Top 10 Quotes From the Subreddit That is Squeezing Hedge Funds Out of Billions
Last week, the financial markets witnessed an unprecedented phenomenon, one for the little guy. Hedge Funds have long raked in massive gains with access to expert research, billions in capital, and trading software that reacts hundreds of times faster than a human. A massive gang of retail investors last week drove the price of GameStop up more than 400 percent, squeezing hedge funds that were short on the stock out of more than $19 billion.
The subreddit has grown massively in recent weeks eclipsing the 6 million mark after taking years to reach 1 million. However, it's important to note that many of these retail investors have little to no investing knowledge and are one piece of a massive Ponzi scheme that will end badly for many.
Regardless, WallStreetBets has become the focal point of the news with its memes and commentary,
Here are 10 of the best quotes from WallStreetBets, according to MarketsInsider.
- "AMERICANS CAN'T BUY GME, BB?!?! HELP IS ON THE WAY!! CANADIANS!! WE HAVE NO SUCH RESTRICTIONS!! BUY ALL THE GME AND BB YOU CAN!!! Not just Canadians!! The whole world is coming to help now!! WE ARE A GLOBAL FORCE TO BE RECKONED WITH!!! HOLD MY BROTHERS AND SISTERS!" - from WSB user 'SubstantialTent'.
- "Buy more during dips if you can, but at least hold. We just have to hold until they fold. Today's actions by several brokers just show how desperate the hedge funds are getting. Hold with your immovable diamond hands for all that you hold dear and we will be breaking Wall Street TOGETHER while making gargantuan tendies in the end!" - from WSB user 'uwillmire'.
- "It's time for a government bailout of GME shareholders at $10,000 per share. This would be roughly equivalent to the $700 billion bank bailout in 08 that was necessary to prevent 'systemic risk'." - from WSB user 'TheHappyHawaiian'.
- "LEAVE ROBINHOOD. They don't deserve to make money off us after the millions they caused in losses. It might take a couple of days, but send Robinhood to the ground and GME to the moon." - from WSB user 'does-it-matter'.
- "Honorary WSB A----- award goes to Chamath Palihapitiya! He is out here defending us retail investors and calling out hedge funds for their manipulation and bullshit practices that have left retail holding the bag for YEARS. GME going????????????" - from WSB user 'energetic-dad'.
- "IMPORTANT!! THERE ARE NO SELLERS!!! DO NOT PANIC IF YOU SEE PRICE DROP HOLD THE LINE! UPVOTE SO PEOPLE DON'T PANIC." - from WSB user 'SaintHakop'.
- "I was in my early teens during the '08 crisis. I vividly remember the enormous repercussions that the reckless actions by those on Wall Street had in my personal life, and the lives of those close to me…To Melvin Capital: you stand for everything that I hated during that time. You're a firm who makes money off of exploiting a company and manipulating markets and media to your advantage. Your continued existence is a sharp reminder that the ones in charge of so much hardship during the '08 crisis were not punished…. I bought shares a few days ago. I dumped my savings into GME, paid my rent for this month with my credit card, and dumped my rent money into more GME (which for the people here at WSB, I would not recommend). And I'm holding. This is personal for me, and millions of others." - from WSB user 'ssauronn', Entitled "An Open Letter to Melvin Capital, CNBC, Boomers, and WSB".
- "Ok listen up r------...I know it's Friday and some of your short-term monkey brains are thinking about bailing on your brothers. Your paper hands are beginning to cramp up. I get it. BUT WE CANNOT SELL! There are still MASSIVE amounts of shorts on $GME. Still, well over 113% of total shares floated (from S3 Partners). Some old shorts have gotten out, but many NEWshorts have taken their place in the past couple of days hoping that $GME will die out." - from WSB user 'HoldUnitYouDie' 17.5k upvotes.
- "If I can hold at -$10MM then you can hold too. ????" - from WSB user 'lanten_fan'.
- "I can now write my mom a check and put my sister through Lymes (disease) treatment. This has been a very rough year, but I'm so thankful for every single one of you." - from WSB user 'Stammbomb'.
This phenomenon has raised many questions, with the most important being "is this a fundamental shift in the way financial markets operate?"