Trevor Noahis tapping into aMargot Robbiescene inThe Big Shortto break down what’s going on with GameStop stock prices — or, at least, attempt to.
The Daily Showtweeted out a hilarious (albeit informative) video on Wednesday night that featured Noah’s face superimposed on the actress' during the scene where Robbie, 30, isexplaining finances from a bathtubwhile sipping on champagne.
“Basically, there’s a group of people on Reddit who don’t use the stock market to invest. They use it to gamble,” Noah begins, in agut-busting take on Robbie’s Australian accent. “And yeah, that’s what a lot of serious investors do too, but these guys on Reddit are more honest about it and they love to troll the people who aren’t.”
“So there’s a store called GameStop that sells video games. Not a great business to be in since games can be downloaded now, which is why the serious investors decided to short GameStop, which means to be against it,” Noah, 36, continues.
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Margot Robbie inThe Big Short.Paramount Pictures
Trevor Noah.The Daily Show
The late-night host goes on to say that “now, instead of failing, GameStop” — oncea staple in mallseverywhere — “is succeeding wildly.”
“Not really, of course. Not as a business,” Noah clarifies, looking at the camera with audible sass in his tone. “But come on. Stocks are never real. The serious people have already lost $5 billion, and some giant hedge funds have gone bankrupt.”
“Got it? Good,” he concludes. “Now, let’s get out of Margot Robbie’s bathroombefore she gets home and asksme what I’m doing here. The last time she caught me here was a bit awkward.”
“This is populism coming for capitalism,” said Ruhle, 45. “What this has been is an army of individual investors, day traders, many of whom have never been investors before …get(ting) in the game in a huge way.”
GameStop storefront.Johnny Louis/Getty
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She then explained that some people on theWallStreetBetssubreddit ensured that “this time was different” when it came to a flip in how people normally act when “the big boys” on Wall Street bet against a stock price — namely, that “everybody else gets out of the way.”
“All those individuals started buying up GameStop over and over, driving up the price,” Ruhle continued. “And when that happens, it causes what’s known as a short squeeze. So if you’re one of those short sellers who are betting it wasgoing to go down, when the price jumps, you then have to cover your short and buy the stock at that inflated price, driving it up even more.”
Ruhle went on to say that while short selling and short squeezes aren’t new concepts, “we’ve never seen little guys, individuals, make a dent like this.”
“It’s like the villagers storming the castle,” she quipped.
Ruhle also mentioned that similar situations are happening with individuals buying stock in other companies that are struggling, like Blackberry,AMC movie theatersandBuild-A-Bear Workshop: “But there’s a disconnect — these stock performances, these inflated prices, don’t reflect what the underlying company is doing.”
source: people.com
