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re: I need an explanation; Robinhood & GameStock related
Posted on 1/29/21 at 5:59 am to Wtodd
Posted on 1/29/21 at 5:59 am to Wtodd
Hedge funds borrowed GameStop stock and sold it planning to buy it back at a lower price when it was due. Folks found out and bought it up forcing the price up knowing the hedge fund had to buy it back.
Instead of selling it high and buying it back low the hedge funds had to buy it really high thus losing money.
Instead of selling it high and buying it back low the hedge funds had to buy it really high thus losing money.
1
Posted on 1/29/21 at 6:01 am to Smokeyone
Thanks Smokey 
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