Start writing a post

What exactly is going on with GameStop? Let's break it down

Like getting Rage Against The Machine to Christmas number one, or Boaty McBoatface, this is organised anarchy at its finest.

What exactly is going on with GameStop? Let's break it down


Getty images

A strange grey man in a suit with a smug grin and arms folded stands in front of a wall of financial stats. An orange arrow fires rapidly upward, invoking the dream of infinite growth. Superimposed over him is one word: "stonks".

Confused? So was everyone else. But herein lies the chaotic energy that inspired thousands of internet Davids to conspire to take down a Wall Street Goliath.

Multi-billion dollar hedge fund Melvin Capitol bet against the failing video game retailer GameStop. It's a classic Wall Street move: short-sell the shares and gain when prices predictably drop. But what they didn't predict was an army of people on Reddit (egged on by none other than Elon Musk, tweeting simply "Gamestonk!!") boosting the prices by buying up stocks, even causing part-time traders to invest. This meant that Melvin Capitol and others who betted against GameStop have now lost billions of dollars.

Like getting Rage Against The Machine to Christmas number one, or Boaty McBoatface, this is organised anarchy at its finest. Sticking a middle finger up to hedge funds that benefit the elite few and ultimately making a mockery of the Wall Street stocks system, wallstreetbets turned a random failing company into a symbol of anti-capitalism.

Betting on stocks has always seemed an untouchable world to me, but the Gamestop saga shows it for what it is - a game. And now people are rewriting the rules.

The rebellious army have already turned their sights to the next target: beleaguered cinema chain AMC, flirting with bankruptcy as it tries to keep in-person movie theatres afloat during a global pandemic, has now caught the attention of our capricious protagonists, now opening up over 250 per cent.

The GameStop saga has shown that despite capitalism feeling like an unstoppable force, with collective effort and coordination, people do have the power to fight the system - or at least mess it up for a while.

Have you got something to say about this subject? Submit a post here and start the conversation.

Peta and Staffies: Why the call to eradicate the breed has to end

Peta has called for Staffordshire Bull Terriers to be sterilised, claiming it's the best thing for the breed. But shouldn't the focus be on irresponsible owners, not the dogs?

Staffordshire Bull Terrier

Ellie Roddy
Senior writer and blogger

Once again Peta (People for the Ethical Treatment of Animals) - a charity that claims to protect animals, is pushing for Staffordshire Bull Terriers - a loyal, loving family dog, to be eradicated.

In 2018, during a government consultation of the Dangerous Dog Act 1991, the charity called for Staffies to be added to it claiming, at the time, that it was, 'best for the dog.' If they had been, it would have made it illegal to own the breed in the UK.

Keep reading... Show less

The challenges of summertime parenting - from brain freeze to sandy cars

The best time of year to be a parent, just don't forget sunscreen

I love the sun more now than I ever did because parenting gets a bit easier in nice weather. But of course, the lighter nights and sunshine bring their own challenges too.

My four-year-old says the only thing he doesn't like about summer is brain freeze, which indicates how many ice lollies are consumed in this house. I made my own last summer from sugar-free cordial and may have to do the same again this year because they requested ice lollies for breakfast and haven't stopped asking.

Keep reading... Show less
#StartTheConversation by joining us on

Join our new platform for free and your post can reach a huge audience on Indy100 and The Independent join