This is working because the hedge funds have taken positions that are not only greedy but also possibly have used illegal trades. GameStop has been highly manipulated by those hedge funds which left them open to this.
The stock was the most shorted stock in the history of the stock market. Look at it now....but let’s be real. This will not last long and WILL come falling down quickly. The million dollar question is when.
the sec already has said they wont fuck with wsb normies, at most theyll snoop around looking for insider info. the shorts were public info this has happened before
I don't see how. Wallstreet has been smashing the most shorted shocks to screw anyone betting against the market for a decade to keep pushing it higher. Then again there are two sets of rules everyone has to play with so..
Is Reddit going to be held responsible for allowing the coordination of stock market manipulation on their platform? Can the firm sue Condé Nast? I mean 5B is a bit more than I think Condé Nast or cuck-spez can pony up.
IANAL, but it would seem that a lot of these Redditors are about to be hunted and buttfucked by the SEC after SPEZ and Co start turning in their IP addresses so they don't get sued into oblivion. But like I said, IANAL...
https://www.law.cornell.edu/uscode/text/7/9
(1)Prohibition against manipulation
It shall be unlawful for any person, directly or indirectly, to use or employ, or attempt to use or employ, in connection with any swap, or a contract of sale of any commodity in interstate commerce, or for future delivery on or subject to the rules of any registered entity, any manipulative or deceptive device or contrivance, in contravention of such rules and regulations as the Commission shall promulgate by not later than 1 year after July 21, 2010, provided no rule or regulation promulgated by the Commission shall require any person to disclose to another person nonpublic information that may be material to the market price, rate, or level of the commodity transaction, except as necessary to make any statement made to the other person in or in connection with the transaction not misleading in any material respect.
Gotcha, what you linked is related to insider trading and non public information disclosure specifically. This will definitely be an interesting situation to watch play out.
True but the short positions were public information so I don’t see the relevance of them potentially being insiders in this case. If this weren’t a fake bubble it would be a different situation.
I agree, this isn't about money, this is purely about fucking over scum hedge funds that are trying to destroy a company with possibly illegal trading practices.
In Pre-Market it's at $342 !!! Amazing.
The risk is, the Hedge Funds are just as corrupt as politicians and the judiciary, there are dirty tricks they can pull and I wouldn't be surprised if the SEC came to their rescue or they got GameStop to issue shares.
A bunch of people stuck at home went down the list of stocks looking at them and found that gamestop's stock was shorted 130%(as in more shares than that exist) and spread it to reddit, where more studied it and found that investors were purposely screwing with the stock to make money on shorting it, and then decided to screw those investors.
Shorting is where you borrow someone else's shares and sell them immediately, then buy them back at a low price later to return to them. When you do this and then the stock rises, the brokerage companies(etc) will start pushing for you to return their shares unless you can convince them to wait longer. So when the price started going up, they wanted their shares back, the investors/companies/shorters didn't have the money to do that, needed a bail out, then proceeded to SHORT IT AGAIN.
Hedge funds shorted the stock which means they borrowed stock from a brokerage then sold it at the market value. The hedge fund pays the brokerage interest on what amounts to a loan of stock, but eventually is required to return the stock. This means that they lose money if the stock goes up and make money if the stock goes below what they sold at. People are keeping GME expensive as fuck because they know that the hedge funds will need to buy it to return it to the brokerage at some point regardless of the market price of said stock. They could be looking at billions in losses because of this and if they are unable to make good it could cause a serious market failure.
I would not risk a short position on this stock, the activism is aimed at punishing short sellers after all, it could go to $500 at least if the hedge funds are forced to cover.
Sure this is going to tank, that is obvious but the short interest is still over 100% of the float, I think 130% right now.
This is fantastic. Might be a good war strategy to bring down these woke banks.
I was thinking the same thing, or to elevate brands we support.
This is working because the hedge funds have taken positions that are not only greedy but also possibly have used illegal trades. GameStop has been highly manipulated by those hedge funds which left them open to this.
only works like this when there is a big short
wallstreetbets needs a .win before reddit bans them
I was thinking that earlier.
I also think Reddit would love to ban them but they need to invent some pretext first.
Time for a single poster with a day old account to post about not being 100 percent pro trans and boom community banned
Yuup.
Greedy short sellers got caught with their dick in the cookie jar.
Nice.
The stock was the most shorted stock in the history of the stock market. Look at it now....but let’s be real. This will not last long and WILL come falling down quickly. The million dollar question is when.
About one second after the Hedge Fund is locked in and completely fucked (aka 100% bankrupt) with their shorts. Then it'll sink.
not before a mega spike
Hopefully not before I make another 122%.
This is hilarious, but the SEC is about to fuck these guys so hard.
the sec already has said they wont fuck with wsb normies, at most theyll snoop around looking for insider info. the shorts were public info this has happened before
how so?
Isn't this manipulation?
I don't see how. Wallstreet has been smashing the most shorted shocks to screw anyone betting against the market for a decade to keep pushing it higher. Then again there are two sets of rules everyone has to play with so..
Define "these guys"?
I have been giggling all day over this! Even Elon Musk has been shit posting!
Is Reddit going to be held responsible for allowing the coordination of stock market manipulation on their platform? Can the firm sue Condé Nast? I mean 5B is a bit more than I think Condé Nast or cuck-spez can pony up.
Spez is only worth about $4 million. He sold his half of Reddit to Conde Nast back in 2006.
IANAL, but it would seem that a lot of these Redditors are about to be hunted and buttfucked by the SEC after SPEZ and Co start turning in their IP addresses so they don't get sued into oblivion. But like I said, IANAL... https://www.law.cornell.edu/uscode/text/7/9 (1)Prohibition against manipulation It shall be unlawful for any person, directly or indirectly, to use or employ, or attempt to use or employ, in connection with any swap, or a contract of sale of any commodity in interstate commerce, or for future delivery on or subject to the rules of any registered entity, any manipulative or deceptive device or contrivance, in contravention of such rules and regulations as the Commission shall promulgate by not later than 1 year after July 21, 2010, provided no rule or regulation promulgated by the Commission shall require any person to disclose to another person nonpublic information that may be material to the market price, rate, or level of the commodity transaction, except as necessary to make any statement made to the other person in or in connection with the transaction not misleading in any material respect.
Edit: I see one of them downvoted this...
What insider trading took place?
Like I said IANAL, but it would seem that manipulation of a stock is illegal if coordinated.
Gotcha, what you linked is related to insider trading and non public information disclosure specifically. This will definitely be an interesting situation to watch play out.
For all we know one or more of those redditors are insiders at gamestop... I doubt it but anyone can be anything online.
True but the short positions were public information so I don’t see the relevance of them potentially being insiders in this case. If this weren’t a fake bubble it would be a different situation.
How do I get In on this carnage? Is it as easy as buying gme stock? Investing noob here
robin hood . com but youre late
Yes, you just buy GME. Options are pointless right now as the premiums are too high anyway.
The shorts are still in so there hasn't even been a short squeeze yet that has forced them to sell.
I think that is the patriotic thing to do, not as an investment, but to fuckover the bastard hedge funds. We should all buy one share each
I agree, this isn't about money, this is purely about fucking over scum hedge funds that are trying to destroy a company with possibly illegal trading practices.
In Pre-Market it's at $342 !!! Amazing.
The risk is, the Hedge Funds are just as corrupt as politicians and the judiciary, there are dirty tricks they can pull and I wouldn't be surprised if the SEC came to their rescue or they got GameStop to issue shares.
fractional shares
Too late. Don't FOMO.
could watch $bb
fuck em
Anyone able to EL5 what’s happening?
A bunch of people stuck at home went down the list of stocks looking at them and found that gamestop's stock was shorted 130%(as in more shares than that exist) and spread it to reddit, where more studied it and found that investors were purposely screwing with the stock to make money on shorting it, and then decided to screw those investors.
Shorting is where you borrow someone else's shares and sell them immediately, then buy them back at a low price later to return to them. When you do this and then the stock rises, the brokerage companies(etc) will start pushing for you to return their shares unless you can convince them to wait longer. So when the price started going up, they wanted their shares back, the investors/companies/shorters didn't have the money to do that, needed a bail out, then proceeded to SHORT IT AGAIN.
I think that's how it goes.
Hedge funds shorted the stock which means they borrowed stock from a brokerage then sold it at the market value. The hedge fund pays the brokerage interest on what amounts to a loan of stock, but eventually is required to return the stock. This means that they lose money if the stock goes up and make money if the stock goes below what they sold at. People are keeping GME expensive as fuck because they know that the hedge funds will need to buy it to return it to the brokerage at some point regardless of the market price of said stock. They could be looking at billions in losses because of this and if they are unable to make good it could cause a serious market failure.
All these gains are going straight into crypto once the music stops, I have a feeling...
we the people 1 - the elites 0
When does one risk a short position? $200 seems like it should happen.
I would not risk a short position on this stock, the activism is aimed at punishing short sellers after all, it could go to $500 at least if the hedge funds are forced to cover.
Sure this is going to tank, that is obvious but the short interest is still over 100% of the float, I think 130% right now.
Agree. This is out of my league. I’m happy to see these Biden loving NY Liberals get fucked.
its a 209 rn, but the hopes are forcing a 2008 vw short squeeze situation
Don't short it, if you want to cash in jump in and put a sell order at somewhere below $1000
I miss WSB. Still not going back to Reddit tho
Get fucked wallstreet.
Time to close down Reddit!