I was about to but my app only allow it for premium users.
WSB vs Wall Street / Gamestop Stock and others blown up by Subreddit
- Thread starter Kasper
- Start date
Trying not to say anything that could make Niall too nervous but would I be correct in thinking that the answer Wall St came up with today was 'we are just going to have to do it out in the open and hope we get away with it'?
Yes, and to add insult to injury they are going to claim that they were attempting to protect the little guy while actively creating an environment which would almost certainly feck him.
The irony of Wall Street saying that the stock market must be regulated is both delicious and disgusting at the same time.
My main point is; normal people, when first presented with the chance(GME), have engaged in what boils down to market manipulation, yet some of them are saying that their reason for doing so is that they want to screw over the people that engage in it regularly. Surely it stands to reason that these people would, in fact, have done the same thing as they suggest the traders do, if in their position, given that they've jumped in at the drop of a hat on this occasion with no qualms? It's not just a blanket "you would do it too if you could", more a point that people can't take the moral high ground and talk about how disgraceful traders/hedge funds are, when they are literally doing the same thing they do, on a much smaller scale.
Internet trolling but with billions of dollars.. and very very real.
Went from 112 to 300 in an hour and a bit..
Went from 112 to 300 in an hour and a bit..
Still not 100% certain what's going on but it's definitely entertaining.
It depends if you view a gigantic investment firm moving to bankrupt a business at 138% of the company's value the same as a group of day traders exploiting the fact that Melvin Capital were being incredibly greedy and unethical to the point of insanity. Are these the same?
You could push someone in front of a train, or push someone out of the way of a train, and some cnuts would seriously be saying “well is it really any different. They’re both just pushes”
I don't pity Melvin and anyone else who was short GME in the least. But just to clarify that shorts cannot by themselves bankrupt a company, even if they short 100%, 150%, 200% of the float. Shorts do not hamper a company's ability to generate cash and meet its operating and debt obligations, the only things that can actually cause bankruptcy. In fact part of the GME situation that allowed it to be as shorted for so long is that management could not come up with enough capital themselves through debt, or through external equity funding to buyout the equity. If they had done so they would have been the ones fecking the shorts.
Again, not excusing Melvin and the other shorts. Anytime you're shorting anything with high short interest you're playing with fire, but the company is not also a helpless entity in the situation.
Dave's down a mill on NOK/AMC/GME
Even though it was obvious what would happen it's still shocking to actually see it play out. Robin Hood now selling investers positions without their permission because hedge funds getting screwed.
The top 1% once again showing the plebs who's boss.
The top 1% once again showing the plebs who's boss.
These “people” are so detached from reality it beggars belief.
My heart bleeds
Wait a second. This can't happen can it?
No, they obviously aren't the same thing, it was just winding me up seeing people masquerading behind this veil of 'for the greater good', when they were just looking for a quick profit from a blatantly dodgy situation(I have no issue with this).
Burn it all down.
Reminds me of that old episode of hustle where they trick the bank into shorting their stocks on purpose before fecking them at the end. Anyone else remember that?
If that is true and it has happened, Robinhood should be liable for the value of those positions at the highest price the stock reaches after they did it.
Seems a bit dubious though. If they were doing it to thousands of accounts maybe, or if they did it to big players maybe, but selling 0.09 of a share seems a little pointless.
I agree but obviously no idea if the tweet is true. It's shocking if it is though.
Why not? They are screwed anyway (as in, people are not going to use their app in the future), so now are the sacrificial lamb and will try to do as damage as possible before they are burned to the ground.
Sounds like people are cashing in and having an excuse for it
I am staggered Robinhood feels the need to risk their company this way. It just shows how much pressure they must have been under from Wall street.
Just need to look at who holds shares in the company...
Also ask who lent the shorts their stock in the first place.
300k one star reviews on the play store. They're literally fallen on their sword to try and save their overlords.
They'll end up looking very silly if it doesn't work.
They have no such duty though. They have no ground to say what trades should or should not be made. That responsibility lies with the SEC who have circuit breaker rules that apply to everyone.
Locking out only retail investors while institutional investors can still trade can very easily be branded market manipulation under the guise of "protecting their clients". Why are they not "protected" from buying stock to close their short positions? In fact they didn't disallow retail investors to trade, locking them in, they only allowed them to close positions guaranteeing that the stock would go down. I don't think they have a leg to stand on, personally. At best they could put warnings, but not suspend trading.
EDIT: I saw that tweet saying they started closing positions on behalf of their clients. If true, I don't know how that is even legal.
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The volume of trades today is super low. This is just a short ladder, they're exchanging stocks between themselves at low prices trying to force a panic and mass sell off but nobody is budging and selling their position.