Many of the Reddit folks that are a part of this activity (WSB) aren't necessarily doing this for the money (although that's important) they are really wanting to put the screws to the big money hedgefunds that make a living out of squeezing the life from vulnerable businesses.GME is down over $125.00 today (2-2-21). So, people who went long on GME early and got out early made out like bandits. Where it goes from here is anyone's guess. I think the Reddit guys are still trying to encourage buyers to buy because of the still huge short positions in the stock.
Who will make out? Maybe some of those Reddit guys just want to unload their long positions. Most of the people who are short still probably think this company is in a decline that will end with the stock at or near zero. It is hard for me to see how GME survives without a new/different business model.
Agree on all accounts, it's definitely not over but folks that had naked shorts are scrambling as margin requirements are increasingHedgefunds are still shorting game stop. People are still buying stock. I don't think it's over yet.
Holly smokes, where the hell did that come from....that's crazy. Next options expire this Friday.Gamestop is skyrocketing again.
Wowser. Definitely a major oversight on his part, but also highlights how our tax system is clearly not designed to favor retail investors on these more modern platforms.Oopsie
Not 100% Gamestop, but I'm sure it's part of it.
Robinhood Trader May Face $800,000 Tax Bill
A Robinhood newbie is facing a potential tax bill of $800,000 despite only making $45,000 in net trading profits. The case should serve as a loud warning for the new crop of do-it-yourself investors.www.forbes.com
THIS. Obviously something is broken in the tax code.Wowser. Definitely a major oversight on his part, but also highlights how our tax system is clearly not designed to favor retail investors on these more modern platforms.
Wowser. Definitely a major oversight on his part, but also highlights how our tax system is clearly not designed to favor retail investors on these more modern platforms.
Oopsie
Not 100% Gamestop, but I'm sure it's part of it.
Robinhood Trader May Face $800,000 Tax Bill
A Robinhood newbie is facing a potential tax bill of $800,000 despite only making $45,000 in net trading profits. The case should serve as a loud warning for the new crop of do-it-yourself investors.www.forbes.com
His trade volume was pretty insane, though. Like he was just sitting there tapping on the app like it's Candy Crush all day long, no idea he's getting a tax penalty every time he buys or sells the same stock trying to work those minute price differences multiple times a day.THIS. Obviously something is broken in the tax code.