was never going to go to $1000, these people were delusional thinking it was going to go any higher.

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papercup posted...

Yeah I kept hearing last week "don't sell, hold! keep buying!" No. the time to sell was Wednesday morning. It was never going to go to $1000, these people were delusional thinking it was going to go any higher.

Not necessarily true considering all the different people and companies that tried to persuade these investors away from GME.
Or you know, the fact that multiple brokers prevented people from buying more.

Not saying it would've hit $1000, but there was definitely foul play involved lol.

mhm. wednesday was the time to sell.

the reason why everyone told the dumbasses to keep holding was because they were the ones selling, and didn't want to lose profits because of everyone trying to sell.
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IronBornCorps posted...

These people waiting for another rally should accept their money is already gone.

First post and a winner.

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Gamestop first destroyed CIB games, now they destroy peoples lives. What a plot arc.

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I do agree it probably would have hit 1000 if they didn't shut down trading it though.

Well yeah, it's a pump and dump on a dying stock. Wait, they didn't actually think Gamestop was going to do well again, right? They were dying before Covid.

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I would have sold at $400 if I had gotten in at $20 or less. Maybe even $30.

By the time I saw Gamestop it was $300+.

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He's not a "little guy".

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Worth noting that most of this shit is the result of Robinhood's decision to block people from buying stock, which killed the momentum. Whether you believe that Robinhood did this at the directive of investment groups or whether it was because the group that owns the hedge fund losing the money fucked Robinhood over by messing with their line of credit, it goes to show that the common man can't fight Wall Street and the US government is too crooked to do anything (corporate shill Elizabeth Warren seemed more interested in investigating the Reddit users than Robinhood, showing that she's all talk and a piece of shit) either about investment group's direct chicanery or the fact that the media actively assists hedge funds who are trying to short stocks by giving them a platform to attack companies to buy stock on the cheap.

That said, sooner or later those prices were going to fall and the ringleaders of this movement had already sold their positions.

Full Throttle posted...

Janet Yellen is now calling a meeting with top financial regulators this week to discuss market volatility driven by this as she will convene the heads of the SEC and Federal Reserve to discuss what to do next

Oh yeah, when reporters asked this joke of a presidency's press secretary what Janet Yellen intended to do, she spent more time talking about how Yellen is the first female Treasury Secretary and how progressive that is instead of addressing the fucking question, once again demonstrating that the Biden administration is all fluff and no substance (whereas Spicer or Huckabee would have given more of an answer regarding Mnuchin and the John Oliver-lookalike would have bee more on the ball).

papercup posted... Yeah I kept hearing last week "don't sell, hold! keep buying!" No. the time to sell was Wednesday morning. It was never going to go to $1000, these people were delusional thinking it was going to go any higher.

Of course it was going to go higher than it was. The only reason it fucking didn't is because platforms blocked people from buying. And when the buying slowed, that's when it got fucked. I'm not saying it would have hit $1000 -- although it could have -- but it certainly would have kept going.

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Zeus posted...

Worth noting that most of this s*** is the result of Robinhood's decision to block people from buying stock, which killed the momentum.

Yes and no. Regardless of what Robinhood did, this wasn't going to last forever, and you were going to see quite a few people losing quite a lot of money as they clung to the stock in hopes that it would go back to rising. People buying into the meme stock of the month often aren't exactly savvy investors, after all. Gamestop is dying, and any surge in its stock price was only ever going to be temporary (which creates some excellent opportunities for short sellers to make tons of money on its way back down, as much as they lost their minds over their initial losses).

Did Robinhood et al's obviously corrupt intervention kill the stock's momentum prematurely? Almost certainly, and that's something they should really face very severe consequences for. But ultimately, that's really just going to result in a faster return to the status quo and less massive wins for the people that were going to win regardless. A similar number of people would likely lose even more money if the stocks had kept climbing until a more natural crash.

That said, regardless of what happens to Robinhood and the like over this, the consequences of this instability are going to be pretty far-reaching. Short-selling was always a pretty significant gamble, but this has highlighted just how easy it is for it to be screwed over by a bunch of memelords buying stocks for the lulz, and this will very much not be the last time something like this happens. The instability this has introduced to the hedge fund market will be lasting for quite a while, which should make things very interesting.

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I bought knowing I'd lose money just to fuck up the system for a minute

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Jen0125 posted...

I bought knowing I'd lose money just to fuck up the system for a minute

^ https://www.cnn.com/2021/01/31/investing/melvin-capital-reddit-gamestop/index.html

was entertaining and anyway up to $3000 stock losses are tax deductible!

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Zeus posted...

whereas Spicer or Huckabee would have given more of an answer regarding Mnuchin and the John Oliver-lookalike would have bee more on the ball

we have literal proof that those two absolutely would have just ignored the question

what actually are you talking about

you keep complaining about this administration for shit it's not even doing, and yet you ignored it when the previous one was actually doing those things.
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I know Mr. Tigran

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Adam_Savage posted...

we have literal proof that those two absolutely would have just ignored the question

what actually are you talking about

you keep complaining about this administration for shit it's not even doing, and yet you ignored it when the previous one was actually doing those things.

Not only did he ignore it, he actively downplayed it. But no, he's not a Trump fan...

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adjl posted...

Gamestop is dying,

It isn't, though. Right now it's hit by COVID, but otherwise closures are usually just the result of its over-aggressive expansion which creates a cycle.

Adam_Savage posted...

we have literal proof that those two absolutely would have just ignored the question

Bullshit.

Adam_Savage posted...

what actually are you talking about

Whose alt are you again?

Adam_Savage posted...

you keep complaining about this administration for shit it's not even doing, and yet you ignored it when the previous one was actually doing those things.

It's funny because you literally took my criticism and tried to spin it.

adjl posted...

Not only did he ignore it, he actively downplayed it. But no, he's not a Trump fan...

I call things down the middle, which I know is an alien concept to #NeverTrumpers who would find ways to complain even if the Trump administration cured every disease on the planet.

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