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re: If the SEC or Fed steps in to help the Wall Street institutions that shorted GME....
Posted on 1/27/21 at 8:46 pm to stout
Posted on 1/27/21 at 8:46 pm to stout
I saw someone recommend that Gamestop sell off a lot of shares and cover their debts.
The logistics of making that happen was kind of out of the question though.
The logistics of making that happen was kind of out of the question though.
3
Posted on 1/27/21 at 8:47 pm to goofball
It's hilarious to me what they did. Hedge funds manipulate the markets all the time.
Posted on 1/27/21 at 8:48 pm to goofball
It’s a big club and we aren’t in it. I hope the ruling class becomes more bold and takes it too far so the proletariat (I know it’s a communist term but that’s the best word to describe everyone else) rises up and takes back the government.
Posted on 1/27/21 at 8:50 pm to The Spleen
quote:
I don’t mean to be a dick here, but you should really go read what is actually happening here. It’s pretty clear you don’t really know what this thread is about.
I've read some of it. I'm curious to know where you think I'm wrong, and I mean that sincerely.
My take on is it that somehow Reddit, etc. caught wind of a shorting effort that had gotten over-extended and managed to wrong-foot the big guys for a day or two.
Big price changes in equities can happen when groups like this dominate trading volume over the short term. The SEC caught wind of it and is questioning where these people got their information. Trading in GME is getting restricted- as often happens when a stock price makes big moves in the absence of some news about the actual, underlying business.
None of it surprises me or seems particularly sinister. It is likely there's some insider trading aspect to it. Now, insider trading isn't illegal everywhere, but it's illegal where most of us live, and we have to accept that (for now at least).
Yes, the whole thing has a David-vs.-Goliath appeal to it, but we can't ignore the rules for David. You cannot, in the USA, parlay leaks into stock runs into profit... no matter how shabby your basement is.
Posted on 1/27/21 at 8:50 pm to LSU Mandalorian
Excuse my ignorance but what drove the interest in the first place, do they have valuable IP? A new way to distribute content? I remember GameStop from my younger days and I’m not sure what about their business model fueled the initial interest... well before people started buying speculatively.
Posted on 1/27/21 at 8:53 pm to StringedInstruments
quote:
CNN currently has an article up connecting the Reddit users to Trump.
Wow. Their editor in chief was actually connecting it to Trump
Posted on 1/27/21 at 8:55 pm to SM6
quote:
Excuse my ignorance but what drove the interest in the first place, do they have valuable IP?
It was mostly hedge funds shorting the stocks. Same with AMC. It really is a way that regular investors can teabag Wall St billionaires
Posted on 1/27/21 at 8:55 pm to SM6
quote:
Excuse my ignorance but what drove the interest in the first place, do they have valuable IP? A new way to distribute content? I remember GameStop from my younger days and I’m not sure what about their business model fueled the initial interest
That's all I am saying. They are sitting on a $24 billion market cap right now. That's about 60% of Ford's market cap. What's the justification? Some Reddit neckbeards drove up the price on a slow trading day?
I mean, give the neckbeards their money if they can't be shown to have run afoul of insider trading laws... if... but I certainly understand a halt on trading GME. That kind of thing happens all the time.
*tips fedora*
This post was edited on 1/27/21 at 8:56 pm
Posted on 1/27/21 at 8:56 pm to 1BamaRTR
As I said on MT, this is the 2021 version of storming the Bastille.
Posted on 1/27/21 at 8:57 pm to High C
quote:
As I said on MT, this is the 2021 version of storming the Bastille.
LOL no.
This is the kind of horseshite I really object to. Read my posts if you honestly care about life outside grandma's basement.
Posted on 1/27/21 at 8:57 pm to goofball
So what if they don't? What will that prove?
Posted on 1/27/21 at 8:59 pm to USMEagles
quote:
This is the kind of horseshite I really object to. Read my posts if you honestly care about life outside grandma's basement.
You are a fricking idiot. They exposed a huge weakness in the system this week and will probably cause ripples that bring changes.
No idea how much the value is, saw someone in the hundreds of millions estimations to the shorts. No idea if that is accurate.
This post was edited on 1/27/21 at 9:01 pm
Posted on 1/27/21 at 9:01 pm to fightin tigers
quote:
They exposed a huge weakness in the system this week and will probably cause ripples that bring changes.
Any rule changes will be pro Wall Street, not the little guys.
Posted on 1/27/21 at 9:02 pm to fallguy_1978
Oh, no doubt.
We had the discussion that if anything this will limit the access of the individual (retail) investor.
We had the discussion that if anything this will limit the access of the individual (retail) investor.
This post was edited on 1/27/21 at 9:03 pm
Posted on 1/27/21 at 9:04 pm to USMEagles
quote:
My take on is it that somehow Reddit, etc. caught wind of a shorting effort that had gotten over-extended
The short positions are publicly available. One guy noticed one particular hedge fund firm held a bunch of short positions on GME, and started hammering it to drive the stock price up and screw over that hedge fund. I first heard about it late last week, so it’s been in process for a while now. Last week the stock was trading at less than $5 a share. It closed today trading at almost $350 a share.
As far as I know, no insider information has been used.
Posted on 1/27/21 at 9:05 pm to fightin tigers
GME can only do a stock offering of $100MM for now. I’m sure they’ll do it on the backend. They do have a duty to their company and to do it now will cause the least harm.
Posted on 1/27/21 at 9:12 pm to fightin tigers
quote:
No idea how much the value is, saw someone in the hundreds of millions estimations to the shorts. No idea if that is accurate.
Josh Caplan
@joshdcaplan
NBC NEWS: Short-sellers lost $14.3 billion today alone on GameStop stock, according to S3 Partners
Source
Posted on 1/27/21 at 9:12 pm to USMEagles
quote:
I mean, give the neckbeards their money if they can't be shown to have run afoul of insider trading laws... if... but I certainly understand a halt on trading GME. That kind of thing happens all the time.
Those guys aren't insiders. There are almost 4 million registered subscribers on WSB. Anything on there is very public information. So was the underlying information.
The hedge funds can't argue collusion/manipulation because there are way too many retail investors and it's impossible to coordinate that many.
You *might* be able to accuse a ringleader of pump and dump but even that's a stretch. Most people selling at a profit did so because they were cashing out after a spike that an average person could have reasonably predicted.
The people who are holding still get to sell to the hedge funds at a profit unless they jumped aboard too late.
At the end of the day, this is simply the Wall Street fat cats winning stupid prizes.
Posted on 1/27/21 at 9:16 pm to USMEagles
quote:
You cannot, in the USA, parlay leaks into stock runs into profit... no matter how shabby your basement is.
Well unless you are a prominent senator from Georgia or Nancy Pelosi.
You are a naive fella
Posted on 1/27/21 at 9:22 pm to USMEagles
quote:
I've read some of it. I'm curious to know where you think I'm wrong, and I mean that sincerely.
Pretty much everything you typed after this is wrong. Got wind of it? It’s public information. Institutional investors/hedge funds were manipulating the stock to crush it, expecting bankruptcy or something near it. They shorted 20% more stocks than even exist. When retail investors recognize a fundamental flaw in the institutional side’s investing strategy they exposed that flaw and now that they have it’s causing major issues. Someone called Wall Street on their BS, just like in 2008.
Networks are now on the attack.
CNBC Host gets scorched trying to go after retailer investors
This post was edited on 1/28/21 at 6:19 am
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