Late Wednesday night, President Biden finally announced his plan for further stimulus—amid controversy. His plan contains proposed a $600 billion stimulus package in which the government would purchase approximately 1.4 billion shares of GameStop (nyse: GME), currently trading at 'bout $350 a share, at the start of market on Thursday.
Shares of GameStop have risen over the past week amid an attempt from redditors from a subreddit called r/wallstreetbets. Redditors were attempting to bankrupt a hedge fund investor by causing a short squeeze—not a reference to former President Trump's hands.
Former President Trump successfully delivered on a $600 stimulus check that he personally signed for nearly all 330 million Americans—despite his stated claims, this did not increase its value. President Biden's early proposals for a $1,400 stimulus check were panned across the political spectrum, but with his latest proposal, he has somehow delivered on his promise of "unity". A tweet from xXCallOfBooty1776Xx read "I was really disappointed when the president didn't propose to give me one sixteenth of a bitcoin, but this latest proposal is really winning me over." Bitcoin shares have fallen as basement-capitalists have switched from betting against the US dollar to betting in favor of a used game sales company.
Though the SEC had announced it is monitoring the situation, GameStop shares continue to climb due to speculation that the president himself would execute the trade on Robinhood. "c'mon, it's an easy app to use", Biden said while signing an executive order to automatically sign every american up for a TikTok account.