I know the jobs report just came out, and the results should have the /ES down about 300 points right now, but of course equities are just a little red. We’re going to set that aside for a moment and focus on something even more insane, which is this pile of nonsense:
About eight billion tweets went out celebrating this carnival barker becoming a “billionaire” by his naked manipulation of the stock of a failing company, Gamestop. Ummm, first off, bucky, even if he WAS able to dump all of his holdings onto feckless dupes for a billion dollars, you do realize he doesn’t get to keep it, right? He lives in Massachusetts, and these are (VERY) short-term gains, which means over 50% would be paid out to the Federal and Mass governments. I mean, HALF a billion is pretty sweet, but lay off the billionaire crap.
Added to which, it didn’t “hold” near $70 but, overnight, has instead shed about half its value (kind of, you know, like paying taxes).
The carnival barker has breathlessly announced a webcast he’s going to throw at noon EST, I suppose in an attempt to rile up the masses to get him the hell out of his position. It would be hysterical if this thing dumped instead.
I would add, by the way, that GME did an early release of their quarterly results in the midst of all this, and the sales are WAY less than projected and their losses WAY worse than projected, so, umm, the company itself is a hot pile of garbage and getting smellier by the day.
Just to amplify how super-bizarre things are, ANYTHING that seemed like a “meme” stock also went flying higher last night, but because it’s dawning on people that they are trading in dog turds, these almost-as-good-as-GME stocks are getting even more trashed.
The world has gone so insane, you might think that a reliably bearish site like Zerohedge, which spent 2009-2023 announcing the end of the world and declaring Goldman Sachs to be criminals, would completely flip. Oh, wait………..
