Eat the Rich: The GameStop Saga Review
I remember when this all went down, I didn’t have the knowledge that other people who are part of Reddit might have, but seeing it play out on Twitter was really interesting because it shows how manipulative the stock markets can be and how in favour for the rich they are.
The GameStop Saga is when a Reddit community that specialises in the stock market decided to put a lot of money into GameStop, a somewhat dying stock, to increase its share. A YouTuber by the name of Roaring Kitty was part of why this whole saga started because he did live YouTube videos where he was talked about stocks, and GameStop was one that he often spoke about. Over time people were putting more money into the stock making it rise and suddenly people who have put say a grand into the stock were getting 10x back as a pay out because of how fast it was growing.
Of course in the eyes of the Wall Street stock market this is not a good thing and it was causing a lot of issues in that area, so it came to a point where once Elon Musk has pledged his allegiance to the GameStop Saga they decided to put a stop to it, using the Robinhood app that many people used to place money into stocks and shares to do so.
Robinhood is an app where you simply decide on the stock you want to invest in, plus the amount of money you want to put into it and off it goes. You can buy stocks, you can sell stocks, and it makes it super easy for normal people that aren’t in the trading world to be able to make money through the stock market. To be able to counteract what was happening with the GameStop Saga the owners of Robinhood made it impossible to buy stock for a certain amount of time, which meant that because people couldn’t buy any more GameStop stock it began to tank, and suddenly people were losing thousands upon thousands of dollars because of this. Of course this caused an uproar because stock market trading should always be available to do so and this was not being met.
While I don’t understand very well the stock market and I am not part of that Reddit community being able to have it explained to me as someone who doesn’t understand it very well in this documentary was super helpful, and being able to understand what actually happened and what it meant for society and Wall Street etc. was a really interesting tale. You do kind of wonder if you should be more informed so you too could make a lot of money, seemingly easily, but of course this situation is lightning in a bottle and I’m sure now that this has happened Wall Street and the stock exchange are going to do everything they can to make sure that it doesn’t happen again.
This was a very fascinating documentary to watch, it really shows you the ins and outs of what happened and explains terms to you that you may not understand. It showed normal people as well as some more extravagant people and how the GameStop Saga affected them and their livelihoods, and it really goes to show that once enough people band together they can change the system, and even if it didn’t turn out the way people hoped for, it still shines light that it is a possibility.
What do you think of the GameStop Saga?
Until next time.
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