We know that the short position that the hedge fund dudes had taken was as high as 140% of the float but as I read this at the close of Friday trading, it would appear that this number still is at about 120% of the float. Plus the stock price at this very moment is $320. It would appear to me that those who bought it up are looking like they are going to hold so this fun looks like it is going to last a bunch longer...and in fact, it might just be starting.
Does this not appear to be a Mexican standoff? Or am I missing something?
https://www.marketwatch.com/investing/stock/gme
The hedge funds tried to do a ‘short ladder attack’ on GameStop in the last hours of trading, buying and selling shares between themselves at artifically low prices in order to drive down the posted price. It was an attempt to spook the retail investors into a selling stampede.
The short ladder attack drove the share price down to $240 just before the final hour of trading, but then WallStreetBets yelled “It’s a trick! Hold! Don’t sell!” It worked and GameStop closed the week at $320.