a thing people forget about the GameStop meme stock mania is that it became a meme stock in the first place precisely because its underlying business is irrelevant and extinct, the blockbuster video of video games, making investing money in it intentionally stupid and therefore funny. - ThreadSky

mtsw.bsky.social • 4 days ago

a thing people forget about the GameStop meme stock mania is that it became a meme stock in the first place precisely because its underlying business is irrelevant and extinct, the blockbuster video of video games, making investing money in it intentionally stupid and therefore funny.

Reposted from Toronto Star

#NEW: GameStop says it intends to sell its Canadian and French operations, the latest planned cuts after years of declining revenues.

CEO cites ‘Wokeness and DEI’ in a statement.

Comments

azzageddi.bsky.social•4 days ago

I think I went into a GameStop out of curiosity about 8 years ago on a visit to family in the US, and it looked on its last legs even then.

azzageddi.bsky.social•4 days ago

Same trip visited a couple of comic-book/boardgame/TTRPG shops, and they were thriving, because they actually have a reason to exist. GameStop sells physical copies of games that are much easier to play (for 99% of gamers) by just downloading them.

azzageddi.bsky.social•4 days ago

I'm sure they'll get huge offers to buy their useless business... /s

3sfg.bsky.social•3 days ago

Jeff bezos likes to sicc hedge funds on his small competitors to destroy them and increase Amazon's market share. Dozens of american companies have been destroyed by Wall Street cellar boxing. They usually start by getting consultants placed on BOD to make bad decisions, then short and distort.

scorcagon.bsky.social•4 days ago

Would love to hear him explain "how" DEI or wokeness somehow ruined his company.

They always blame it, but never have even 1 fact to back it up.

nougatmachine.bsky.social•4 days ago

the second-order overlooked thing is it wasn’t in a nostalgic “ah, the good old days” way either. gamers had hated it for years!

huntthesnark.bsky.social•4 days ago

It was a callback to the dot-com era and specifically Overstock (whose original CEO, Patrick Byrne, would go on to have some interesting ties to both Marina Butina and "Stop the Steal") and the crusade against "naked short selling," which he blamed for the poor fortunes of his shitty company.

huntthesnark.bsky.social•4 days ago

The whole thing is, honestly fascinating: proof that social influence was powerful enough to engineer repeated short squeezes whose basic outcome was transferring capital from those who were in on the joke and believed in it to those who were in on the joke to make a buck. Crypto/ NFT in a nutshell.

knitdan.bsky.social•4 days ago

Even worse it’s a pawn shop for video game, many video game enthusiasts absolutely loathe the company and will go to great lengths to avoid doing business there

rlyehsurfclub.bsky.social•4 days ago

the GameStop near me is going out of business and had a massive wall of unsold Funko Pops that dwarfed the wall for Switch games. another GameStop in the area advertised that it was buying graded sports cards (???)

it’s not just that its business is irrelevant, it’s unfocused too

robofthesky.bsky.social•4 days ago

Wait, are you saying that going all in on Funco Pops couldn't save GameStop?

socaldayve.bsky.social•4 days ago

nitecitynomad.bsky.social•4 days ago

Feel like that GME thing doesn't get brought up when we talk about social media and its contribution to the growth of the far-right.

It didn't have the same level of impact as GamerGate, but if it didn't birth of that whole wannabe finance bro/grindset/Musk fanboy circle, it at least expanded it

bendiesbits.bsky.social•4 days ago

It did start with a lot of people participating out of a fun sense of fuck the hedge funds, but it got boring and people sold their shares and now r/wallstreetbets is mostly a cesspool of slurs and a weird religious fervor for a great "Superstonk" that will deliver riches. And silver scams.

mistermagic.bsky.social•3 days ago

Not even once.

thegreatawk.bsky.social•4 days ago

GMEs main business now is scraping dumb investment money off lingering enthusiasm from the 2021 gamma squeeze. Like Iraqi dinars but for retail investors. What's revealing about this "Dei" headline is that the main ppl the ceo needs to appeal to is apparently right-wing dopes still buying the stock

faeelin.bsky.social•4 days ago

This is pretty clearly an attempt to get crypto idiots to pump the stock

badgerfacts.bsky.social•3 days ago

They have entire cults and sub cults that when Ryan Cohen says jump, they say “how high and how many more shares should I buy.”

Comments

Posting Rules

Reply