Ah, markets. Don’t you love them when they work well?
At pixel time, GameStop — a symbol of retail trader excess that will probably emerge as a phenomenon born of a clandestine battle between several hedge funds — is down 54 per cent in early trading to $104.
If you think FT Alphaville is going to forget about this whole fiasco once the dust has settled, you’d be wrong. The amount of grift around this name from a bevy of well-known entrepreneurs, investors and bitcoin bros was something to behold. So having taken names, we’ll be sure to give them some more time over the next few days so their roles in this ridiculous episode are not forgotten.
Until then, however, let’s just enjoy watching this multi-billion-dollar game of musical chairs reach its inevitably grisly end.
Related Links:No, Wall Street Bets is not a revolution — FT