The hedge fund, which has lost 30% of the $12.5bn (£9.1bn) it manages this year, was outmanoeuvred by an army of Patriot users from the forum “Wall Street Bets”. The group sought to punish the financial giants betting against GameStop by sending the chain’s shares soaring. outmanoeuvred ??? How about CRUSHED !!!!!
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They have until Friday per the contract. It's far from over and the SEC and the Stock Exchange are going to be unmasked as rigging the game for their friends. This shit has the potential to do damage unseen since the Start of the Scamdemic and quite possibly as bad as Black Tuesday being the herald of The Great Depression.
Couldn't they just get rid of the short selling? I find the idea of betting, hoping and trying to ensure something fails, for your own small profit, to be cynical. Probably why Elon Musk was so gleeful about this happening, he's been dealing with these faggots forever.
Short selling has its uses but like all things, it gets misused and abused. For example, in the same way fund managers use the media to sink a stock, they also use media to artificially boost stocks. So shorts can be used to deflate an artificially inflated stock BUT the thing is that very few people, ie., just the big players, are able to short stocks. You and I can't short a stock and that means we are always the losers in the game.
All the more reason to dump it, although I suspect their more likely course of action is to anonymize short-selling to ensure the big player's corruption is protected and legalized.
I don't believe them when they say they have closed the position. They are waiting for the SEC to intercede.
Totally agree.
GOOD. We love to see it.
They lost that money, wonder how long itbis going to take clients to remove the rest of their funds.
They are probably still losing more as we speak
Melvin Capital had over $12 billion, but only 7 clients.
What a melvin.
Urban dictionary: "A frontal wedgie. Instead of underpants being up your butt crack, they ride up into the labia."
The front butt
Other hedge funds to follow.
Patriots are on reddit?
What a bunch of melvins
AHAHAHHAHAHAHAHAHAHAHA That's what Melvin Capital gets for using Reddit !!!! Should've used DotWin instead lol.
I don't really understand what happened here with this Gamestop story...
Could anyone possibly explain it to me like I'm 5?
Cheers...
Go buy one GME a stock, just one, enjoy the ride.
Would it be a good idea or a bad idea to take $100-200 and buy shares right now, in your opinion?
I call it entertainment money, what ever I’d spend on a month for dinners and movies , I bought one gme share to entertain myself this month. Just imagine it is a slot machine eating your quarters and will go away. If you are comfortable with that for the entertainment and learning factors, go ahead.
Full disclosure, I’ve lost thousands in the market with individual stocks. So my advice is as valuable as you feel to take it. Or leave it.
Question, will these loses effect 401ks or retirement funds? Not sure how that all works. I just know we pay a company to manage it.
All the hedge funds bet on the "sure thing" because they thought COVID-PRC, and its Democrat sympathizers, would ensure all small/medium sized retail would fail.
Only question now is: how will "journalists" attempt to convince us the billion-dollar hedge funds trying to put thousands of low-wage earners out of work are actually the good guys being victimized?