'WE OWN YOU NOW!' Redditors triumphantly taunt hedge funds after spoiling effort to short GameStop stock
The big story in the financial world on Wednesday has been the stunning rise in the share price of video game retailer GameStop, which had been the target of a short-selling campaign by big hedge funds.
The reason for GameStop's surge has been the actions of a Reddit page called /r/WallStreetBets that has been urging readers to spoil the short sellers' bet by buying up shares at ever-escalating prices.
The campaign so far has been a massive success: GameStop shares were selling for over $350 as of Wednesday morning, after beginning the year trading at just over $17 per share.
This has made life miserable for hedge funds such as Melvin Capital Management, which has lost an estimated 30 percent of its $12.5 billion under management this year thanks in large part to its failed GameStop short.
Redditors at /r/WallStreetBets took a victory lap over the hedge funds on Wednesday, and one user's triumphant taunt of rich Wall Street firms shot up to the top of Reddit's front page in just one hour.
"FOR ALL THE BIG F*CKING HEDGE FUNDS MONITORING US, THIS IS A MESSAGE FROM US TO YOU, WE F*CKING OWN YOU NOW," the post reads. "F*CK. YOU. GO BUY THE F*CKING NEWS. LIKE AND COMMENT SO THEY SEE THIS POST. F*CK YOU MELVIN CAPITAL. F*CK YOU CITRON RESARCH. YOU HAVENT CLOSED SH*T. THIS IS GONNA GO DOWN IN HISTORY."
"HEDGE FUNDS ARE FREAKING OUT BECAUSE THE EVERYDAY JOE IS F*CKING THEM FOR ONCE," wrote one user in a heavily up-voted reply. "HOW'S IT FEEL TO GET BOOM'D, BOOMERS?"
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