Talk show host Rush Limbaugh reacted to the Gamestop trade saga on Thursday by blaming “elites” and claiming that only certain people can make money in this country.
“Folks, it’s not just political now. The elites are bent out of shape that a bunch of average, ordinary users have figured out how to make themselves billionaires,” said Limbaugh.
On Wednesday, a group of small day traders organized on Reddit sent shares of Gamestop soaring. These mostly young traders bought stocks in droves to raise its price because hedge fund managers shorted it.
“Well now, with this Gamestop story, and the revelations contained in it, the elites, the same people that were hell-bent on getting rid of Donald Trump, the same people are now trying to tell you what you can or can’t do with your money,” Limbaugh said.
Robinhood, TD Ameritrade and others restricted trading on Thursday following an unexpected surge in trading volume of shares.
“In the process they are harming the intended winners in this financial circumstance and that would be the hedge funds out there,” Limbaugh said.
GameStop Corp. shares have risen by more than 1,900% since the start of this year. The company’s stock had been struggling for six straight years before a slight surge in 2020 and its most recent explosion.
