Alex Gross - Economics Article
Alex Gross Mr. Roddy IHSS 5 February 2021 Wall Street, Gamestop, and Classism In the past few weeks there was one of the most peculiar phenomena in the stock market that I’ve seen in my lifetime. The price of Gamestop stock had a range of 10 dollars to 350 dollars per share in January alone. The article that I read from the New York Times discussed why this happened and what effect it had on the investors. Many Wall Street investors and companies had the Gamestop Stock shorted which means they were betting that it would go down. Millions of small investors, many of which had never invested in the stock market before, were encouraged to drive up the price of the Gamestop Stock on Reddit. I believe that on both sides of this phenomena (Wall Street investors shorting the stock and Independent Investors from Reddit buying the stock) that what is going on right now is foolish. On the side of the Independent Investors, there are people trying to take advantage of a mere anomaly; an...