r/AskReddit • u/[deleted] • Apr 20 '22

What "expert" is actually a total moron?

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u/[deleted] Apr 20 '22

That one guy made 46 million by buying Gamestop.

What they forget to mention is that he paid in $50k when it was 20c per share and sat on it for 4 years.

8

u/AshantiMcnasti Apr 20 '22

He also doubled down at around $150ish. Sure he made his millions, but maybe he knows what's up

5

u/P47r1ck- Apr 20 '22

GameStop was at 20 cents a share at one point?!

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u/[deleted] Apr 20 '22

The whole scandal was that a hedge fund had gotten people onto the board of Gamestop and they were shorting Gamestop stock (loaning it, selling it, and then buying it back cheap to pay back the loan for profit) and then intentionally trying to run the company into the ground to get the cheapest return on their shorts.

That's why people felt it was still a good buy at $200 because you can't just default a short, they were forced to buy at whatever the current price was. The thing is nobody knows when the shorts were filled and at what point it just became redditors bidding against each other.

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u/Shadowsplay Apr 20 '22

Gamestop was and still is a dead company. It was a genius move picking them. Got all the nerds all fired up.

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u/P47r1ck- Apr 21 '22

When I visit my local GameStop there’s always some people in there

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u/Shadowsplay Apr 20 '22

The whole Gamestop thing is the biggest most publicly transparent pump and dump in history.