That's great that the gorillas benefited from the stock churning that occurred with GameStop. But, there was more to it than "individuals against Wall Street."
It looks like the Reddit stuff was started by a guy running a hedge fund who noticed other HFs were selling short GME. By getting lots of individuals to temporarily drive GME up, it clobbered the other hedge funds and he made a ton for his own, then the individual small investors made out well if they got in early or lost big if they got in at the wrong time.
Plus, I shouldn't say "investors" but "speculators." It's like a year ago when Hertz announced their impending bankruptcy, and the stock went up because some people thought that Hertz might be able to avoid bankruptcy. Then others noticed the stock going up, and bought in figuring still others would do the same and even though it would become worthless in a week there were several days to hope for an even greater fool to bid the price higher and take on the crash.
It looks like the Reddit stuff was started by a guy running a hedge fund who noticed other HFs were selling short GME. By getting lots of individuals to temporarily drive GME up, it clobbered the other hedge funds and he made a ton for his own, then the individual small investors made out well if they got in early or lost big if they got in at the wrong time.
Plus, I shouldn't say "investors" but "speculators." It's like a year ago when Hertz announced their impending bankruptcy, and the stock went up because some people thought that Hertz might be able to avoid bankruptcy. Then others noticed the stock going up, and bought in figuring still others would do the same and even though it would become worthless in a week there were several days to hope for an even greater fool to bid the price higher and take on the crash.