The hedge guys got lazy. I think they actually shorted more shares
than were available. Don't know how that works.. They weren't paying
attention and figured it was a done deal then got blind sided.
I am willing to bet that someone at every hedge fund is now reading
that reedit forum every day.
--
Best regards,
Mark mailto:[email protected]
Myakka Technologies, Inc.
www.Myakka.com
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Thursday, January 28, 2021, 1:13:01 PM, you wrote:
RA> About right & add a couple of numbers. Stock was at $20, hedge funds
RA> were trying to drive it to $10 by throwing shade. Shorts have to be
RA> covered at certain risk points. Reddit'ers in a market bet group saw
RA> that the hedges had shorted it by ( get this ) 130% of released stock!!!
RA> ( how they can borrow more than 100% is apparently allowed in futures
RA> (bad)).. Redditors drove it to $147/share and the hedge funds and one
RA> in particular were $137 BILLION in the red. The one that was going BK
RA> borrowed $76 Billion to cover from another hedge and briefly sent it
RA> back down _for a couple of hours_ till the redditors dug in again. (
RA> they know that the short _has_ to be covered. Then it got serious.
RA> Musk and some other really rich people who have been burned by hedge
RA> funds doing this to them ( Telsa stock had been depressed for years by
RA> this ) decided that it was time for the chicken to come home to roost.
RA> They decided to throw $$ at it that they don't really worry about.
RA> What's 10 million to Musk? Today I saw it trading briefly at $390.
RA> Wall Street is rallying behind the hedges and calling in all the favors
RA> due. PR, Congress, investors like public retirements, etc. They are
RA> going to push for legislation. Truly a screw you between two groups.
RA> I'm warming up the popcorn...
RA> Best comment I've seen from the Hedge fund CEO. I've lost my company,
RA> my house, my cars, my boat, my wife, how could you do this for "fun"
RA> Responses were hilarious... Like, "Didn't you put any away for a rainy
RA> day?"
RA> 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 business is outdated.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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