Another contingent genuinely believed GameStop was poised for a comeback, with the help of Chewy co-founder Ryan Cohen who joined the board in January Some are clear they were in it for money, while others insist they couldn’t care less about their profits long as hedge funds lost (there’s no way to know if people who racked up and lost millions were holding out more cash or more banker blood). ![]() Some thought the whole thing was a joke, while others saw themselves as heroes of an Oscar-winning Wall Street revenge movie. Some invested after seeing a single Tweet, while others had meticulously followed, analyzed and posted about GameStop for a year. Some people invested a few bucks as a joke, while others poured in life savings and maxed out credit cards. But there’s no one story of the frenzy of the last few weeks. The price rose until the shorting funds had divested and brokerage apps like Robinhood froze trading, killing momentum and ending the short squeeze cycle.Īt least, that’s the generic version of the GameStop saga. As you’ve likely heard, its stock briefly rose as high as $483, scores of small-time investors jumped on the bandwagon and hedge funds who’d bet against GameStop were forced to buy shares to make up for losses. In the long-run, you don't save much at all.GameStop ’s share price below $50 this week, its lowest since January 21, around the time an army of retail traders mobilized on Reddit forum r/WallStreetBets to pour cash into the video game store. It's unlikely that employees will give you anything over $30, which means you're getting less than $3 per trade-in. Even if you take advantage of the 10% extra trade-in portion of the PowerUp card, you're going to need to trade in tons of games. ![]() You technically saved $20, but after the $15 membership, you take home a grand total of five bucks. That's a pretty decent amount for an adult gamer. These games will all be less than $60 (because they can't be new), so that's a minimum of four, nearly-brand-new games. Say you're enrolled in the cheaper tier, and you spend $200 on used games. Well, think for a second about what that actually requires of you. The GameStop reward card (called the PowerUp card) only costs $15 a year for 10% off used games or $30 a year for 20% off used games. This is less about GameStop deviously ripping you off and more about the company banking on your inability to do math clearly. Many employees have to match sales quotas, regardless of their own morals. And then shortly after I received my promotion and quit my other job, they roll out. I worked two jobs myself until I hit just because I didn't get paid enough to support my family. ![]() ![]() "When we’re faced with either losing our jobs or selling a product that the guest doesn't want, nine times out of 10, we’ll sell something other than what the guests want. That dreaded "Circle of Life" policy turns regular staff into used car salesmen. Unfortunately, though, there are many, many stories about GameStop employees fearing demotion or dismissal. After all, GameStop has an endless pool of eager, new candidates to choose from whenever a job opens up. Missing a quota is bad, but surely GameStop would prefer employees to actually help customers rather than fulfill an arbitrary sales number? And certainly the company would value employees that put the customer first in all things? You may wonder why GameStop employees feel compelled to lie about new games.
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