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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:
With stocks soaring while millions are out of work and struggling to pay bills, it’s not news that the stock market… https://t.co/XkpwsVCfbT— Elizabeth Warren (@Elizabeth Warren) 1611777895.0
For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have t… https://t.co/uauNOoe9Uo— Elizabeth Warren (@Elizabeth Warren) 1611777895.0
It's long past time for the SEC and other financial regulators to wake up and do their jobs – and with a new admini… https://t.co/qxv636mg2S— Elizabeth Warren (@Elizabeth Warren) 1611777896.0
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.
@SenWarren Persist and regulate. https://t.co/u9DG6NzTBH— Dylan P. Armstrong (@Dylan P. Armstrong) 1611777935.0
@SenWarren Elizabeth Warren Hedge Fund Destroyer 😎— Patrick Leijon🗽🇵🇸 𓅿 (@Patrick Leijon🗽🇵🇸 𓅿) 1611777943.0
@SenWarren Godspeed Senator Warren.— jkb (@jkb) 1611778394.0
@SenWarren Go Liz!!!— claudiaraesherman (@claudiaraesherman) 1611778704.0
Others had thoughts on what to do about it.
@SenWarren I respectfully disagree that regulators need to do anything about this particular problem... the casino… https://t.co/3Z2VVcjSSi— Ken thinks you should VOTE (@Ken thinks you should VOTE) 1611777968.0
@Nowayjose1979 @SenWarren I'm not a finance guy at all but from what I've read on this...I'm "kind of" on board wit… https://t.co/VccIAHfQST— Witness to Anarchy (@Witness to Anarchy) 1611778237.0
@SenWarren Eliminate the 401k penalty. I understand tax it, but no more penalties please. Avg person has unfair dis… https://t.co/JPTLcsWNp2— Dianna (@Dianna) 1611778070.0
@SenWarren You might start by taxing every transaction that's carried out by Wall St brokerages. Maybe a penny per… https://t.co/jNXVOEkiNt— CatManDo (@CatManDo) 1611778276.0
And some were just here to cheer on the Redditors.
@SenWarren This is regular people hoodwinking hedge funds, that have had the luxury to make cynical bets (shorts).… https://t.co/tUzAlhcQNv— Matthew Arcila (@Matthew Arcila) 1611778311.0
@SenWarren Please go after wall street. Somehow what a group of normal people did is "bad" but it is business as us… https://t.co/RkNrP2oLTm— Alex Searing (@Alex Searing) 1611778713.0
@SenWarren WS doesn't care for WE THE PEOPLE, for too long they keep trlln$$ while paying single dgts returns on 40… https://t.co/iMy76dELaP— Jose Calderon (@Jose Calderon) 1611779065.0
The fallout from GameStop-gate remains to be seen, but it's sure to be a doozy.