About right & add a couple of numbers. Stock was at $20, hedge funds
were trying to drive it to $10 by throwing shade. Shorts have to be
covered at certain risk points. Reddit'ers in a market bet group saw
that the hedges had shorted it by ( get this ) 130% of released stock!!!
( how they can borrow more than 100% is apparently allowed in futures
(bad)).. Redditors drove it to $147/share and the hedge funds and one
in particular were $137 BILLION in the red. The one that was going BK
borrowed $76 Billion to cover from another hedge and briefly sent it
back down _for a couple of hours_ till the redditors dug in again. (
they know that the short _has_ to be covered. Then it got serious.
Musk and some other really rich people who have been burned by hedge
funds doing this to them ( Telsa stock had been depressed for years by
this ) decided that it was time for the chicken to come home to roost.
They decided to throw $$ at it that they don't really worry about.
What's 10 million to Musk? Today I saw it trading briefly at $390.
Wall Street is rallying behind the hedges and calling in all the favors
due. PR, Congress, investors like public retirements, etc. They are
going to push for legislation. Truly a screw you between two groups.
I'm warming up the popcorn...
Best comment I've seen from the Hedge fund CEO. I've lost my company,
my house, my cars, my boat, my wife, how could you do this for "fun"
Responses were hilarious... Like, "Didn't you put any away for a rainy
day?"
On 01/28/2021 09:31 AM, David Coudron wrote:
My wife has been following this, so I am relating second hand
information. This is the way I understand it.
A hedge fund guy has been bashing game stop for some time. Says
business is outdated. Terrible stock, etc. Turns out the his fund
owned a bunch of it and had been betting on it going down and short sold
it. Gamers got pissed about bashing game stop and organized a buy of a
bunch of stock. Stock price went way up, and now the hedge fund who
had short sold it, had to buy back at high prices. Lost $10 Billion
last time she looked. They stepped in to keep the hedge fund from
collapsing.
That is what I understand anyway.
Regards,
David Coudron
*From:* AF <[email protected]> *On Behalf Of * Steve Jones
*Sent:* Thursday, January 28, 2021 11:26 AM
*To:* AnimalFarm Microwave Users Group <[email protected]>
*Subject:* [AFMUG] Ot: gamestop
Can someone break this down for me to a window licker level of dumb?
If i understand it, hedgefund operators banked on the price going down,
so shit posters rallied together to drive it up, and on friday the
hedgefund operators are forced to purchase at the inflated price? Is
this the gist?
Now government is trying to step in to protect the hedgefunds from the
shitposters?
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