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 ...
Oh. Now I get it
Weaponized autism (not my term) wins again.
A bunch of angry gamers going ape on a hedge fund.
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.
Beijing Biden will bail them out😥
Pretty impressive. And condign. Citron puts out reports trashing companies they short and clean up, nice to see the tables turned for once.
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.
Weaponized autism (not my term) wins again.
A bunch of angry gamers going ape on a hedge fund.
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I’m lovin’ anything that destroys the status quo, ‘cause the status quo needs disruption .
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!!
"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.
Pretty impressive. And condign. Citron puts out reports trashing companies they short and clean up, nice to see the tables turned for once.
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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?
Now there’s a “Save AMC” movement.
This is an episode of Billions playing out before your eyes
Check out AMC this morning
btw, Patrick Byrne will be loving this...he has a “thing” about short sellers.
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.
I have no quotes right now on AMC for options
This saga is going to bankrupt a lot of people...including options makers
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.”
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
BedBath&Beyond is being manipulated by social media, too.
I didn’t realize this was happening until yesterday
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
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