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In Reddit parlance, Mr. Chalfant’s diamond-hard hands won’t bend, unlike salespeople’s “paper hands”. He still owns the shares he bought for $ 1,035 – about a month’s salary from working at a pizza restaurant and his freelance photography business – when GameStop was trading at $ 290. On Friday, his investment was worth $ 220.
“I accepted the fact that I have already lost money,” he says. “Realistically, the stock will not go where it was before.”
But losses are also an investment, Chalfant said. They earned him “Internet points” on WallStreetBets. “If you say, ‘I’m still holding on,’ you have more influence than if you didn’t,” he says. (Many on the WallStreetBets forum insist that GameStop’s shares could rise again. On the flip side, another Reddit forum opened last week where users are sharing stories of losses related to trading the share whose stock symbol is GME: GMEbagholdersclub.)
Mr Chalfant said he and other teenage traders enjoyed the gamification of investing, and many of his friends entered GameStop just because they thought it was funny, not making money. .
“We live in a system where justice no longer exists and the whole world is falling apart,” Chalfant said. “Nothing really matters, so we might as well try to have fun while we’re here.”
Collateral damage
Terrell Jones didn’t need to invest in GameStop to lose money.
Mr Jones, a student from Kenosha, Wisconsin, bought $ 300 in shares of AMC, the movie chain whose shares were also swept away by backlash against short sellers.
“I just caught up with the social media hype and jumped right into it,” he said. “I have fallen under the charm.
When AMC started to fall and had lost $ 112, Mr. Jones panicked.
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