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Hedge fund Melvin Capital closes out GameStop short: CNBC (Gamers: 1; Wall Street: 0)
Market Watch ^

Posted on 01/27/2021 6:18:10 AM PST by TigerClaws

Hedge fund Melvin Capital closed out its short position in videogame retailer GameStop Corp., CNBC reported Wednesday. Fund manager Gabe Plotkin told CNBC's Andrew Ross Sorkin that the position was closed out Tuesday afternoon following a huge loss. Shares of GameStop have soared more than 600% in January after retail investors, organized via Reddit's WallStreetBets forum and other platforms, sought to push up a handful of heavily shorted stocks. Hedge funds Citadel and Point72 infused nearly $3 billion into Melvin Capital to shore up the fund, news reports said earlier this week. Plotkin told CNBC that speculation the fund would file for bankruptcy is false. Also, Andrew Left of Citron Research, in a video posted to YouTube on Wednsesday, said he covered the majority of Citron's short position in GameStop in the $90 price range.Shares of GameStop trimmed premarket gains after the report but remained up 78%.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: finance; gamestop; gme; hedgefund; melvincapital; stockmarket
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Gamers decided to pump up the value of this game-selling business that was facing bankruptcy. Hedge fund manager lost a couple billion.
1 posted on 01/27/2021 6:18:10 AM PST by TigerClaws
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To: TigerClaws

Oh. Now I get it

Weaponized autism (not my term) wins again.

A bunch of angry gamers going ape on a hedge fund.


2 posted on 01/27/2021 6:20:06 AM PST by redgolum (If this culture today is civilization, I will be the barbarian )
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To: TigerClaws

This is a big story. Wired carried it a while back. It’s kind of like Gamergate II. Gamers are a frontier breed, despite being mostly betamales who play at home. Still, when you tread on their turf, they become Minutemen.

I increasingly think the future of America is as Andrew Breitbart said NOT in politics, but in culture, and in a perverted way, this is a bunch of cynical “neckbeards” as my son calls them sticking it to the elites.


3 posted on 01/27/2021 6:20:58 AM PST by LS ("Castles made of sand, fall in the sea . . . eventually" (Hendrix) )
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To: TigerClaws

Beijing Biden will bail them out😥


4 posted on 01/27/2021 6:21:10 AM PST by TonyChris (Didn't vote for Amazon in last election)
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To: TigerClaws

Pretty impressive. And condign. Citron puts out reports trashing companies they short and clean up, nice to see the tables turned for once.


5 posted on 01/27/2021 6:23:55 AM PST by TimSkalaBim
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To: LS

Your twitter post got me looking into this. It is fascinating. If what I read is true there was a 140% short position against gamestop, which means in some way there is naked shorting going on. Naked shorting is supposedly illegal. It is interesting that the gaming community say an “exploit” and ran with it and literally made Melvin capital burn to the ground with all the naked shorts they had. This is big.


6 posted on 01/27/2021 6:26:07 AM PST by BRL
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To: redgolum

Weaponized autism (not my term) wins again.

A bunch of angry gamers going ape on a hedge fund.

I’m lovin’ anything that destroys the status quo, ‘cause the status quo needs disruption .


7 posted on 01/27/2021 6:30:16 AM PST by Flick Lives (“Today we celebrate the first glorious anniversary of the Information Purification Directives.”)
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To: TigerClaws

I had just finished reading this article regarding this topic, pretty interesting. A bunch of internet Trolls taking the Big Boys to the wood shed, gotta Love it!!

https://www.vox.com/the-goods/22249458/gamestop-stock-wallstreetbets-reddit-citron?utm_source=pocket-newtab


8 posted on 01/27/2021 6:31:27 AM PST by eyeamok
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To: LS
I increasingly think the future of America is as Andrew Breitbart said NOT in politics, but in culture,

"Politics is downstream from culture" -- Andrew Breitbart.

To change the political scene, you must first change the culture. You must change the perception of the people of what is virtue.

9 posted on 01/27/2021 6:32:54 AM PST by PapaBear3625 ("Those who can make you believe absurdities, can make you commit atrocities." -- Voltaire)
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To: TimSkalaBim

Pretty impressive. And condign. Citron puts out reports trashing companies they short and clean up, nice to see the tables turned for once.

Short positions had reached 140% of the available stock. These companies weren’t just running shorts, but naked shorts. Naked shorts! Who do they think they are, Biden?


10 posted on 01/27/2021 6:33:22 AM PST by Flick Lives (“Today we celebrate the first glorious anniversary of the Information Purification Directives.”)
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To: All

Now there’s a “Save AMC” movement.


11 posted on 01/27/2021 6:43:43 AM PST by TigerClaws
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To: TigerClaws

This is an episode of Billions playing out before your eyes

Check out AMC this morning


12 posted on 01/27/2021 6:43:44 AM PST by RummyChick (To President Trump: https://freerepublic.com/focus/f-chat/3923111/posts)
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To: RummyChick

btw, Patrick Byrne will be loving this...he has a “thing” about short sellers.


13 posted on 01/27/2021 6:44:31 AM PST by RummyChick (To President Trump: https://freerepublic.com/focus/f-chat/3923111/posts)
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To: TigerClaws

I am laughing my but off.

Of course, this will all be erased by the elite for reasons (when .gov people lose money, the games will stop).

But a wonderful sight.


14 posted on 01/27/2021 6:45:25 AM PST by redgolum (If this culture today is civilization, I will be the barbarian )
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Comment #15 Removed by Moderator

To: TigerClaws

I have no quotes right now on AMC for options

This saga is going to bankrupt a lot of people...including options makers


16 posted on 01/27/2021 6:46:31 AM PST by RummyChick (To President Trump: https://freerepublic.com/focus/f-chat/3923111/posts)
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To: TigerClaws

It’s such a volatile stock. It’s being controlled by social media. It’s up 150 points. I heard an investor yesterday say...”Dance if you want, but stay close to the door.”


17 posted on 01/27/2021 6:48:11 AM PST by nuconvert ( Warning: Accused of being a radical militarist. Approach with caution.)
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To: RummyChick

if you want a 300 GME option for next week expiration the ask is 120 dollars...LOLLOLLOL..this is worse vig than on AMZN options


18 posted on 01/27/2021 6:50:51 AM PST by RummyChick (To President Trump: https://freerepublic.com/focus/f-chat/3923111/posts)
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To: TigerClaws

BedBath&Beyond is being manipulated by social media, too.
I didn’t realize this was happening until yesterday


19 posted on 01/27/2021 6:51:36 AM PST by nuconvert ( Warning: Accused of being a radical militarist. Approach with caution.)
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To: RummyChick

these GME options are insane

if you want to buy a put for this week at 200 it will cost you 50 bucks but if you want to sell one you have...no bid

180 put will cost you 107 bucks but if you want to sell $1

this will narrow in a few minutes but it is crazy


20 posted on 01/27/2021 6:57:26 AM PST by RummyChick (To President Trump: https://freerepublic.com/focus/f-chat/3923111/posts)
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