Joe Rogan has decided to weigh in with his two bits on the GameStop situation, but here's a quick recap before proceeding.
Since the beginning of the global pandemic, GameSpot has suffered heavy losses. The r/wallstreetbets Reddit community managed to boost its $30 stock price to $140 within a week, and things just got out of hand from there onward.
The unprecedented surge of GameStop's stock has led to short-sellers losing an estimate of $70 billion. The White House also stepped in to monitor the entire situation as the stock continued to surge.
The trading app, Robinhood, froze users accounts and stopped the trading/buying of GameSpot's stock, following which a lawsuit was promptly filed against the company.
The move managed to stir up some politicians as well, who are now demanding an official inquiry into Robinhood's actions.
To summarize, Wall Street's elite were baited by Redditors into a trap. What started as a taunt from Wall Street ended up surging GameStop's stock, which reached a staggering $422 per share and cost short-sellers over $70 billion in losses.
Here's a tweet to help make sense of it all:
Joe Rogan's take
The word podcast is synonymous with Joe Rogan, whose 'The Joe Rogan Experience' is a one of a kind show. Being unfiltered and undulated is his signature style.
In the latest episode of 'The Joe Rogan Experience,' he poked the American elite calling for stricter regulations to ensure that another GameStop fiasco doesn't occur.
He started by saying:
"The insane situation that's happening with GameStop, these intelligent vipers from Reddit, decided that they were going to figure out how to win on their terms. The hedge fund guys have always been manipulating the stock market in a very similar way, and when someone else does it, well, they don't like it."
In an interview on CNBC, the president and CEO of Nasdaq, Adena Friedman, discussed the future of the stock market and new regulations that may be needed to be put into place. These regulations would ensure that another GameStop situation didn't occur.
She was quoted as saying:
"As we look at these new technologies that have become available to everyone, including investors. I think it's important for regulators to understand that manipulation is manipulation irrespective of whether it's happening through new technology or traditional mail. It's about making sure that we can understand what's happening at all time and working together with regulators to manage the situation."
In response to her comment, Joe Rogan had this to say:
"They're calling for regulations? The billionaire elite never calls for regulations. The last thing that they want, in terms of manipulating the market and make as much money possible, are regulations."
The GameSpot incident seems to have shaken the foundations of the American stock market. It's unclear what happens next, but in the meantime, GameSpot's shares are still going strong at $325.00 per piece.