Reddit, Wall Street bets, life changing
I'm a news junkie. We'll just get that up front. Early February 2021, pandemic, impeachment, vaccines, lots of stuff in the news. Then it happened! My son, Eric, is a Reddit follower. Now we both are. He told me about stock shorts and that hedge funds were going to short GameStop. He'd heard it on r/wallstreetbets. I had no clue. So he explained that hedge fund guys on Wall Street borrow the stock and sell it. Then betting that it will fail and go lower , they buy it back at the lower price and give it back to who they borrowed it from. Then they made money. Wall Street bet people got involved and rallied and got the stock up to over $400. Anyone who bought the stock low would have made tons of money at peak. However, the hedge fund guys lost billions because they had to pay back the borrowing at a much higher price. Wow. This was fun. I downloaded Reddit. Joined r/wallstreetbets , r/pennystocks, r/dogecoin and a few others. They were rallying Dogec...