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re: Someone explain this Game Stop deal.
Posted on 1/27/21 at 3:03 pm to Rex Feral
Posted on 1/27/21 at 3:03 pm to Rex Feral
GME was/is shorted 130% of outstanding stock. In other words there was some frickery going on.
Reddit and 4chan users noticed. Elon Musk noticed. He took interest because the hedge fund that had/has a major short position on GME tried short Tesla a year or so ago and that pissed Elon off.
Reddit and 4chan users with Elon's twitter notice and told people to buy GME. It doesn't take much buying pressure to make a stock skyrocket when there is a 130% short position on the stock.
Reddit and 4chan users noticed. Elon Musk noticed. He took interest because the hedge fund that had/has a major short position on GME tried short Tesla a year or so ago and that pissed Elon off.
Reddit and 4chan users with Elon's twitter notice and told people to buy GME. It doesn't take much buying pressure to make a stock skyrocket when there is a 130% short position on the stock.
1
Posted on 1/27/21 at 3:09 pm to GumboPot
quote:
tried to short Tesla a year or so ago and that pissed Elon off.
Not only did they short Tesla, they bragged about it. I’m not a legal expert, but it sure seems like some chickens coming home to roost.
This post was edited on 1/27/21 at 3:10 pm
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