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For those unaware of what’s going on in the world of video game stores and stocks, a bunch of Redditors on r / WallStreetBets have banded together, bought a bunch of stocks in GameStop, pushing up the share price in a Texas-based dying video. game retailer and screwing up at least two hedge funds that borrowed the shares, sold them and bet the price would drop so that they could make a profit on the borrowed shares before returning them.
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The current price of a share in GameStop: over $ 200, though prices peaked at nearly $ 470. GameStop shares were $ 3 last April.
Now press secretary Jen Psaki has said the White House is “monitoring the situation,” which means President Joe Biden most likely uttered the word “GameStop” in the Oval Office.
We’ve already established that Team Biden is “with them” when it comes to the game world. You remember when someone from the Biden campaign probably spent days making a Joe Biden-themed island on Animal Crossing: New Horizons, and that the game offered Biden digital campaign panels for players’ anthropomorphic animal communities? It certainly wasn’t as bad as ‘Pokémon Go to the Ballot Box’, but inspired former President Donald Trump’s press secretary to say that Biden appeared to be ‘campaigning for President of Animal Crossing’ and not for the president of the United States.
So, I can only imagine that Joe Biden is absolutely invested in everything GameStop (and maybe still wants to be president of Animal Crossing).
RELATED: GameStop staff making $ 11 an hour find Reddit traders deaf
To be clear, nothing illegal is happening, although retail brokerage firm TD Ameritrade and stock trading app Robinhood have locked down transactions from GameStop. Some people just managed to beat the hedge funds at the Wall Street game. Really the only criminal thing involving GameStop happened years ago when they only offered $ 5 for our battered copies of “Crash Bandicoot: The Wrath of Cortex” so they could resell them for a lot more than that.
No one seems to know how this will end, especially as the stock prices of other short stocks (AMC, Blackberry, Nokia, Bed Bath & Beyond) are rising for the same reason. Market regulators could intervene.
But until the end of this saga, I need every politician to say “GameStop” in the Senate.
And by the way, Biden’s Animal Crossing Island is still there, and it’s amazing. I’m jealous.
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