Are people able to actually sell their gamestop and blockbuster stock for the current stock price?
I'm a little confused, people are saying that the stock isn't actually worth that much and it was manipulated into being that much. So does that mean that despite it being that much noone can sell their stock? And if they cant sell their stock for that much how is its price that much?
So if someone had 100$ in blockbuster stock before all this when it was half a penny, they cant sell it and make 2100$ at 11 cents a share, right? Or wrong? I'm so confused. Would they still make alot of bank off of it even if not the full 2100$?
Amy2021-01-28T10:03:47Z
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The listed stock price is the cost of the most recent sale. You can *probably* sell your stock for a similar price, but it's not guaranteed. Someone would have to be willing to pay that much. When the transaction prices start to come down, everybody who owns shares of gamestop will try to sell all at once, and most of them won't find buyers at that price.
Remember last year when people were buying hand sanitizer for $100. Is hand sanitizer actually "worth" $100? I say no - you can make your own much cheaper than that or wash your hands with soap. But people went a little crazy and were willing to pay it for a short time. No one will pay you $100 for a bottle of hand sanitizer today.
What happened to gamestop etc. was that a group of internet trolls decided to pay ridiculous amounts of money for the stocks in order to screw over a hedge fund that had pissed them off. The fact that it has become national news might cause more buyers to jump in. But eventually there will be no one left willing to pay $300 for a stock that might pay $1 in dividends.
IF you have any shares of Gamestop, Sell it. When this crashes, it will crash big. BUT, in order to sell a stock, there must Always be Someone willing to buy it. When there is a stock wanting to be sold, but no one is willing to buy it, it becomes an Illiquid Security. Illiquid Securities are virtually worthless.