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Last year, the US stock market suffered several crashes due to the pandemic. This year, US stocks have merged. This is all due to the resistance of the Reddit share version of wallstreetbets (WSB) retail investors to institutional investors. More on Thursday (28) Netizens issued a public statement mentioning the past crimes of Wall Street and berating companies and the media for jointly demonizing this retail boycott.
Ryan Cohen, co-founder of Chewy.com, made a big push at GameStop (GME-US) late last year and announced his addition to the board of directors last week.
Later, however, Citron Research, a well-known shorting agency, shorted GameStop, claiming that the company’s stock price was only worth $ 20. The Reddit version WSB and Twitter retail investors were outraged.
This wave of bloodbaths on Wall Street has been summoned by the retail group to open the battlefield in the financial market, and the WSB version has almost become the combat headquarters of the retail army.
On Thursday, some netizens issued an open letter advocating recent behavior by retail investors and launched a series of attacks on Wall Street, businesses and the media. After the article was published, it became a popular article and attracted nearly 137,000 likes.
The author claimed that during the 2008 financial tsunami, the entire family was a fish to be slaughtered. Although he was fortunate to have the only home, the family lived a difficult life.
The article also named the hedge fund Melvin Capital (Melvin Capital), accusing Melvin Capital of being responsible for the financial tsunami. They made huge profits by exploiting other companies, manipulating the market and the media, and illegally short selling.
The author said that no matter what these Wall Street institutional investors try to demonize their behavior with the media, millions of retail investors are doing their best to buy GameStop.
In addition, he also named foreign media CNBC, criticized the large-scale media behind the backing of IBM, Cisco, JPMorgan Chase, Oracle and other large companies, claiming that the WSB version, the financial tsunami, investors who continue to GameStop will remind CNBC as big as how the media can tear them apart.
Furthermore, he also appealed to post-war baby boomers that this action is aimed at Wall Street, saying that the two generations are in the same field, and that the media should not be allowed to come in and kill each other casually, and a lot less. those that caused the financial tsunami.
Click me for the full text of WSB’s retail open letter
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