Saw a bunch of comments over at r/WSB that "WE CONTROL THE PRICE." If we say it's worth $100,000 then it is! This is misguided and I wrote up a response:
You're sort of right. Yes in theory the market could collectively decide that GME is worth $1M a share and if every owner of a share banded together and could enforce this price, a cartel on GME shares would be formed.
There's a problem with this though, first one is what actually could happen if the cartel succeeds but I'll get to that later. This requires a mechanism to enforce discipline on every single holder of GME. Right now traders can buy dips, pretend to be on the train then sell, rinse and repeat, dip and rip.
You might ask,