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Elizabeth Warren Slams Wall Street For Treating Stock Market Like A 'Casino' Amid GameStop Debacle
Earlier this week, GameStop stock prices soared because a group of intrepid Redditors decided to drive up the stock price, shocking hedge fund managers and career investors.
Democratic Senator Elizabeth Warren of Massachusetts decided to use this debacle as a teachable moment about the 'casino' that is modern day Wall Street.
She posted her lesson on Twitter:
The Redditors caused chaos on Wall Street after discovering a number of hedge funds had 'shorted' GameStop, meaning they bet on the company's stock prices to go down. When these Redditors drove the stock price up, it caused such chaos it even forced one hedge fund to require a bailout.
Of course, many were here for Senator Warren's comments.
Others had thoughts on what to do about it.
And some were just here to cheer on the Redditors.
The fallout from GameStop-gate remains to be seen, but it's sure to be a doozy.