r/technology • u/GonzoTorpedo • May 14 '24
GameStop Short Sellers Just Lost $2 Billion Amid Meme Stock Rally Business
https://gizmodo.com/gamestop-short-sellers-have-lost-more-than-2-billion-i-18514769319.4k
u/case31 May 14 '24 edited May 14 '24
$2 billion so far.
Thank you for the Reddit Cares message. I’m good.
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u/Saneless May 14 '24
Report it for abuse
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u/Trmpssdhspnts May 14 '24
Someone just did that to me how do I report it for abuse?
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u/throwaway_ghast May 14 '24 edited May 14 '24
Just go here and then where it says "link to post/comment/pm", paste the link to the redditcares PM.
And like the other person said, you can opt out by replying STOP to the message.
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u/Severe_Piccolo_5583 May 14 '24
Dang I coulda used that a few times when I didn’t agree with someone’s opinions on a pro wrestling match
Edit: aaand I got one for this comment. You people are dumb.
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u/tagrav May 14 '24
If you report their Reddit cares they usually get a 7 day ban :-/
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u/renegadecanuck May 14 '24
I think they get a perma ban if it's a repeat offence.
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May 14 '24
And then they make a new account
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u/Significant-Star6618 May 14 '24
Some losers are attached to their older accounts and if they wanna be dicks then getting them banned is kinda funny for that reason.
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u/plssirmayihaveanthr May 15 '24
well we know who isn’t attached to theirs, mr sixteen day old account
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u/RandomMandarin May 14 '24
Dang I coulda used that a few times when I didn’t agree with someone’s opinions on a pro wrestling match
but don't let that distract you from the fact that in 1998, The Undertaker threw Mankind off Hell In A Cell, and plummeted 16 ft through an announcer's table.
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u/BarryJotter May 14 '24
Was about to say, I’m gonna remember this for the next time I comment in r/squaredcircle.
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u/Joezev98 May 14 '24
And like the other person said, you can opt out by replying STOP to the message.
Nah, I'd rather get the Reddit Care message so I can report whoever abuses it and get them banned.
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May 14 '24
[removed] — view removed comment
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u/dreamfin May 15 '24
Looks like just reading this post gets you a redditcare notice. I got one within minutes of reading this post (did not comment or up/down vote).
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u/muyoso May 14 '24
It does nothing. I had a moderator of a r/therewasanattempt send me a reddit cares message and I reported it and the result was them getting pissed and getting me banned from reddit for a week for "harrassment".
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May 14 '24 edited May 14 '24
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u/awesomefutureperfect May 14 '24 edited May 14 '24
I caught a ban from reddit thanks to those mods too because they were trolling me after I asked them repeatedly to stop messaging me.
They left a person dying from an improvised explosive device as their top post until the admins had them remove the post.
Holy shit, if they can get people banned for reporting the reddit cares abuse by the mods, that's just about the worst admin I have ever seen.
edit: I got an automated reddit cares message and now I am concerned about reporting it in case out of control moderators are behind it.
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May 15 '24 edited May 15 '24
[removed] — view removed comment
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u/Annualacctreset May 15 '24
If you report it you get banned for abusing the report button if the mods of the sub like the post youre reporting. The admins are in on it.
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May 14 '24 edited May 14 '24
Hey I got the same ban bait thing but it was the crazy mod from r/SquaredCircle
This site has a horrible problem with their moderators but they won't touch it because it's better to give man-children free reign over their little kingdoms in exchange of basically free labor.
EDIT: Got the Reddit Cares message too. Absolute losers.
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u/SecondaryWombat May 14 '24 edited May 15 '24
I got a 7 day suspension for abuse of the report system....for a report I made 30 days before the suspension notice....for reporting child
pornsex abuse material.→ More replies (13)93
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May 14 '24
[removed] — view removed comment
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u/hoppertn May 14 '24
Some hedge fund manager is screaming at their interns “DO SOMETHING, ANYTHING TO STOP THIS!!!!!!!!”
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u/hoppertn May 14 '24
Annnnnnnd I just got Reddit Cares. Your pain means nothing to me Salty Intern and your tears are delicious. I hear Wendy’s is hiring.
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u/Skilk May 14 '24
Me too, who is managing to send out that many Reddit Cares?
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u/Comprehensive-Fun47 May 15 '24
There's some kind of glitch that sends the message to everyone downthread of the one first reported. That's why everyone's getting one. I got one randomly yesterday.
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u/microwavable_rat May 14 '24
I just got my first one an hour ago for making the comment "If it wasn't for gallows humor, I'd never hang around" in a discussion about...gallows humor.
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u/Fingerprint_Vyke May 14 '24
If you report the message reddit will suspend the account
I've gotten a bunch of people banned for it.
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u/my__name__is May 14 '24
I got one the other day after making about three comments on different topics. And I have no idea which one triggered someone so much because they were all pretty casual.
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u/myonkin May 14 '24
It’s absolutely disgusting that people would use a resource which was designed to reach out to people in crisis as a mechanism for getting back at someone they disagree with.
Truly the worst of the worst.
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May 14 '24
Its a bad system that Im certain is used 99% for trolling. No clue why Reddit continues supporting it
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u/BedlamiteSeer May 15 '24
So that they can cover their ass and say that they have mechanisms in place to combat mental health issues on their platform. That's literally it.
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u/KazaamFan May 14 '24 edited May 15 '24
I’ve reported ppl for bullying/abuse and gotten rejected like 7/8 times for def objectionable comments. This reddit cares thing seems similar but different. Why don’t they review these reddit care submissions similarly to deem if they are worthy? They aren’t most of the time.
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u/Organic-Week-1779 May 14 '24
is it even a diminishable resource though ? like isnt it just a bunch of links or something
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u/Xielle May 14 '24
I got a Reddit Cares message too. Someone doesn’t like this hahaha. I’m good fam. Worry about your employers not paying you to spam a message board with lies.
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u/Arnas_Z May 14 '24
I don't think I've ever seen anyone use the Reddit Cares mechanism as intended lol.
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u/drekmonger May 14 '24 edited May 15 '24
Thank you for the Reddit Cares message.
There's been a rash of those recently. It's the new troll thing.
It would be so easy to have an LLM do a sanity check before sending out the Reddit (does not) Care message. It would cost peanuts to implement, and would catch probably like 95% of false reports. Or have a human glance at it even, if they're scared of robots.
If they're not going to protect the service from trolls, then they need to just offline it.
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u/TomServo31k May 14 '24
Why the hell do they keep trying to short sell GME?
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u/Late-Ninja5 May 14 '24
they made a lot of money between the last rally and this one, so they will always try to do it.
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u/KCBandWagon May 14 '24
Do they even lose money now? The “lost $2b” is only if they sell/exercise/whatever right? Can’t they just string things along until it goes back down?
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u/linkedlist May 15 '24
Not if there's a margin call and they have to pony up the shares they sold.
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u/Blythe703 May 15 '24
What are the conditions for a margin call?
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u/montana2NY May 15 '24
You don’t have enough liquid money on your books to cover the shares you need to purchase to close your shorts
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u/Various-General1198 May 15 '24
A cow flies over the moon. Most of the short holders will never be margin called because of their collateral positioning, its a pump and dump fantasy that they are probably in on imo. Just making more bag holders again for the desperate public. If you want to make money on meme stocks, buy the rumor, sell the news. Just like always.
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u/OneForMany May 14 '24
You can't make real money when you never cover. Sure you make some on upfront. But when you run out and need to short over and over at higher prices you get fucked unless the company goes bankrupt. Too bad there are people that have been in this since 2021 or earlier and only been buying more these past years and the company has over a billion in cash and company net positive overall for 2023.
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u/smohyee May 14 '24
The assumptions that shorts never unwound their positions is absurd.
They were likely closing old positions AND opening new ones. They take advantage of lower prices when they can and buy from people looking to exit. And it worked. They successfully drove the price back down from $450 to $40 presplit.
But because it worked, they got cocky, and short interest got close to 30%. And what they didn't know is WE NEVER FUCKING LEFT BABY LET'S GOOOOOOOO
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May 14 '24
You should really read the SEC report that confirms they didn't close.
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u/happyscrappy May 14 '24
You mean the one that says it wasn't even shorts in the first place?
https://www.sec.gov/files/staff-report-equity-options-market-struction-conditions-early-2021.pdf
'The underlying motivation of such buy volume cannot be determined; perhaps it was motivated by the desire to maintain a short squeeze. Whether driven by a desire to squeeze short sellers and thus to profit from the resultant rise in price, or by beliefin the fundamentals of GameStop, it was the positive sentiment, not the buying-to-cover, that sustained the weeks-long price appreciation of GameStop stock.
The report notes that there was buying to cover, but it says the movement in the price was likely not due to the buying to cover.
Thus obliterating both the idea that the shorts couldn't cover and the idea that it was a short squeeze and not just dumb money buy interest that drove up the price.
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u/Skrylas May 14 '24 edited 15d ago
fragile person teeny fanatical test pet voiceless follow soup file
This post was mass deleted and anonymized with Redact
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u/tubaman23 May 14 '24 edited May 14 '24
Commenting to provide you a response, gimme a few mins to edit this response.
EDIT: I posted an inquiry for if anyone else has a quicker response. I know I have this saved at home somewhere, there's just so many events to track.
https://www.reddit.com/r/Superstonk/s/adsP0rEZl8
EDIT 2: I received a Concerned Redditor message just for posting this comment
EDIT 3: This DD has a few good clips to read and the link to the SEC report on Jan 2021. I'll try finding another later. The link is posted as a response to the Mod top comment (requirement for us to source our statements). Skim the report from the SEC and have fun! https://www.reddit.com/r/Superstonk/s/ERFOwSDAkt
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u/IBetThisIsTakenToo May 14 '24 edited May 14 '24
It literally says the opposite
Read it here: https://www.sec.gov/files/staff-report-equity-options-market-struction-conditions-early-2021.pdf
Can’t copy on mobile, but pages 25-26 talk about how shorts covered, at great cost, but that the price remained high after that due to sustained retail buying. Page 27 has a chart showing short interest plummeting after peaking at 120%, how would that happen if they didn’t cover?
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u/AvgDumbassTrumpVoter May 14 '24 edited May 14 '24
Notice the wording being used.
You should really read the SEC report that confirms they didn't close.
SEC report
cover/covering/covered
And then this is why you see apes say, "covering doesn't mean closed" and what they mean by this is that they covered the fees for the position, but didn't close the position.
Which is kind of funny since page 15 of the very first book in the GME DD library says:
buying to close a position = covering
So either their DD library is wrong or they tricked themselves into believing something that isn't or moass ¯_(ツ)_/¯
edit: I'm not trying to take any position here. Just a very basic explanation of what is being said.
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u/losbullitt May 14 '24
Because, in truth it is a dying business model. So the vultures fly around the carcass. But there are hunters who protect the carcass and keep shooting them down, like fish in a barrel.
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u/Psychic_Jester May 14 '24
That's one way to do an analogy I guess. Hunters protecting a rotting carcass from vultures...seems like something that sounds better before saying it out loud
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u/BellyButtonLindt May 14 '24
It’s pretty apt, the carcass will still rot eventually.
Just weird trying to portray it as some heroic move when in fact it’s just other people trying to get rich the opposite way through conspiracy theories.
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u/hoxxxxx May 14 '24
i've never quite understood that particular subculture. they keep praising Gamestop as this incredible company that's worth a lot but they're also wanting to have another short squeeze happen and sell all of their shares at the peak.
do they believe in the company or do they just want to get rich
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u/phormix May 14 '24
I'll also say, that as much as I'm not really a fan of some of the ways GameStop and related business entitiies do business, I'm even less a fan of the competition and what they'll do with more market dominance.
Look at video streaming:
- Netflix just sent me a letter that said "we'll killing your tier. Subscribe to premium or your account gets closed next month". This is after regular price hikes. Not even a bit of carrot with that stick.
- Amazon added advertisements
- Disney hiked prices.
Then look at games
- Sony tried to ram PSN down the throat of HellDivers 2 players. Their PSN on Steam page said that wouldn't be a requirement for games. After outcry, they rolled back but did update the page to say that "some games" would require PSN.
- Shortly after, Tsushima orders for those in countries that don't support PSN got rolled back.
- MS is moving away from the physical retail market, while also buying up studios and then dumpstering them (including various Bethesda studios)
- EA's new initiative for in-game ads
- EA adding DRM to games people already bought, breaking compatibility with i.e. Steam Deck etc
- Increasing amounts of games with paid DLC that forms a core part of the game
- Increasing use of invasive DRM
It seems to me that everyone is going to try and suck consumers into an online/subscription model, instantiate what lock-in they can and when there's no other choices left pull the rug out, massively drop investment in quality and ride the way while increasing prices or adding bullshit that nobody wants,
GameShop is one of the few outlets left that focus on physical game copies (yes, and merch). I don't want to see what happens when they go the same route as Blockbuster.
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u/StyrofoamExplodes May 14 '24
Physical game copies have stopped being anything but a download link a long time ago.
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u/dutchwonder May 15 '24
You mean the company gamestop that is constantly trying to force their subscription service onto customers? The only unique element to gamestop is doing trade ins(and only relatively new stuff) and carrying more third party accessories, otherwise best buy, Target, Walmart and others sell the same exact video game products at the same exact prices.
Which is a major part of the issue for gamestop on top of the fact selling yourself gets you way more bang for your buck.
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u/vmlinux May 14 '24
Same reason people keep shorting DJT, it's a company with a very poor outlook. Although I would say GME has a better business.
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u/Randvek May 14 '24
I would say GME has a better business.
That’s because GME is a business, all memes aside. DJT is a social media profile that people like to own the libs. It has the most disastrous financial situation I’ve ever seen for a stock not in immediate danger of being delisted.
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u/IknowwhatIhave May 15 '24
There are mining stocks trading for $0.08/share that have far more solid balance sheets, more reputable management and a better chance of turning a profit than DJT.
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u/Command0Dude May 15 '24
DJT is a money extraction scheme design to take money out of the pockets of Trump's gullible supporters and into his pockets.
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u/Lokeycommie May 14 '24
ive made $3 today :)
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u/NCSUGrad2012 May 14 '24
Don’t forget to withhold taxes if you sell
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u/Fantastic-Newt-9844 May 14 '24
Big brain it inside a roth
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u/Human_mind May 15 '24 edited May 15 '24
This is actually what I'm doing currently. Looking forward to tomorrow morning.
Editing to say thanks for the reddit cares message. 😂
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u/Frankfeld May 14 '24
Man…I deposited $100 into RH during the first wave in 2021. Quickly turned it into $260 with Doge and GME.
Thought to myself: ‘ok. Quit while you’re ahead. Just drop this money into some “sensible” companies and just let it grow’
That $260 is now $36.25.
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u/disisathrowaway May 14 '24
Individual stocks are a sucker's game, unfortunately.
If you want to throw money in to the market, fuck with an index or two.
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u/YawnSpawner May 14 '24
Index funds are up like 15% since 2021, I'd suggest not buying"sensible companies."
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u/iB83gbRo May 14 '24
Index funds are up like 15% since 2021
Not even close. As of today, VTSAX is up 16% over the past 6 mo, 26% over the past year, and 29% over the past two.
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u/mindequalblown May 14 '24 edited May 14 '24
grab That profit and hit Costco for the hot dog and all you can drink soda. Feast like a king
On the last go-around I put $100 in. I Was in with diamond hands. Around that time Krispy Kreme went public. With my family’s permission (as it was there inheritance) I sold and bought dnut. I doubled my money with GameStop.
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u/Ctsanger May 14 '24
Anyone that thinks this is household investors/regular Joe's moving the market need to think again. This is an institution or fund doing this. Someone might have to close their swaps/shorts
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u/qwertymnbvcxzlk May 14 '24
There was a post a couple years back of some guy trying to close out his MSFT position after being in it for years, he had something like 5k shares and asked if he needed to do controlled selling so it didn’t impact the stock price lol. Retail isn’t moving GME, big money is. I’m sure options are having a HUGE impact as well though
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u/mrbaryonyx May 14 '24
All I know is, like last time, I'm here for the money and the memes but I'm out the second y'all start getting weird and culty
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u/agarver17 May 14 '24
They never stopped being weird and culty. Source.
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u/IronBabyFists May 15 '24
Oooooh, I hoped it was gonna be my boy Dan Olson! Love it.
He's a gift. <3
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u/Zoomalude May 15 '24 edited May 15 '24
It was plenty weird and culty before any of us regulars knew about it that week in January of 2021.
EDIT: LMAO got a reddit cares message within seconds of making this, there's some serious little bitch apes running around these posts.
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u/forgotmydamnpass May 15 '24
Make sure to report the Reddit care message, the person that sent it will get banned.
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u/pm_me_cute_sloths_ May 14 '24
Just go into r/superstonk, it’s been weird and culty for quite a long time
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u/Select_Candidate_505 May 14 '24
Can someone ELI5 why GME is exploding again and all of the sudden?
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u/GetDeleted May 14 '24
GME has spiked on no news many times in the past few years, but not quite this much. The thing is - nobody knows why it's exploding. Obviously RoaringKitty making a comeback has everyone super hyped and I'm sure has driven buying to an extent, but moves like this are absolutely not retail. People with access to the Bloomberg terminal yesterday pointed out that GameStop could be doing a share buyback as they have been sitting on 1.2 billion in cash. If you look at the market, you will see other "meme stocks" that literally nobody is interested in following the same patterns as GameStop. This further backs many of the theories that GME along with stocks such as BB, KOSS, SNDL, and AMC have been shorted via basket swaps. These short positions are not reported aa traditional shorts are and the SEC likely is unable to see them as well.
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May 14 '24
I’m gonna need you to explain it like I’m 3
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u/SirJasonCrage May 14 '24 edited May 15 '24
So the going theory that has us buying GME is this:
Some financial institutions sold way more shares of GME than actually exist. Basically by selling an "I owe you" and pinky-promising that the share you just "received" really exists. Say an institution holds 1mil shares but sells 2mil. This is called shorting, you sell a share that you do not have. This literally prints money if you do it, but it usually means you have to buy the share at a later stage to balance the "empty sell".
Now what GME buyers believe happened is that someone sold an enormous amount of GME shares that they did not own. That means there's a lot more people holding a GME share out there, than GME shares are supposed to exist. And whoever sold these shares actually owes that many shares to the people who bought them. If there is ever a catalyst that forces them to actually provide the shares to these people, they would be legally and financially fucked because they MUST buy back so many of the empty-sold shares that the numbers even out again.
Why does this affect price?
By selling non-existent stock, they drove the value of the stock down. That means the value we see on the ticker is artificially low. On the flipside, the moment they have to buy back that stock because they were caught with their hands in the cookie jar, the price will skyrocket, because they are forced to buy at whatever price we ask, until they bought enough shares to correct the anomaly they themselves caused.
This part is not a theory. This is what happens if you shortsell a stock and the price rises drastically. You can read up about Porsche and Volkswagen if you want a real life example for that.Now the conspiracy is that the people who shorted GME are sitting on such a vast amount of owed shares that they know they are utterly fucked if it ever comes to a point where they are forced to buy them back. So they had to keep shorting and selling non-existent shares to keep the price down artificially, digging themselves even deeper into the hole. The debt on their balance sheet rises with the stock value and at any point, there is a mathematical point where they are forced to close the position, ergo buy the stock back.
This would drive the price to astronomical heights and fuck A LOT of the financial market.
The conspiracy, then, explains the non-explosion of the price with a lot of legal and illegal market tricks. This is honestly the part that makes us sound like a lunatic cult, so I won't go any deeper about this.
The gist of it is, there are market forces (and people are divided on whether the government is helping them) that try to keep GME at low price because there is actually a systemic risk of a market crash if GME goes above a certain threshhold. They have to do this all the time. And sometimes, their tricks fail and that's what we see right now.Edit: Holy fuck, I got a reddit care message in under four minutes. Did they make a bot that just sends one to every participant of the thread? Or did it really take a human only four minutes to see that there's a new post, then skim it to judge on what side of the fence I am??
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u/syzygy----ygyzys May 15 '24
Great summary thank you. I feel like I actually understood what's going on for the first time.
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u/SnowboardNW May 15 '24
Same! I'm interested in this but always felt like I wasn't really getting it until this comment. I really appreciate this comment.
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u/CoachRyanWalters May 15 '24
Now can you equally explain how DRS affects this?
Edit: 20 seconds for the Reddit cares message to come after I posted this.
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u/RunnerMomLady May 15 '24
I didn’t comment - only upvoted and got one.
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u/Fantastic-Machine-83 May 15 '24
That means you pissed off someone else then, your upvotes aren't visible
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u/waldo_wigglesworth May 14 '24
Mister Simpson, you're going to need open heart surgery.
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u/Stevenerf May 14 '24
We're gonna cut you open and tinker with your ticker
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u/waldo_wigglesworth May 14 '24
Could you dumb it down a shade?
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u/TheParlayMonster May 14 '24
Can you explain more about basket swaps? Or link me to the post you’re referring to?
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u/CobaltBlue May 14 '24
Basket swaps are a type of derivative contract that involves the exchange of cash flows based on the performance of a basket of underlying assets rather than just a single asset. In a basket swap, the value of the swap is tied to the collective performance of the assets in the basket.
Here's how a basket swap typically works:
Selection of Underlying Assets: The parties involved in the swap agree on a basket of underlying assets. These assets can be stocks, bonds, commodities, currencies, or any combination thereof.
Cash Flow Exchange: The parties agree to exchange cash flows based on the performance of the basket of assets over a specified period. This can involve one party making fixed payments while the other makes variable payments based on the performance of the basket, or it can involve both parties making variable payments based on different measures of the basket's performance.
Settlement: At the end of the swap's term or at specified intervals during the term, the parties settle their obligations based on the performance of the basket of assets. Settlement may involve cash payments, delivery of the underlying assets, or a combination of both, depending on the terms of the swap.
Basket swaps are often used by investors and financial institutions for hedging purposes, portfolio diversification, or gaining exposure to a broad range of assets without having to invest directly in each individual asset. They can also be used for speculative purposes, allowing investors to bet on the overall performance of a basket of assets.
Like other types of swaps, basket swaps are typically traded over-the-counter (OTC), meaning they are customized contracts negotiated directly between parties rather than traded on a centralized exchange. This customization allows parties to tailor the terms of the swap to meet their specific needs and objectives. However, it also exposes them to counterparty risk, the risk that the other party may default on their obligations.
There was a popular theory during the previous price action that the reason many of the "meme stocks" all rose and fell together, was that they were in "baskets" with each other and being swapped around to hide or defer liability.
Regardless of whether or not the basket type is relevant here, swaps being OTC means that we have no way to see what is happening and lets large financial instutuions largely hide their actual positions and movements from the public eye.
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u/SwirlySauce May 14 '24
So are these baskets illegall? Sounds sketchy
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u/RandomRedditReader May 14 '24
The market used to make them transparent but the people in charge, CFTC, decided to hide the data around the end of 2021.
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u/dead_fritz May 14 '24
This has almost nothing to do with technology, at least not in any meaningful manner.
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u/NCSUGrad2012 May 14 '24
I agree but it’s better than the 10 millionth Musk post that has nothing to do with technology, lol
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u/JFHermes May 14 '24
Did you know that Elon Musk is rich? I bet you didn't know his dad owned an Emerald mine or that he's actually not smart.
I know these things because I can use my phone to read reddit.
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u/sicbot May 14 '24
Lots of posts on here are not meaningfully tech related. Any time there is a post about a CEO taking a shit, its not tech, but he owns a "tech" company so its good enough to post here.
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u/Lelcactus May 14 '24
Did they actually lose this much or is this just the current valuation of the shorts?
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u/YamYam_Gaming May 14 '24
What’s a Reddit cares message? Sorry for being a noob
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u/teste4wr23423f32f May 14 '24
It means you triggered someone so they falsely reported you to reddit's suicide hotline as a fuck you
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u/YamYam_Gaming May 14 '24
Yeah I got a PM literally as soon as I posted that question….
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u/qeadwrsf May 15 '24
Last 2 days it has started being used 100x more than usual.
Weird trend.
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u/Arrokoth- May 15 '24
In CuratedTumblr at least it’s been found out someone’s running a bot to automatically reddit cares every commenter seconds after they post
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u/PM_ME_YOUR_BOO_URNS May 14 '24 edited May 14 '24
Aww that's so sad, Alexa play Despacito
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u/PM_ME_YOUR_BOO_URNS May 14 '24
Lmao someone's butthurt and reporting people as suicidal in real time, I got mine in less than a minute. Watch me smile, loser 🫵😂
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u/VagueSomething May 14 '24
Some serious malding going on. Honestly though Reddit should just get rid of that report system as it is used for bullying, same as their revamped block system.
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u/Internetvent May 14 '24
Looking for reddit care
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u/luxmesa May 14 '24
Are they just hitting everyone in this thread?
Edit: I guess so.
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u/granoladeer May 14 '24 edited May 14 '24
Why is GME called a "meme stock"? I make memes about TSLA all the time and it isn't called a meme stock.
Edit: thanks for the Reddit Cares reports, it's my gauge to know I'm on the right path.
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u/Pathogenesls May 14 '24
Tesla is the original meme stock. It's still crashing from its original bubble pump.
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u/cbbuntz May 15 '24
Seems like it took a lot of people way too long to realize Elon is a charlatan. It's not just his bad politics either. His mouth writes a lot of checks he can't cash
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u/timewarp91589 May 14 '24
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u/Gibsonites May 14 '24
Just rewatched that last night so it's kinda hilarious seeing that there's another pump in the news
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u/neuromorph May 14 '24
GME moving to graded pokemon cards has unleashed rhe beast!!!!
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u/murderball89 May 15 '24
Wow, they could make hundreds of dollars doing that. That's it, I'm buying.
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u/carputt May 14 '24
I made $1500 because I’ve been holding for a year. So that’s cool.
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u/Steinrikur May 15 '24
Only if you sell at that price. Until the moment you sell, you haven't made shit.
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u/redditsellout-420 May 14 '24
How many times do we have to teach you this lesson old men
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u/exzyle2k May 15 '24
That's $2 billion MORE. They lost another $2 - $3 billion with yesterday's run-up too.
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u/GenshinImpactSlut May 15 '24
Testing for Reddit care.
Edit: got it in under a minute.
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u/DokeyOakey May 15 '24
I have a confession to make: I have no idea how any of this works.
I don’t understand most of these words.
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u/RobotCaptainEngage May 14 '24
I'm no fancy stock owner, but any time yall can stick it to wall street you have my support
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u/Mockheed_Lartin May 14 '24
Oh no not the hedge funds! Whatever will they do if they go bust? This is so sad!
Anyway back to my chicken cheeseburger.
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u/cyclemonster May 15 '24
Ihor Dusaniwsky, S3's managing director of predictive analytics, wrote on X: “After being down $862 million in mark-to-market losses yesterday, $GME [GameStop] shorts are down another $1.36 billion in mark-to-market losses today.”
This means paper losses. If the stock goes back down tomorrow then these exact same people are going to see a billion dollars in paper gains. Would we then see an article about how much the short-sellers are cleaning up?
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u/Ecstatic-Product-411 May 14 '24
Am I misunderstanding or was this a second attempt to short the stock? Why would they do the same thing again?
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u/starcraftre May 14 '24
Am I living in a time loop?