By If you’re online, you’ve no doubt seen the “Great GameStop stock/stonk saga of 2021,” as we shall call it. Earlier this week, there was a big fiasco with the stock market in which Reddit took on Wall Street and basically won until Robin Hood (an app that’s supposed to be for small-time traders like us peasants, hence the name) put a stop to people’s abilities to buy the stocks that Redditors were snatching up. Robin Hood was doing this to protect the billionaire hedge funds, which is the total and complete opposite of what Robin Hood the titular movie character would do. They were essentially big mad that the comrades over at Reddit were tanking hedge funds, as were some of the other trading platforms. (Cash App held it down and was still letting people get in on the action.)
The first stock in question was GameStop, and you may have seen memes going around about “stonks.” Elon Musk tweeted out the subreddit where people were dropping the info about how the hedge funds were betting against GameStop and “sent it to the moon” even further.
The apes and bananas comparison sucks, but I see no problems with the snake comparison.
However, this thread explained it the most brilliantly of all:
Similar things are happening with AMC Theatres and Nokia. All this just drives home a few points: Hedge funds are predatory, the stock market isn’t set up for little guys to win, and the economy is not the stock market.