I’m sure that everyone has heard about a bunch of people on Reddit turning the tables on large short selling investors. A reasonably good summary of it is an article on CNN Business titled “The real shock of the GameStop mania was that it didn’t happen sooner“.
Or as Jon Stewart says — in his first tweet ever — “This is bullshit. The Redditors aren’t cheating, they’re joining a party Wall Street insiders have been enjoying for years. Don’t shut them down…maybe sue them for copyright infringement instead!!”
The rich have been manipulating stocks for profit for a very long time. Every time you see a TV show or internet article giving investment advice, you can be sure that they bought a bunch of some stock, and now are trying to get lots of people to buy it to bid up the price. The amazing thing is that the people on the internet didn’t figure this out sooner.
It is difficult to see how this won’t destroy stock markets, now that everyone knows that they can be manipulated by any organized group on the web. Hopefully, this will lead to a dramatic restructuring of the markets so that they no longer are manipulable casinos that act as golden eggs for the rich and connected.