You’re Soaking in It

“If you want it in a sentence, I guess it goes something like this: The GameStop saga is a ludicrous stock mania born of pandemic boredom and FOMO, piggybacking off of a clever Reddit revenge plot, which targeted hedge funds, who made a reckless bet on a struggling retailer—and it’s going to end with lots of people losing incredible amounts of money.” Derek Thompson: How to understand what the hell is going on this week.

+ NYT: “A Massachusetts man who goes by ‘Roaring Kitty’ on social media helped fuel the frenzy around GameStop. His $53,000 investment in the company briefly reached $48 million in value.” (That thing where you set out to eat the rich and you become an appetizer being served on a silver platter…)

+ Robinhood raises $1 billion of fresh funding from existing investors. (Steal from the rich, appreciate value, return to the rich. Someone’s getting Robinhoodwinked…)

+ So What Is Short Selling? An Explainer.