Online Investors Outsmart Wallstreet

This started some time ago with a group of online market users taking a relatively worthless stock and driving its value thru the roof. The initial investor reportedly bought $50,000 worth to start this ball rolling, his investment translated into 23 million as of yesterday.

A bunch of other online investors joined in at the time as well and bought shares from this stock and some other worthless stocks too, (Hedge Fund owners generate billions from these stocks, making it from hopes of failure and debt, if I understand it).
It was also put into place that these newly boughten shares could not be re-sold to Wallstreet 'short-sellers'
WallStreet gurus lost millions, maybe billions, over all this.

Looking thru current media sources you can get the full story.
*Check multiple media sources for the full complete story.


Yesterday WallStreet said that there should be restrictions put in place against buying these stocks .

That statement goes against the free market, it's concepts and our laws.

This morning I awoke and checked on the news about all this.
Seems now some online marketing apps (more then one) have put restrictions on buying these stock shares.
This caused drop in value of the Stock today.

The Senate Banking Panel plans a Hearing amid this frenzy. Just where their loyalties lie is yet to be heard :eek:


Needless to say that there is a huge public uproar about all this, as excpected.


c/p
“It’s time for the SEC and Congress to make the economy work for everyone, not just Wall Street.”
end c/p



added edit...

Wall Street and Hedge Funds may or may not be doing things against the law , like 'Collusion' or 'Insider Trading' for examples.
But there are those that will say that these online marketers are or a may be guilty of 'collusion' as well.

Another thing to think about is the website that started this all has a member base of a little over 2 million users.
Considering that just one of these stocks has around 1.93 million shares, at value of $3 to $50 to $300 per share at any given time.
Also take into account that it was not just one Stock that was manipulated like this, but a few.

What I am getting at ... Is there enough Users on that website that would be able to cause all this ?
You gotta think that out of the 2 million users, a low percentage would be delving into this recent actions.
Of course more and more people may be joining in, but to originally initiate something like this, I would think that it would take more then just a few 1000 of your average 'joes' off the street.

So what could that mean?
Maybe there are other entities at play here, as some have been speculating.

And an update on them apps that placed restrictions on buying these stock shares.
After lots of backlash for their decision, some of them have since reversed their decisions to stop all buying of the stocks.