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This story came out Jan 1.
As it turns out.
Biden's confirmed Treasury Secretary received more than $800,000 speaking to Citadel, one of the main hedge funds shorting GameStop.
https://www.politico.com/news/2021/01/01/yellen-made-millions-in-wall-street-speeches-453223
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This is the originator of the Gamestop short squeeze.
The main and first person on Reddit who got it all started and he has been talking about Gamestop for a few years.As of today, he is up over 4000% on stock and options investments in the company, with his GME position plus cash worth nearly $48 million. After restricted trading in GME on Thursday, he posted that he had lost $14.8 million that day alone, but was still up $33 million overall.
This video is b4 the short squeeze really got started.
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@mariner4life said in r/wallstreetbets, GameStop, and institutional investors:
@Godder you know, i seem to keep getting fed tidbits that all add up to the glaring idea that our entire financial system is a scam set up to make rich fluffybunnies even more rich. Almost exclusively at the expense of everybody else.
And this is why I don't bother trying to "pick" stocks and invest in individual stocks - too much manipulation, too much price totally divorced from fundamental value and too many derivatives all influencing that totally artificial price.
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I was waiting for Matt Taibbi to write something about this.
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Robin Hood is receiving one star reviews from its actual users and Google is deleting them.
https://www.theverge.com/2021/1/28/22255245/google-deleting-bad-robinhood-reviews-play-store
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@Frank seems any huge spike in bad reviews triggers a pause on things. To protect from people brigading (rightly or wrongly) on a business. But the advice has been for people to wait a few days then re-post their review, or that their review will get reinstated. The shadow banning of reviews is legit feral though, that shit needs to be stopped 100%.
I sure hope that whoever was applying pressure on Robin Hood to limit trading is willing to prop them up - they will be a long time, if ever, recovering from this piece of history. -
@Paekakboyz said in r/wallstreetbets, GameStop, and institutional investors:
I sure hope that whoever was applying pressure on Robin Hood to limit trading is willing to prop them up - they will be a long time, if ever, recovering from this piece of history.
That seems to stem from a misunderstanding of the requirements Robinhood has to meet under the Dodd-Frank Act.
This is a good (if lengthy for Twitter) read:
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@antipodean
Do you know if shorts were allowed to continue to short the stock on the day buying was banned?If the thread you linked is accurate, seems there is a systemic disadvantage to the little guy in this situation.
I hope the market can be allowed to work properly and short sellers become more cautious about (in Gamestops's case) being allowed to be 140% short its stock. I hope these heavily shorted companies continue to be targeted by the Reddit crew and no doubt funds going long the mania.
The short's goal with these loss making companies is to make financing more dilutive when capital is raised through selling shares. Thus, hoping to cause a death spiral financing situation whereby it becomes more and more dilutive and price lowering each time another round of financing is done, whereby the shorts increase their position further to drive the price down further.
r/wallstreetbets, GameStop, and institutional investors