GameStop (US stock code: GME), a gaming retailer that is still working hard to reverse its operating conditions, has seen its share price soared by more than 1700% this year.The incident symbolized the lynching justice of the majority of retail investors.This actually planted the fire of "confrontation", the lower class against the upper class, ordinary people against large enterprises, people against the government, individuals against the system, and the new generation against the old order.
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While the common portrayal of retail investor vs hedge funds is exciting, I believe the incident is still primarily driven by and benefits institutions. Large funds such as blackrock and fidelity are still the main holders of GME, so I am not entirely sold that retail investors are the main players here.
Though we have yet to see how the social fire set by the GameStop incident would kindle new substantial social reforms, it is definitely inspiring to see how online social platforms could bind more people to empower themselves in solidarity in their confrontations against the elites of Wall Street. Definitely more progress than reached by “Occupy Wall Street“ ten years ago in 2011.
“The history of all hitherto existing society is the history of class struggles.“ - Karl Marx