As US Treasury Secretary Janet Yellen is meeting officials to discuss the GameStop saga, Boom Bust explores why such Reddit activity is deemed to be wrong when hedge funds have been doing it forever.
“I don’t think this is wrong at all. I got ‘diamond hands,’ just like all the Reddit people out there on WallStreetBets,” says the founder of The 10 Minute Stock Trader Chris Uhl, adding: “This is got to be the most fun I’ve ever had trading, ever.”
According to him, there are now over eight million people on Reddit’s WallStreetBets community, and “collectively they are showing the power of small accounts when combined.”
Uhl explains that all these “people with stimulus checks are banding together, buying the stock collectively, and making hedge funds feel the heat of what it would take to combine all these people together and have similar purchasing power. Who has ever expected that?”
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