News @lemmy.world jeffw @lemmy.world 1 mo. ago

GameStop’s CEO celebrated Trump’s victory and stock has been climbing ever since

www.independent.co.uk GameStop’s CEO celebrated Trump’s victory and stock has been climbing ever since

Markets across the board rallied the morning after Trump was elected in sweeping victory over Kamala Harris

43 comments

I wonder what GameStop's CEO will think when he's going to have to pay all those high import tariffs on Nintendo, Sony and other products...
- unfortunately itll be the consumer lumped with those costs
  
  And if people really are as concerned with the economy as they claimed to be, what's going to happen when prices go even higher?
  
  And if they can't afford them, they'll buy fewer games. Because games are less necessary than food.
- Gamestop's ceo doesn't give a shit. He's literally just there to pump and dump his options and GTFO.
- They'll do the same thing big restaurant chains did where they couldn't pay their tipped employees less than minimum wage anymore. They'll add a new "service charge" so they don't have to increase the product price directly. They'll make it much higher than the actual tariff costs, but say "hey look we're not charging you a full 20% more." Even though the tariff isn't 20% of the retail price but people who support the tariffs are dumb and will think they're doing good.
  
  People need to eat. They don't need chain food, but many people don't have time to cook these days.
  
  People don't need to buy games.
  
  It will always be a different market for food than it is for games.
- GameStop is a meme company at this point, not an actual company than needs to worry about running a business.
  
  Wasn't GameStop pretty much failing until the apes artificially inflated their stock?
- I don't think he'll care. GameStop has become a pawn shop for children these days, that's where they make their money.
- If the price of a Switch 2 or PS6 goes up 30%, they'll probably pull a Kroger and mark up 40%. Plus resale prices will go up too. It'll probably work out for them.
Okay, now can we short sell GameStop stocks and bankrupt them? /s
- I was kind of wondering the same. They don't seem to understand their customer base or the group that saved their butts at all.
- NEVER SELL SHORT! NEVER SELL NAKED CALLS!
  
  They have limited up side and infinite down side. If you want to bet against a stock, buy PUT options. If you don't think it will go up, sell covered calls.
  
  I feel like the things I want to call you besides calling out your lack of diamond hands will get me banned but would be normal wallstreetbets language
  
  Amen. I've been making a good buck selling calls on TSLA this last week.
- You could, but they have over $4 billion in cash just sitting around.
Meme stock latches on to meme president for a stock pump. Makes sense. World runs on memes now.
- World has always run on memes, it just gets easier to see as you get older.
This is gonna be like that one mission in cruelty squad isn't it? Where you kill the guy who was gonna introduce regulation to the stock market and all the stock prices immediately start spiking until the news wears off?
MOASS any time now...

.... Right?
- Fuck Moash.
  
  (I know what MOASS means, but I misread it at first. And fuck Moash.)
  
  Fuck moash. New book on the 6th!!!!
  
  I am a stick.
  
  Also fuck Moash.
- If you count the numbers of As, H, and Os in his last tweets, it's clearly 23, 11, 24. That can't be a coincidence!!
It’s still down from where it was 2 years ago when I bought it. I’m deciding when to sell it to be able to claim the loss on my taxes since I’m not expecting any profit from it.
- Not sure how that's possible unless you only bought back in 2021. Within the last 2 years, it actually peaked in May of this year around $65. Otherwise, it's been pretty stable around $20-$30. There's been plenty of time to get a low average cost and take profit when it starts running again. Now that they have year-over-year profitability and $4-billion in cash, I expect there will be future opportunities too.
  
  Dumb dumb me bought it at $35, though that was pre-split. I haven’t put a trigger on selling it either since I was holding on to it.
Fuuuuuuuu...

Where am I going to buy my games now? Sometimes it's still nice to own the disk.
- The disc these days is just a license code that allows you to download the game. You're not missing out on anything.
  
  I know... but they still gave me the illusion that I owned the game :(
I guess I can stop supporting them altogether. It's been a novelty for quite awhile now anyways.

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