Those who "made millions" would've had to put in a small fortune to start. The redditors dropping in a few hundred bucks
If you're only willing to put a few hundred bucks towards a trade then it isn't worth the hassle of even opening a trading account. If that's all they put into it, then they must have been buying options. I can't find a historical chart of options prices right now, but a few hundred bucks of options could easily be worth six figures right now depending on when they bought it.
In reality, most of the people on that sub are working with at least a few thousand dollars. Many of them are people who originally said "i'm going to put a few thousand dollars to play with in this account for fun and if I lose it all then I won't mind. If I earn anything I'll just roll those earnings into my next trade" and have, over time, increased their accounts to much more than they originally put in.
I'm not going to argue on new accounts opening to specifically buy (via day trading) and who simply shifted risk by liquidating assets into buying into this stock...
what I will say is that I completely agree with you that it isn't some "little guy beating the giant" story (which it's being shaped into trying to be) and it's simply rich people manipulating the short in order to become those in which they pretend to hate. Again, I competely agree with that.
If these "moral superiors" have any credibility they'd dump the stock and give 100% to charities...but we all know they won't. They'll have more money now to pretend to hate the system they participate in.
(post is archived)