Joe Rogan discusses the GameStop stock situation

Joe Rogan has decided to weigh in with his two bits on the GameStop situation, but here's a quick recap before proceeding.

Joe Rogan talks about a range of topics during his podcasts (Image via YouTube/PowerfulJRE)

Since the beginning of the global pandemic, GameSpot has suffered heavy losses. The r/wallstreetbets Reddit community managed to boost its $30 stock price to $140 within a week, and things just got out of hand from there onward.

It’s not a cult. It’s the people who lived off $1200 winning in the market. Now every Big Bank, Big Tech, manor media is actively screwing over these Americans.

— Eddie Cervantes (@_EddieCervantes) January 28, 2021

The unprecedented surge of GameStop's stock has led to short-sellers losing an estimate of $70 billion. The White House also stepped in to monitor the entire situation as the stock continued to surge.

White House @PressSec Jen Psaki says the Biden team is "monitoring" the surge of GameStop shares. "The stock market isn’t the only measure of the health of our economy," she said at a press briefing pic.twitter.com/AU7KiRU90B

— Bloomberg Quicktake (@Quicktake) January 27, 2021

The trading app, Robinhood, froze users accounts and stopped the trading/buying of GameSpot's stock, following which a lawsuit was promptly filed against the company.

Some dude posted that pic.twitter.com/qb2swppO8E

— BigTx (@LB62814825) January 29, 2021

The move managed to stir up some politicians as well, who are now demanding an official inquiry into Robinhood's actions.

Inquiries into freezes should not be limited solely to Robinhood.This is a serious matter. Committee investigators should examine any retail services freezing stock purchases in the course of potential investigations - especially those allowing sales, but freezing purchases.

— Alexandria Ocasio-Cortez (@AOC) January 28, 2021

Yes @aoc. We need an investigation into RobinhoodApp’s decision and who influenced that. And this shows the need for a financial transaction tax on hedge fund shorting and SEC regulations on short selling practices. https://t.co/mYX8Ab3JwH

— Ro Khanna (@RoKhanna) January 28, 2021

To summarize, Wall Street's elite were baited by Redditors into a trap. What started as a taunt from Wall Street ended up surging GameStop's stock, which reached a staggering $422 per share and cost short-sellers over $70 billion in losses.

The story of the week has been financial elites losing their minds at being outplayed by redditors. If your job is markets, what’s happening is insane! But if your area is tech, the only surprising thing is how this didn’t happen sooner. https://t.co/HpWkH3Grc2

— Brian Fung (@b_fung) January 28, 2021

Here's a tweet to help make sense of it all:

$GME Short squeeze explained nicely:Snake - Melvin Capital & CitronApes - Retail Investors Credit @ the group pic.twitter.com/0vyyg9lsnJ

— Tashi Tsenkyap (@tashitsenkyap) January 26, 2021

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Joe Rogan's take

The word podcast is synonymous with Joe Rogan, whose 'The Joe Rogan Experience' is a one of a kind show. Being unfiltered and undulated is his signature style.

Joe Rogan mentioning how Redditors helped expose the corruption (Image via YouTube/PowerfulJRE)

In the latest episode of 'The Joe Rogan Experience,' he poked the American elite calling for stricter regulations to ensure that another GameStop fiasco doesn't occur.

He started by saying:

"The insane situation that's happening with GameStop, these intelligent vipers from Reddit, decided that they were going to figure out how to win on their terms. The hedge fund guys have always been manipulating the stock market in a very similar way, and when someone else does it, well, they don't like it."

Dear SEC we just want an even playing field. Under current rules that would be:1. All profits kept2. All losses covered by government bailouts3. Oh and we dont want to pay any of those taxes that were used to bail us out

— shawn greene (@shawngr54733165) January 29, 2021

In an interview on CNBC, the president and CEO of Nasdaq, Adena Friedman, discussed the future of the stock market and new regulations that may be needed to be put into place. These regulations would ensure that another GameStop situation didn't occur.

President and CEO of Nasdaq, Adena Friedman, talking about stock market manipulation (Image Via CNBC)

She was quoted as saying:

"As we look at these new technologies that have become available to everyone, including investors. I think it's important for regulators to understand that manipulation is manipulation irrespective of whether it's happening through new technology or traditional mail. It's about making sure that we can understand what's happening at all time and working together with regulators to manage the situation."

Joe Rogan talks about regulations in the stock market (Image via YouTube/PowerfulJRE)

In response to her comment, Joe Rogan had this to say:

"They're calling for regulations? The billionaire elite never calls for regulations. The last thing that they want, in terms of manipulating the market and make as much money possible, are regulations."

The GameSpot incident seems to have shaken the foundations of the American stock market. It's unclear what happens next, but in the meantime, GameSpot's shares are still going strong at $325.00 per piece.