The Best Thing in Texas: A San Antonio Fifth-Grader Cashed Out His GameStop Stock for ,200
WHO: Jaydyn Carr, a ten-year-old from San Antonio. WHAT: A wacky week in the world of finance that—for at least one kid—ended simply and triumphantly. WHY IT’S SO GREAT: At this point, you’re probably aware that there’s something going on with the stock price of Grapevine-based GameStop. If navigating the details of Wall Street leave you with a headache induced by concepts like “short-selling” and “margin calls,” we’ll break it down simply: Hedge funds “short-sold” GameStop stock, which in practice looks like a bet that the price will go down. A semi-organized group, made up largely of amateur investors, came together on the social media site Reddit to drive up the price instead, leaving short-sellers on the hook for the bets they placed. The implications for this are…View Original Post
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Source: Texas Monthly