"Melvin Capital shorts GME. It’s a sure bet since GameStop is a dying company with a dying business model
whole bunch of other hedge funds get in on guaranteed money
uh oh, r/wsb and /biz/ find out the outstanding shorts add up to 130% of the existing shares. They start buying shares and refusing to sell since it’s guaranteed profits
when the short positions comes due, hedge funds have to buy every share on the market and then another 30% if they want to avoid getting assfucked by the SEC and every bloodthirsty lawyer on the planet for breach of contract and breaking tons of laws
the positions close Friday EOD
weaponized autism knew this would happen. Price per share goes from about $20 last month to $145 at close yesterday
any price above $175 means Melvin does not have enough assets to cover the purchase and their bank is on the hook for the difference
Elon “based African American” Musk tweets a link to a WSB about the whole thing. Probably because of a grudge from when Melvin bragged about shorting TSLA
GME opened at $340 this morning and only stayed below $300 after hours
/biz/ is confident it’ll hit $1000 by Friday
since there is a buyer that MUST buy every share (and then some) by a certain time, there is no theoretical upper limit to the share price. As long as the autism continues to HODL the price keeps going up
shills are everywhere desperately begging us to sell
we’re about to see hedgies jump from windows in numbers not seen since 1929"
Also, the weaponized autists of 4chan/biz uncovered this first (130% being shorted) but it was the groupthink of redditfags/wallstreetbets that took this info and ran with it. Usually /biz makes fun of /wallstreetbets and have little respect for them, but I think they may have found common ground.
I bought in today. Small position that I'm more than willing to donate to the cause. They claim to have already covered but I'm not so sure. Short intrest is still over 50%.
Credit too user STEVE_HUFFMANS_BULL
"Melvin Capital shorts GME. It’s a sure bet since GameStop is a dying company with a dying business model whole bunch of other hedge funds get in on guaranteed money uh oh, r/wsb and /biz/ find out the outstanding shorts add up to 130% of the existing shares. They start buying shares and refusing to sell since it’s guaranteed profits when the short positions comes due, hedge funds have to buy every share on the market and then another 30% if they want to avoid getting assfucked by the SEC and every bloodthirsty lawyer on the planet for breach of contract and breaking tons of laws the positions close Friday EOD weaponized autism knew this would happen. Price per share goes from about $20 last month to $145 at close yesterday any price above $175 means Melvin does not have enough assets to cover the purchase and their bank is on the hook for the difference Elon “based African American” Musk tweets a link to a WSB about the whole thing. Probably because of a grudge from when Melvin bragged about shorting TSLA GME opened at $340 this morning and only stayed below $300 after hours /biz/ is confident it’ll hit $1000 by Friday since there is a buyer that MUST buy every share (and then some) by a certain time, there is no theoretical upper limit to the share price. As long as the autism continues to HODL the price keeps going up shills are everywhere desperately begging us to sell we’re about to see hedgies jump from windows in numbers not seen since 1929"
This is the best explanation I've read.
Also, the weaponized autists of 4chan/biz uncovered this first (130% being shorted) but it was the groupthink of redditfags/wallstreetbets that took this info and ran with it. Usually /biz makes fun of /wallstreetbets and have little respect for them, but I think they may have found common ground.
I bought in today. Small position that I'm more than willing to donate to the cause. They claim to have already covered but I'm not so sure. Short intrest is still over 50%.
Thank you.