Amid the GameStop stock market drama, quite a few Redditors have found massive financial success — and one lucky investor is celebrating his newly-found riches in a seriously dramatic way.
For those out of the loop — or for those of us who simply have zero idea how the stock market works — a group of Redditors from the subreddit ‘WallStreetBets’ completely upended the efforts of investors attempting to “short sell” GameStop’s stocks.
GameStop stock drama explained
In essence, this means that the investors were betting against GameStop’s success. In doing so, they borrowed shares of the company, sold them, then waited for the stock to drop in value so that they could buy the ‘borrowed’ shares back at a lower price, return them, and pocket the difference.
However, those at WallStreetBets truly “went to the moon” in response, buying oodles of GameStop stock, causing it to dramatically rise in value as a result. Thus, short-sellers have been forced into a “short squeeze,” where they need to pay more for the stocks than what they were sold for.
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This has led to the Melvin Capital hedge fund’s bankruptcy, Robinhood trade halting drama and ongoing outrage across social media and mainstream news, alike.
Who is Alex Ernst?
One lucky influencer who’d purchased GameStop stock has made a return to content creation in a huge way amid this Wall Street hoopla.
The influencer in question? Vine star Alex arnst — known for such masterpieces as his hilarious ‘Rice Krispies Lisp’ Vine. He’s made a comeback to social media after nearly a year of inactivity, revealing that he became a millionaire by investing in GameStop stocks ahead of the dramatic price increase.
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“I bought GameStop stock really cheap,” he explained in a recent video. “A few weeks ago. This was way before two days ago when this whole GameStop thing started happening. To be frank…I’m a millionaire now, guys.”
https://twitter.com/AlexErnst/status/1355061525732487170?s=20
To celebrate his newly found millionaire status, Ernst did what all of us dream of being filthy rich enough to do: he blew up his Tesla model 3.
In an impressive display of pyrotechnics, Ernst detonated the explosive inside his car and totaled it in a single go. As for a replacement, he’s hoping to score “the plaid one.”
Just before setting the car aflame, Ernst had just one word of advice to those Redditors upending the GameStop market: “Hold the line.”