I wish people would stop sharing this, it's like half true
The short sellers HAVE NOT closed their positions. THEY CANNOT close their positions. We refuse to sell. There is no stock for them to return to the people they borrowed it from. These fucking sleaze bags LIED to news media saying they closed their positions to get us to sell. WE WILL NOT SELL. Even after saying they closed their short positions, short interest remained over 120%. THEY LIED. There are no other stocks like GME. GME was shorted to 139 % of its market cap, meaning they sold more stock than exists. There are some other stocks with large short positions (to the tune of 40 to 65%) but nothing like GME. The financial institutions carrying out these transactions ran out of cash today. Robinhood had to take out lines of credit to cover what is happening. It's not over. They fucked up royally, they got incredibly greedy and tried to kill Gamestop. Their losses have now eclipsed 91 billion dollars. As long as we refuse to sell, they will continue to hemorrhage money. The game is this: We can keep Gamestop's stock irrationally high, longer than the market can stay solvent.
It's not that people are refusing to sell. There are plenty of people buying and selling. Just check out the historical volume of stock trades in the past few days. Average was 10 million a day and in the last week it is 100 million. https://finance.yahoo.com/quote/GME/history?p=GME
The problems is the price is so high that the short sellers don't have enough money to buy back the stock even if they wanted to.
A stock shorted at $11 then goes to $350 is a 3200% loss for the hedge fund (if I got my equation right)
I wish people would stop sharing this, it's like half true
The short sellers HAVE NOT closed their positions. THEY CANNOT close their positions. We refuse to sell. There is no stock for them to return to the people they borrowed it from. These fucking sleaze bags LIED to news media saying they closed their positions to get us to sell. WE WILL NOT SELL. Even after saying they closed their short positions, short interest remained over 120%. THEY LIED. There are no other stocks like GME. GME was shorted to 139 % of its market cap, meaning they sold more stock than exists. There are some other stocks with large short positions (to the tune of 40 to 65%) but nothing like GME. The financial institutions carrying out these transactions ran out of cash today. Robinhood had to take out lines of credit to cover what is happening. It's not over. They fucked up royally, they got incredibly greedy and tried to kill Gamestop. Their losses have now eclipsed 91 billion dollars. As long as we refuse to sell, they will continue to hemorrhage money. The game is this: We can keep Gamestop's stock irrationally high, longer than the market can stay solvent.
It's not that people are refusing to sell. There are plenty of people buying and selling. Just check out the historical volume of stock trades in the past few days. Average was 10 million a day and in the last week it is 100 million. https://finance.yahoo.com/quote/GME/history?p=GME
The problems is the price is so high that the short sellers don't have enough money to buy back the stock even if they wanted to.
A stock shorted at $11 then goes to $350 is a 3200% loss for the hedge fund (if I got my equation right)