Meme stock traders thought they had another Hertz coming.
Hertz was going into bankruptcy in 2020, as the pandemic wrecked their finances. But then in 2021, in the middle of the bankruptcy, it turned out that their fleet of millions of used cars skyrocketed in price, saving the company from bankruptcy. Some other company purchased Hertz before the bankruptcy finished and Hertz shareholders then reaped the rewards as the stock climbed from pennies into $7.
Through a combination of divination by star signs and chicken entrails, reddit determined that the bankruptcy is fake, the business is actually amazing, and the only reason everyone thinks the company is doomed is because it is being shorted by bad people.
If they just buy and 'hodl', the shooters will get squeezed, and all the holders will make infinity dollars.
After buying mountains of stock, they've come up with insane theories for why this isn't a real bankruptcy, why some angel is going to come in at the eleventh hour to rescue their BBBY and how they will all get 1:1 shares in the angel's firm.
It's flat earth/rapture insanity, except these people are financially invested into their delusions.
> the only reason everyone thinks the company is doomed is because it is being shorted by bad people.
> If they just buy and 'hodl', the shooters will get squeezed, and all the holders will make infinity dollars.
If there isn't already social sciences literature on The Unreasonable Effectiveness of Enemy Narratives, there should be, and I'd like to read highlights that exist.
These people are being propagandized and any dissenting opinion is instantaneously removed by moderation through keyword filters or something. Echo chamber subreddits with a certain moderation is real life brainwashing.
Profiting from a short squeeze. They basically load up on the shit stock like lottery tickets because they believe the price will eventually skyrocket. This is why they’re willing to delude themselves for months and years.
1) There is a lot of volatility in this period. There is money to be made at buying in and dumping it at a small, local spike. A lot of the money is made off others trying the same game.
2) Some of these meme stock investors have been sold a bill of goods. Go check reddit.com/r/bbby to see what I mean. Some of them believe this is a larger conflict between good and evil. There is a belief that will be some eleventh hour deus ex machina event where Ryan Cohen will reveal this is all part of his long term scheme to defeat Citadel or whatever. The shifting narratives are insane, hard to follow and even harder to explain. It's basically financial qanon and it's really sad to see. The execs of some of these meme stock companies know exactly what is happening and are very happy to release unethical, vague statements to feed into the fantasy. But the apes are still buying in to prep for this apocalyptic event.
"Waiting for NESARA" is a real eye opener about how people can latch onto crazy ideas and make it part of their identity. I think about it whenever r/bbby or r/superstonk conspiracy theories escape their subs and make the main page.
Ok wth. Attempting to post on reddit.com/r/bbby an innocuous message about how BBBY was burning $1 billion a year, they are being duped by an echo chamber, and better financial advice is on bogleheads.org receives an instantaneous removal by mods.
What have we done with technology that people are getting sucked into these disastrous echo chamber filter bubbles, where any dissenting opinion is blacklisted, turning people into financial ruin and QAnon brainwashing?
Hertz was going into bankruptcy in 2020, as the pandemic wrecked their finances. But then in 2021, in the middle of the bankruptcy, it turned out that their fleet of millions of used cars skyrocketed in price, saving the company from bankruptcy. Some other company purchased Hertz before the bankruptcy finished and Hertz shareholders then reaped the rewards as the stock climbed from pennies into $7.