Last week, GameStop’s stock price surged after a group of masterminds from the intellectuals-only site “reddit” engaged in the act of “purchasing” the stock.
Because so many people bought GameStop stock, the price of the stock shockingly and unexpectedly rose. People around the world were stunned by the actions of the stock price.
It came to many student’s attention that if a large percentage of them banded together to buy a particular stock, the price would rise. Many students of UCD seen this as a get-rich-quick scheme, investing their entire SUSI grant or daddy’s allowance in order to make some profit.
Olaf, an economics, and law student from Stage 2 this to say:
“Yeah, they mentioned supply and demand once or twice, but like I didn’t think it meant anything. Just thought it was the names of the lines on the graphs. Until I seen this whole GameStop thing, then I realised that the demand part was important. Still don’t get the supply thing, do you know?”
However, none of them were expecting the events that would follow. The price of the GameStop stock would drop dramatically in the coming days from $483 to just $58 as of the 8th of February. This led to a multitude of students asking for lends from their parents until February 16th (the next SUSI payment).
Nevertheless, they learned an important lesson in the end: the GameStop short squeeze was a bubble, and that only intellectuals who browse reddit daily could skilfully master the enigma that is the stock market. There is some who still believe that the price is yet to hit its final peak, and it is said that they will hold their GameStop stock longer than they held onto their communion money.
Eliza – Day Trader