The folks on Reddit brought out that Gamestop was at 140% shorted.
Looks like they destroyed a hedge fund who had heavily shorted GME.
Now the big boys want to change the rules “to protect the uneducated retail investors” I hear this SEC moron actually trying to protect the Wall St scumbags
Count me in the group where sticking it to hedge funds is a good thing, always. Even if it’s from the f’ing lunatics from r/WallStreetBets.
This has been a fascinating story to keep track of. Looks like td ameritrade and schwab have begun restricting these stocks. A bunch of plebeians took over the private club!
Really sticking it to the little guy, those redditors.
Fun while it lasted. House always wins though
$460 this morning, crazy
Party over
I don’t think it’s quite over yet, despite efforts to halt trading on it.
Just want to see Melvin Capital Bankrupt. They over-leveraged their short position and got their pecker caught in the wringer
140% short? Reminds me of “The Producers”.
Count me in the group that seeing hedge funds collapse sweat, etc. is a good thing.
It’s funny how hated these guys are they are catching it from all angles as well they should be in my opinion. I hope Robinhood gets ripped for halting the trading, but in the end these guys are propping up companies with bad fundamentals and it will come back to bite them eventually.
Robinhood shut down buying of GME as did a couple other brokerages. Stock tumble to 193. In after hours it’s up to $287
Another example of screwing the small guy. I bet Robinhood suffers from what they did today
And they should that was pretty shameless what they did.
I am unsure as to why people hate hedge funds? I would love an explanation
Don’t hate them. Like it when they get caught gaming the system. The only punishment is money since the SEC is in their pocket
It’s a pretty commonly-held perception (I don’t know enough about its accuracy to say with any certainty) that Hedge Funds don’t really do anything, and that they make large amounts of money by taking advantage of people.
There’s also a non-negligible amount of good old-fashioned anti-Semitism and some communist sympathies mixed in there, too, like there basically always is with criticism of the Financial industry.
I would call shorting 140% of a stock akin to what Max Bialystock did in “The Producers”. As long as the company fails, they win.
Lots of little guys will end up getting screwed in this thing when the price inevitably collapses.
Their fault if they’re still holding after the squeeze.
Not all will time that right. I’m also guessing there are plenty of people getting involved that have no business buying individual stocks. Even those that do may guess wrong.
There will be winners and losers on all sides of it. I’m guessing the house finds a way to win in the end though.
That doesn’t mean I’m not enjoying watching hedge funds squirm.
This is the post on WallStreetBets that set it off…
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