Joe Rogan finally shared his thoughts on the crazy Gamestop stock market situation and how it’s doing a good job at exposing “corruption” with hedge funds and Wall Street.
During episode 1603 of the Joe Rogan Experience, the UFC commentator delved into the ongoing events. According to Joe, Reddit and everyone else involved with buying up Gamestop shares are deserving of praise. (Segment starts at 11:51)
“It started out with these intelligent vipers on Reddit,” he began, already approving of those who decided to make their mark early on the Gamestop stock. “Here’s the thing. These hedge fund guys have been manipulating the stock market in a very similar way forever. But these guys on Reddit decided to get together collectively.”
“WallStreetBets decided these hedge funds were shorting Gamestop. So they decided ‘we’re going to buy. We’re going to fuck their whole system up,” Joe continued.
As Dexerto has explained, ‘shorting’ a stock means betting on them going down. A short-seller will borrow shares from one party, and sell to another. When the price falls, they buy back those shares — at a cheaper price — and return them to the original owner.
“Gamestop stock rose higher than it’s ever risen in the entire history of the company!” Rogan added.
According to Joe, this whole situation is exposing the real market manipulation because they’re trying to do something now that these Wall Street guys are, as Rogan puts it “being fucked over.”
“Hedge funds have lost billions of dollars because of this,” he noted before pulling up a CNBC clip where they invited the CEO of NASDAQ to call for more regulation.
“They never call for regulation. Assholes like him, the last thing that guy wants, in terms of being able to manipulate the market and make as much money as possible, it’s fucking regulation,” Joe exclaimed. “So his calling for regulation is kind of hilarious.”
Joe further called out the CNBC host for claiming folks were manipulating the market with social media saying it’s literally what they already do and scoffed at the fact Democrat Elizabeth Warren called for regulation.
Eventually, Rogan and his guest comedian Brendan Schaub turned their conversation elsewhere, but for anyone involved in the Gamestop stock madness, it’s good to know that Joe has your back.