Are we really supposed to believe that reddit is responsible for the circus-like behavior of GME stock?
(www.institutionalinvestor.com)
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Do you understand the theoretical situation here? Melvin has 130% of the stocks shorted...their shorts expire friday, which means they're going to HAVE to buy all those stocks at whatever price the people that have the stocks demand. All the WSB cats are holding...Melvin was at -100% equity when the price was at $175; they're done. They're bankrupt. I'm not sure if Citreon is going to have to pick up the shares, or the brokers, but depending on how high the squeeze (starting friday when 60% of their shorts expire) takes the value of the stock, this could easily trickle down to banks. There's nothing they can do about it, either, save some completely unprecidented actions from the SEC. day-trading platforms are already trying to limit trades and stop new investors from getting in on this. The market crash today was 100% entirely because of this issue...people see the writing on the wall.
They didn't pull out. Go check. CNBC was lying.
And as far as our financial system crashing....this shit has been a house of cards for too long. Trump got rid of all the regulations imposed after 2008. Everyone is overleveraged.
I've already made 60k on this guy and I'm a brokeboi.
Gonna keep holding til friday