we fucking know Gamestop has 20 million shares that it has chosen to hold and not release. Gamestop is a corporation and they're probably getting anal probed CCP covid tested right fucking now to put those 20 million held back shares on the market at low prices
we also fucking now those 20 million shares don't begin to cover the hole the fund is in.
They're likely heled by the BoD... and I don't know if they can just plop them onto the market right now (for instance, if they're a corporate officer like the CEO or CFO, they're required to notify the SEC and the public way in advance of any sales... so those stocks probably won't go anywhere.)
I'm talking about the 20,000,000 unheld public shares that gamestop has alrady reported, not shares currently held by anyone including BoD
Selling those shares were obviously prepared to be the last ditch hail marry to avoid bankruptcy (probaly to sell off to china where they'd hand over user data).
The paperwork has been prepped for 4 quarters now. COVID has been the only thing delaying bankruptcy because they could reduce hours and in some cases stop paying rent.
there was 60 million shares on the market as of last quarterly finding.
gamestop held 20 million shares in reserve preparing to avoid bankruptcy
(80 million publicly available shares total as of last filing)
WSB believes the fund had shorted roughly 75million shares (basically the entire company)
it's pretty obvious that an alternative theory is the funds and gamestop were probably colluding as the company closed down.
Shorting more shares than is on the market is plainly illegal. These "smart people" LOVE dancing around the law.
If the fund showed an agreement to the SEC where they agreed with gamestop to purchase the 20 million reserve shares at 30 cents on the dollar (holy shit that's a fucking common bankruptcy number), the big short is now perfectly legal.
What is happening today? Some big spenders reporting massive share buys at about a third to a quarter of the close price yesterday?
Why do all that? If it went as planned, they'd make $4 per share on the short, hedged with the 100 million dollars required to buy the shares at bankruptcy price from gamestop.
The fund walks away from this 150 million dollars richer. Gamestop gets to close down and claim Wall Street is the bad guy, and 50,000 low income americans get laid off because fuck them.
That would be beautiful. Here's to the first of hopefully hundreds of these things gutting the vultures. I'm all for speculation, but operations like Melvin aren't speculators, they're manipulators. Even without engaging in market manipulation, those kind of outfits have access to insanely asymmetric information and analysis and microtrading. Using just that they could make money 75% as fast, and 50% more ethically.
like I said in a reply above, I am 100% convinced gamestop execs and this fund were colluding to shut down the company.
I believe WSB OP that called this is probably some disgruntled secretary at gamestop that was legitimately concerned about the wellbeing of employees that was being ignored.
Would you assess Microsoft’s involvement of bailing them out though? It sounds good, but why would Microsoft for no seemingly good reason announce it would share digital sales profits from consoles that gamestop sold? This to me should have been a sign to all it wouldnt go bankrupt, that Microsoft was invested in keeping gamestop open.
other than it being a practically meaningless PR stunt? How much profit does microsoft make per console sold? Microsoft just closed all its retail stores and basically just bought a fucking retail giant on commission no less.
GET THE FUCK OUT OF THE STOCK MARKET. Shit is going to crash as a consequence of what Wall Street just pulled. I just sold all $60k worth of shares in everything.
Why does everyone think I'm talking GME? I'm talking THE ENTIRE FUCKING MARKET after the GME situation concludes! Investor confidence will be completely shattered after seeing what the government, Wall Street, and investor companies did to protect a scummy hedge fund that got so greedy, it deserves the biggest loss ever!
so fuck them
man wsb really is retards.
we fucking know Gamestop has 20 million shares that it has chosen to hold and not release. Gamestop is a corporation and they're probably getting
anal probedCCP covid tested right fucking now to put those 20 million held back shares on the market at low priceswe also fucking now those 20 million shares don't begin to cover the hole the fund is in.
They're likely heled by the BoD... and I don't know if they can just plop them onto the market right now (for instance, if they're a corporate officer like the CEO or CFO, they're required to notify the SEC and the public way in advance of any sales... so those stocks probably won't go anywhere.)
I'm talking about the 20,000,000 unheld public shares that gamestop has alrady reported, not shares currently held by anyone including BoD
Selling those shares were obviously prepared to be the last ditch hail marry to avoid bankruptcy (probaly to sell off to china where they'd hand over user data).
The paperwork has been prepped for 4 quarters now. COVID has been the only thing delaying bankruptcy because they could reduce hours and in some cases stop paying rent.
Oh, shit - didn't know they had those.
They better hurry up, things seem to have stabilized at around $150/share.
there was 60 million shares on the market as of last quarterly finding.
gamestop held 20 million shares in reserve preparing to avoid bankruptcy
(80 million publicly available shares total as of last filing)
WSB believes the fund had shorted roughly 75million shares (basically the entire company)
it's pretty obvious that an alternative theory is the funds and gamestop were probably colluding as the company closed down.
Shorting more shares than is on the market is plainly illegal. These "smart people" LOVE dancing around the law.
If the fund showed an agreement to the SEC where they agreed with gamestop to purchase the 20 million reserve shares at 30 cents on the dollar (holy shit that's a fucking common bankruptcy number), the big short is now perfectly legal.
What is happening today? Some big spenders reporting massive share buys at about a third to a quarter of the close price yesterday?
Why do all that? If it went as planned, they'd make $4 per share on the short, hedged with the 100 million dollars required to buy the shares at bankruptcy price from gamestop.
The fund walks away from this 150 million dollars richer. Gamestop gets to close down and claim Wall Street is the bad guy, and 50,000 low income americans get laid off because fuck them.
Thank you for the insight. Seriously.
Also, you like saw this, but apparently Robinhood is likely going to make more shares available whether its holders like it or not: https://patriots.win/p/11SKBvSqXR/robinhood-is-now-selling-peoples/c/
Update: at time of writing, it appears to have bottomed-out a bit... at $132/share.
someone did the math and said $10/share bankrupts the fund
$100/share bankrupts the group that loaned the fund the money.
That would be beautiful. Here's to the first of hopefully hundreds of these things gutting the vultures. I'm all for speculation, but operations like Melvin aren't speculators, they're manipulators. Even without engaging in market manipulation, those kind of outfits have access to insanely asymmetric information and analysis and microtrading. Using just that they could make money 75% as fast, and 50% more ethically.
like I said in a reply above, I am 100% convinced gamestop execs and this fund were colluding to shut down the company.
I believe WSB OP that called this is probably some disgruntled secretary at gamestop that was legitimately concerned about the wellbeing of employees that was being ignored.
Would you assess Microsoft’s involvement of bailing them out though? It sounds good, but why would Microsoft for no seemingly good reason announce it would share digital sales profits from consoles that gamestop sold? This to me should have been a sign to all it wouldnt go bankrupt, that Microsoft was invested in keeping gamestop open.
other than it being a practically meaningless PR stunt? How much profit does microsoft make per console sold? Microsoft just closed all its retail stores and basically just bought a fucking retail giant on commission no less.
Update #2: GameStop is back up $236 a share.
THE shorts still lose their ass at $60/share.
etrade still seems to be working.
Fidelity appears open
WEbull shut theirs down too. Edit-update-back up to 238.56
Need some alternatives, I heard TD still allows trade just not on margin, cash only.
How long before we get the Trade.win app? lol
These people are pure shit snakes!
E*Trade is still up.
Thanks for the update
I have no idea what's going on with this, other than it's entertaining to watch.
Gamestop stocks today 1/28/2021 9:30am = $290 10am = $468 11am = $125 12noon= $307
wild
I was still able to buy at TDAmeritrade earlier today - I just keep buying dips
Just need cash probably - margin trading might be blocked there
My suggestion-
GET THE FUCK OUT OF THE STOCK MARKET. Shit is going to crash as a consequence of what Wall Street just pulled. I just sold all $60k worth of shares in everything.
Give it till Friday, let em burn
Why does everyone think I'm talking GME? I'm talking THE ENTIRE FUCKING MARKET after the GME situation concludes! Investor confidence will be completely shattered after seeing what the government, Wall Street, and investor companies did to protect a scummy hedge fund that got so greedy, it deserves the biggest loss ever!
Gotta balance that with the bajillion new printed dollars though.
Buy land and food.