Definitely not but he helped deliver the death blow. They just confirmed Melvin Capital pulled out. Nobody knows how much they lost but it's at least the $3 billion Citadel had to give them. That's an L for the establishment.
A huge hedge fund "shorted" GameStop assuming it was gonna go out of business. Essentially they made a bet that GameStop would fail. And if it did, they'd make money. BUT, if GameStop stock goes up after they short it, they lose money. And like a lot of money. They made a huge bet GameStop (brick and mortar) would go under and in a week, it's gone up 600% thanks to reddit and the internet people. The hedge fund Melvin Capital is losing billions of dollars off of this bet.
Don't make him the face he just jumped on the bandwagon after the fact. Glad those crazy bodies are gonna get paid though.
Definitely not but he helped deliver the death blow. They just confirmed Melvin Capital pulled out. Nobody knows how much they lost but it's at least the $3 billion Citadel had to give them. That's an L for the establishment.
FAKE NEWS IS CONFIRMING THIS.
BUT WE KNOW THEIR REPUTATION AND CREDIBILITY
Malvin has NOT closed their shorts positions !!!! CNBC is offering FAKE NEWS There is not enough Volume to have closed their position!
HOLD THE LINE
YES SIR.
Not true. FakeNews is trying to tamper GME stock gains. Autistics are trying to shoot the stock to 1k and beyond.
Yeah wallstreetbets are regular, everyday workers like you and me.
Can someone please explain for us financially illiterate?
Hey I dropped a simplified explanation in one of the other comments.
Thanks. Looks like the little people have power after all.
I need a tl;dr on this situation. It sounds funny as hell but I don’t understand the implications.
A huge hedge fund "shorted" GameStop assuming it was gonna go out of business. Essentially they made a bet that GameStop would fail. And if it did, they'd make money. BUT, if GameStop stock goes up after they short it, they lose money. And like a lot of money. They made a huge bet GameStop (brick and mortar) would go under and in a week, it's gone up 600% thanks to reddit and the internet people. The hedge fund Melvin Capital is losing billions of dollars off of this bet.
Ah, okay. That’s great. Does Elon Musk have a particular issue with this hedge fund or is he just having fun?
Honestly no idea. It certainly seems like he’s just giving Wall Street the middle finger.
The same hedge fund has been shorting a Tesla for many years.