Someone noticed that there were far more shorts (40%!) than stock shares issued on troubled company Gamestop. Experts expect it to BK soon, so the big hedge funds made huge shorts. Now the big Billionaire Hedge Funds are getting killed to the tune of BILLIONS, because a bunch of autists are beating them at their own game. The people holding the stock can command any price they want. The deadline for the majority of these shorts to cover is Friday, 3:59 PM EST.
Also, betting short without having the stock to cover it is highly illegal, it is called “going Naked”. The funds are going to be forced to spend many billions buying stock TO COVER these naked shorts, or they go to PRISON.
I'm a little lost on this whole gamestop thing. Here at Patriots is the first I heard of it. Could someone catch me up?
Someone noticed that there were far more shorts (40%!) than stock shares issued on troubled company Gamestop. Experts expect it to BK soon, so the big hedge funds made huge shorts. Now the big Billionaire Hedge Funds are getting killed to the tune of BILLIONS, because a bunch of autists are beating them at their own game. The people holding the stock can command any price they want. The deadline for the majority of these shorts to cover is Friday, 3:59 PM EST.
Also, betting short without having the stock to cover it is highly illegal, it is called “going Naked”. The funds are going to be forced to spend many billions buying stock TO COVER these naked shorts, or they go to PRISON.