GameStop Taking Down A Hedge Fund

[TheHowieLama]

On 31/01/2021 at 04:28, M_B said:

Christmas has come early.

 

[Red Phoenix]

Media have been blatantly lying about wallstreetbets going into silver today when anyone with a fraction of a sane mind can see that on that reddit they've been warning people against it constantly. They're a sad bunch of propagandists and the next time some Trump-like army of people does something on the scale of storming the capitol they can shut the fuck up about people being deluded. They peddle delusion regularly and are part of the entire system of bullshit that creates so many problems in the first place. If fraud is wall street's job, delusion is the job of these hack outlets.

[Red Phoenix]

 

 

 

 

It'd be wrong to leave The Guardian out. They changed the title and article, a shame they can't alter the link text so easily. https://www.theguardian.com/business/2021/feb/01/redditors-set-their-sights-on-silver-after-gamestop-frenzy

 

They're like a bunch of fucking wall street zombies. Imagine having the power to get all of these idiots marching to the same tune like they are doing here but actually using it as a force for good. No wonder the world is in such a state with these clowns at it every day.

[Red Phoenix]

Things are currently better than they were at this time on thursday.

 

[SasaS]

Gamestop crashed, from about $320 Monday morning to under $120 now. So, very recent shortseller look set to make money, even with 30% fees.

[M_B]

Yeah. Hopefully nobody lost anything significant in that crash.

[Red Phoenix]

Yeah that was rough, it's back on the up now though.

[Red Phoenix]

It was back on the up until they halted trading several times, not sure how much that affected it. There's people on reddit saying that GameStop will be on a short sellers restricted list from tomorrow so maybe things will pick up then if they haven't already.

[Red Phoenix]

https://www.reddit.com/r/wallstreetbets/comments/lb0nnm/wsb_headquarters/

[Red Phoenix]

GameStop have just announced that they've hired Amazon Web Services previous engineering leader along with two other exec hires, might be something that'll have shares picking up when NYSE opens shortly.

 

https://nz.finance.yahoo.com/news/gamestop-appoints-chief-technology-officer-140000793.html

 

 

[Red Phoenix]

I'll give this a rest for now seeing as it's just me posting at the moment :

 

 

[TheHowieLama]

Where are we at in this campaign?

[SasaS]

At 50 bucks a share.

[Aventus]

Wallstreetbets seems to be having a bit of a civil war at the moment. 

 

Old mods that haven't been involved in years worming their way back in. Brand new mods coming out of thin air and taking over. The mods who have actually been working the entire time have been removed. 

 

Looks like somebody at the top sold out, and obviously the bankers have taken notice and it looks like they will be trying to use bots on wsb to manipulate people into their next pump and dumps, or by spamming it to the point that people fuck it off because they can't have normal conversations anymore. 

 

Basically going down the road of manipulation of the people, or dispersing them so they can't organise against them again. 

[Red Phoenix]

56 minutes ago, TheHowieLama said:

Where are we at in this campaign?

 

It was over a couple of days ago I think once the share price plunged down to around 100.

[Captain Turdseye]

1 hour ago, SasaS said:

At 50 bucks a share.

So now’s the time to buy and hold, right?

[SasaS]

11 hours ago, Captain Turdseye said:

So now’s the time to buy and hold, right?

Now it's time to forget about this, look for the next craze and get in early.

[M_B]

Or another way to put it - Time to look for the next morally veiled pump and dump.

[Red Phoenix]

 

[Red Phoenix]

 

(it's not the real RH)

[Jose Jones]

I saw a thing on the Ringer the other day, which helped explain how it wasn't just a Reddit fuelled thing - and how the whole short squeeze worked and drove the price through the roof.  

https://www.theringer.com/2021/2/16/22284786/gamestop-stock-wall-street-short-squeeze-beach-volleyball-referee

 

[Red Phoenix]

Looks like they got them again :

LONDON (Reuters) - Short-sellers are estimated to have lost $818 million on Wednesday from their bearish bets on videogame maker Gamestop, data from financial analytics firm Ortex showed.

GameStop’s shares shot up higher again on Thursday a day after doubling in value, sparking a fresh retail trading frenzy in the stock that had been at the center of a historic short squeeze in January.

 

https://www.reuters.com/article/us-retail-trading-gamestop-loss-idUSKBN2AP260

[TheHowieLama]

They don't need help, they can eat themsleves.

 

Major banks such as Credit Suisse and Nomura said Monday that a fire sale of assets at a U.S. hedge fund would affect their earnings this quarter.

The sell-off at Archegos Capital Management stemmed from a margin default, meaning it was unable to maintain minimum asset values for accounts that invest with borrowed money.

Archegos was reportedly forced to sell off assets reportedly in the range of $30 billion, flooding the market with stocks and bringing down prices.

Banking stocks took a hit in early Monday trading.