The destruction of a short-selling hedge fund by investors on Reddit was a formidable display of people power. It exposed the US stock market’s feet of clay – and the panicked elites are sure to retaliate.
American video game retailer GameStop has made a splash in the news this week after a showdown took place between hedge funds attempting to short sell the company’s stocks and Redditors attempting to fight back. After a hard-fought battle, the folks over at r/WallStreetBets scored a victory when a heavily battered Melvin Capital closed out its short position in Gamestop, putting several things plain on display – mainly, the utter absurdity of the US financial market.
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