Ya know, when the whole GME squeeze drama was going on, it was real tempting to ride the wave, but I always smelled a rat, and IMHO, their business model was mortally wounded once direct downloads became a viable means of purchase. Without games being reliant on physical media, inventory shrank, and it seemed like most of their floor space was more focused on selling FunCo figures than games.
It didn’t surprise me when Cohen started cutting jobs, and I honestly think that the stock has only been kept afloat by the Reddit Apemind and /r/wallstreetbets long past the squeeze has been squoze.
Blaming woke DEI is just a smokescreen and an excuse. Those stores were failing. All of Gamestop is failing, and Cohen’s looking to blame anyone but himself.
Gamestop was a much-lampooned company with awful practices and many a horror story from employees and customers alike. I found it gross that the internet would rally behind such a company and never understood the whole thing (aside from the people with neither shame nor ethics wanting to make a buck).
It wasnt really a rally around them but against shadow markets over leveraging themselves. It could have been any company, but the data available was GameStop related.
I think you’re sleeping on the nostalgia factor for a lot of old gamers who had enough cash for a bit of a “fuck you” purchase but not enough discipline to buy a rifle or enough education to know that Wall Street doesn’t lose money when you buy stocks.
Wall Street doesn’t lose money when you buy stocks.
Hedge funds lost a shitload though. Wallstreetbets basically engineered a short squeeze and a few hedge funds genuinely lost a ton of money covering shorts. Granted, a lot of those diamonds handers were left holding the bag, but the effect wasn’t insignificant.
Ya know, when the whole GME squeeze drama was going on, it was real tempting to ride the wave, but I always smelled a rat, and IMHO, their business model was mortally wounded once direct downloads became a viable means of purchase. Without games being reliant on physical media, inventory shrank, and it seemed like most of their floor space was more focused on selling FunCo figures than games.
It didn’t surprise me when Cohen started cutting jobs, and I honestly think that the stock has only been kept afloat by the Reddit Apemind and /r/wallstreetbets long past the squeeze has been squoze.
Blaming woke DEI is just a smokescreen and an excuse. Those stores were failing. All of Gamestop is failing, and Cohen’s looking to blame anyone but himself.
Gamestop was a much-lampooned company with awful practices and many a horror story from employees and customers alike. I found it gross that the internet would rally behind such a company and never understood the whole thing (aside from the people with neither shame nor ethics wanting to make a buck).
It wasnt really a rally around them but against shadow markets over leveraging themselves. It could have been any company, but the data available was GameStop related.
I think you’re sleeping on the nostalgia factor for a lot of old gamers who had enough cash for a bit of a “fuck you” purchase but not enough discipline to buy a rifle or enough education to know that Wall Street doesn’t lose money when you buy stocks.
Hedge funds lost a shitload though. Wallstreetbets basically engineered a short squeeze and a few hedge funds genuinely lost a ton of money covering shorts. Granted, a lot of those diamonds handers were left holding the bag, but the effect wasn’t insignificant.
https://www.businessinsider.com/rentech-simons-gamestop-meme-stock-price-nvidia-tesla-amc-portfolio-2024-5
Some hedge funds lost money.
Others were the ones manipulating the market in the first place.
Ha you could be right. I don’t live in the states didn’t realize GameStop had nostalgia value.