Retail investors did something dumb again 😊Weekend investors really outdid themselves this time.
With the pandemic alot of people have started using Zoom, a Nasdaq listed communication company that provides videoconferencing services.
The company is valued now at 44 billion and even at its lowest this year and since being listed in 2019 (correct me if I'm wrong) it was above 15 billion.
Hobby investors, that we can call tourists, poured so much time and effort into researching the company, reading its reports, analysing it, that instead of buying Zoom the booming tech company, they didn't just buy anything, they instead bought a dead chinese company, an empty shell on total radio silence since 2015.
It has been trading at cents to a fraction of a cent before Zoom went public, and had a daily volume of about $5. 5 bucks. With obviously a spread of 700% (You didn't read wrong LOL). And it went up to $60. People bought at >$10! And was happy about not missing out. Crypto investor logic.
I am absolutely pissing myself already but it gets even better.
These absolute masterminds started buying BEFORE Zoom went public. All good nothing to worry about.
It went up 50000% in a few days and looks like founders dumped on an enormous amount of idiots "buying the dip".
Since then the price went even higher so the brainlets that "bought the dip" are probably acting like "crypto early adopters" and explaining to people how to invest 😆.
The NAsdaq site has an article about this, this title "The SEC Really Wants Investors to Stop Buying the Wrong Zoom Stock"
www.nasdaq.com
Same thing that happened with SNAP. But at least they bought a real company.
Here we can see idiots started buying a few weeks early:
It is possible some people buy in advance expecting simpletons to buy the wrong stock and profit from this...
Not sure what timeframe to trust, and it's not important enough to me to go check.
What matters is that in the span of 24 hours the price dropped 99.9% from that "confused" day, down 99.98% from ath, and is still down 99% from ath and 92% from "confused" day.
How can anyone be that stupid?
How did they survive to adulthood?
What is mother nature natural selection doing?
How will they survive if there is a catastrophy and governments fall? (spoiler: They won't)
How can anyone be obsessed with money while at the same time being totally careless with it?
How can they have the right to vote? Not only because they're too stupid to choose, but they'll pick the wrong name anyway.
How can anyone be that delusional about their own abilities?
"Why bother checking anything about the company TA tells you everything you need to know and this was a strong buy signal" 🤤
I dream of finding those investors and see them argue with me "If I'm stupid how come price went up" "I got in early" "Last time bears said and yet it went up" etc...
