So who won? It certainly wasn’t those who still held on to GameStop’s fundamentally baseless rally.
GameStop (NYSE: $GME) shows real-world David does not beat Goliath, wiping out $30.2 billion in value from its January peak.
Gambling and betting colleagues all joined the equity market arena, last year, as their vices were closed and shut down. The freshly minted retail investors hoarded to platforms like Robinhood and Reddit eagerly looking where to deploy their stimulus checks to make a quick buck. The perfect setup for irrational and cataclysmic exuberance.
28% of Americans bought into the GameStop frenzy.
Retail trading of individual stocks now represents roughly 25 percent of overall stock market volume compared with just 10 percent in 2019, according to Goldman Sachs.
We covered GameStop way before it was cool – our subscribers surely enjoyed a formidable upswing and could laugh all the way to the bank, cashing out, when everyone else was getting in.
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