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chemgear · 02-04-2021, 07:26 PM

https://www.vice.com/en/article/g5b3...fter-the-crash

What it's like to be a millionaire in the morning, and to lose hundreds of thousands of dollars in a matter of hours.

A week ago, Jeff was on top of the world. GameStop's stock was skyrocketing, and he'd managed to turn a series of small investments into more than $200,000. The 21-year-old college student, who asked to stay anonymous because of how much public scrutiny the GameStop story is getting, was imagining not just escaping school without debt, but being able to buck the capitalist system entirely and enjoy life without having to take a typical job.

"I don't want to work a 9-5 for the rest of my life," Jeff told me last week. "I want to be free to be able to do whatever I want!!"

But over the course of several days, as the GameStop stock inevitably imploded, Jeff went from having more than $200,000 to just $50,000.

Last Thursday, Anthony watched $500,000 evaporate over the course of an hour. The next step, according to Anthony, was to finally get out in the next day or two, as things got weird.

On Monday, Anthony was down another $307,000.

"My hands are diamond," said Anthony, echoing a popular meme about continuing to hold onto a risky stock position, even when there's good reason to bail out and take your profits.

"I bought GameStop at $285 [per share] and AMC at $15 something and am currently $1,400 in the hole," said one person, who asked to remain anonymous because of how huge this story has become. "I'm now holding because I've concluded money is fake and I just don't care anymore."

At times, it can sound conspiracy-adjacent.

"This manageable loss is probably a good lesson learned to stick to my original suspicions of these services [like Robinhood]," said Greg. "I'm okay overall though. I learnt about how I deal with stress and I'm glad I mostly stuck to my plan and didn't double down."

Greg will now pivot to his original plan: appeal for disability support.

02-04-2021, 07:26 PM	#2402
chemgear Franchise Player Join Date: Feb 2010 Exp:	https://www.vice.com/en/article/g5b3...fter-the-crash What it's like to be a millionaire in the morning, and to lose hundreds of thousands of dollars in a matter of hours. A week ago, Jeff was on top of the world. GameStop's stock was skyrocketing, and he'd managed to turn a series of small investments into more than $200,000. The 21-year-old college student, who asked to stay anonymous because of how much public scrutiny the GameStop story is getting, was imagining not just escaping school without debt, but being able to buck the capitalist system entirely and enjoy life without having to take a typical job. "I don't want to work a 9-5 for the rest of my life," Jeff told me last week. "I want to be free to be able to do whatever I want!!" But over the course of several days, as the GameStop stock inevitably imploded, Jeff went from having more than $200,000 to just $50,000. Last Thursday, Anthony watched $500,000 evaporate over the course of an hour. The next step, according to Anthony, was to finally get out in the next day or two, as things got weird. On Monday, Anthony was down another $307,000. "My hands are diamond," said Anthony, echoing a popular meme about continuing to hold onto a risky stock position, even when there's good reason to bail out and take your profits. "I bought GameStop at $285 [per share] and AMC at $15 something and am currently $1,400 in the hole," said one person, who asked to remain anonymous because of how huge this story has become. "I'm now holding because I've concluded money is fake and I just don't care anymore." At times, it can sound conspiracy-adjacent. "This manageable loss is probably a good lesson learned to stick to my original suspicions of these services [like Robinhood]," said Greg. "I'm okay overall though. I learnt about how I deal with stress and I'm glad I mostly stuck to my plan and didn't double down." Greg will now pivot to his original plan: appeal for disability support.