By now, you’ve probably heard something about GameStop, Reddit, and the stock market but if you’re being honest, you have no idea what is actually going on beyond Elon Musk being involved somehow. Here’s a quick breakdown.
Basically, a couple of major hedge funds had shorted (bet against) the stock of GameStop, as they expected it to go down for obvious reasons (people buy video games online, basically, now). Standard Wall Street stuff. But then thousands of users from a subReddit called WallStreetBets decided to all buy GameStop stock, causing the price to skyrocket and essentially destroying the position of the hedge funds and potentially losing them a ton of money. Meanwhile, the Redditors could make a lot of money from the short-sellers and hedge funds. It’s a risky thing to do — but so is short selling. And Elon Musk tweeted about it, as he is wont to do.
Still confused? Don’t worry too much about it because you don’t need to have a Ph.D. in economics (or even remember whatever you were supposed to learn in The Big Short) to enjoy some great GameStop Stock memes. Regardless of how you feel about it, after all, it is a historical event. Here are a few of our favorites, starting with Musk’s tweet heard round the world.
— Elon Musk (@elonmusk) January 26, 2021
The internet had a lot of fun imagining GameStop suddenly becoming a Fortune 500 company.
GameStop sitting amongst Tesla and Amazon after reddit users make it a Fortune 500 company pic.twitter.com/AVUtcjs6gl
— Jordan Deeb (@Jordan_Deeb) January 27, 2021
The fact that GameStop was suddenly in the news at all was perfect meme fodder.
Ten year-old me calling Electronics Boutique every day for a week asking if Link’s Awakening had come in yet https://t.co/lG3r0SjSdP
— Patrick Monahan (@pattymo) January 27, 2021
The fact that Reddit was also involved only made the whole thing funnier.
Part of the GameStop absurdity and chaotic revelry is seeing news outlets publish Reddit usernames with a straight face pic.twitter.com/BGaGbE9Wdj
— Hamza Shaban (@hshaban) January 27, 2021
And, of course, about half of the memes were people admitting they had no idea what was going on.
dont understand the stock market but congratulations to gamestop or i am sorry that happened to u gamestop
— benny benassi (@K3YGEN) January 27, 2021
Seriously, you are not alone in having no clue what the hell any of this actually means.
— alex (@alex_abads) January 27, 2021
No meme cycle is complete without TikTok getting involved and the popular video app did not disappoint, including offering some genuinely helpful explainers.
Along with some pretty solid financial advice for anyone blindly throwing their money at GameStop stocks.
And even a little philosophizing about what exactly this story could teach us about money and the economy in general.