xQc Mocks GameStop Stock Holders In Brutal Twitch Rant
Never one to hold his tongue, Felix "xQc" Lengyel has waded into the GameStop stock debacle and given his own views on the shares' scandal. It's been a rollercoaster week for the American gaming store after its valuation soared from just over $1 billion to $20 billion. The company became the unlikely poster boy of the WallStreetBets Reddit campaign to upturn the stock market. Prices have soared, prices have plummeted, and hedge funds have gone bust. As everything starts to wind down, let's look back at what actually happened
The GameStop story came with some heart-warming additions. As well as Joe Public making a quick buck and sticking it to the (stock) man, there were kind-hearted stories about people using their new-found finances to good use. Who could forget 20-year-old Hunter Khan who cashed in his stocks and bought a load of Nintendo Switches for a local children's hospital? With it looking like we've passed the peak, xQc has brutally mocked those who think there's going to be another spike.
What was the xQc GameStop rant?
In a February 4 stream, Lengyel didn't hold back with his thoughts on the GameStop situation. “I don’t want to be an Advice Andy or in hindsight, even though I know nothing about stocks, I told you exactly what would happen and it happened. I think it was very foreseeable", said xQc.
"People kept saying yeah but it’s going to the moon, yep yeah but it’s squeezing, yeah but Friday, yeah but Monday, yeah but this and that, and they kept having an excuse. Like dude, come on man". It doesn't sound like he has any sympathy for those who held onto their GameStop stock and hoped it would climb again. Once again bigging himself up, xQc added, "Dude, this is no joke man. At the beginning of the stream on the 27th, when it was at $280, I said if I were you, and it’s not advice, I would not hold overnight".
Of course, it's all well and good xQc saying this now, but ultimately, it won't help those who've lost out. For most of those who dabbled with GameStop stocks, they'd seen the success of early investors and wanted a slice of the pie. Most had probably never played the stock market before and were unsure about what they were doing. There's an essence of knowing better, but still, some will think it's a little harsh of xQc to make such cold comments in the immediate aftermath.
Was xQc right with his GameStop rant?
At the time of xQc's stream, the GameStop stock price was at just over $53 a share - a long way off its $411 peak. He advised against anyone thinking they should buy stock in hopes it will suddenly soar again. Lengyel did a caveman impression and joked, "Buy the dip! Buy the dip!". We always knew this wasn't going to last forever, but by the looks of it, the GameStop bubble has well and truly burst. At least some managed to make a quick buck from the situation and show those who regularly run the stock market aren't the infallible money gurus they make themselves out as.
Since GameStop started to skyrocket, there have been complaints about the way consumer stock buying is done through apps like Robinhood. Democrat Alexandria Ocasio-Cortez spoke out about against the system, while even Republican Ted Cruz offered to work with her to stop the way things are currently run. Even if GameStop has slowed to a trickle, it's leaving behind an impressive scorch on the stock market. The question remains on whether there will be "another" GameStop to further disrupt Wall Street or this was just a one-off fluke.
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