If this California hospital worker can do it, why not us?
After a huge surge in the price of GameStop, a California hospital worker turned his family's COVID relief checks into $40,000. https://t.co/u0GyPE7tpf pic.twitter.com/Nwi8SroHwN
— ABC7 News (@abc7newsbayarea) February 5, 2021
How I turned my family’s Covid Stimulus check into over $40,000 thanks to WallStreetBets
Melvin Capital Management, one of the hedge funds pilloried on social media message boards for its short-selling bets that GameStop shares would fall, lost 53% on its portfolio in January, a person familiar with the matter said. https://t.co/WcTMqtjvKO
— The New York Times (@nytimes) February 1, 2021
GameStop has captivated Wall Street’s attention.
WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials
The stock market and by extension the greater financial system has lost touch with its fundamental purpose for existing. There was a time when the stock market was a mechanism for growing businesses to raise money, playing a large role in the industrial revolution—boosting America to a global superpower. Today the stock market has morphed into a high-tech system of fluctuating arbitrary numbers which are used by individuals and industries alike to find profit opportunities by placing bets, masqueraded as sophisticated financial maneuvers with fancy labels and acronyms. Nowhere is this more evident than with the tendencies observed today. There is a shocking trend by today’s Millennial generation to shamelessly and unapologetically find ways to use the stock market to place very high-risk bets. And unlike formal Wall Street investment institutions, these gamblers, of sorts, don’t attempt to disguise the game: they are proud to call Wall Street a casino. Jaime Rogozinski combs through various elements of how reckless investors play Wall Street similar to a casino. He illustrates these often in playful ways, using entertaining and compelling real-world anecdotes. His stories are taken straight from Reddit’s r/wallstreetbets community which Jaime founded in 2012, and currently has more than 800,000 followers in addition to 3 million unique visitors a month. WallStreetBets is a forum based gathering where people are notoriously known for taking a brazen and public approach at gambling with the stock market. -- Amazon
1. One thing we can leader from the GameStop situation is the nature of @RobinhoodApp and what kind of business it is in.
— Judd Legum (@JuddLegum) January 29, 2021
It is free to use and free to make trades.
So how does it make money?
It sells trades generated by its users to hedge funds and others
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