AOC FTW (GameStop short squeeze)

[Celerity]

Link to tweet

Alexandria Ocasio-Cortez
@AOC
Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino

ETA (my own words as explanation)

a bunch of small day traders on reddit organised to buy up GME (GameStop) stock as the giant hedge hedge fuds held huge short positions (betting the GME stock would go down). The Stock is up (or was) 8000%, meaning the hedge fund shorts are get massacred. The group is moving onto new targets in similar positions as well, like Blackberry, Virgin Galactic, AMC, Koss, Express, etc etc.

It is a war on the hedge funds by thousands of small day traders.

It isn’t just GameStop: Here are some of the other heavily shorted stocks shooting higher

https://www.marketwatch.com/story/here-are-some-of-the-other-stocks-seeing-gamestop-like-short-squeezes-11611687693

[Hermit-The-Prog]

1. Tax loopholes should encourage the rich to recirculate what they extract. Let's trickle up ...

[Cheezoholic]

2. Rock man, Rock n/t

[Sympthsical]

3. The funniest thing is that it wasn't even a gamble initially

All of the information was there in the public, that the stock was shorted (floated at 149%!). The hedge fund companies needed those companies run into the ground in order to make a profit. They bank on the average person not noticing their behavior (no pun intended). Create a situation knowing they'd have to pay, and boom, "How could the average Joe know our secrets?!!!!!"

It's so entertaining. I have friends who have made quite a bit of money off this. I'm too conservative to make the attempt - never gamble with money you're not willing to lose.

Who'd have thunk. Give bored people who are pissed off at Wall Street a $600 stimulus, hand them an opportunity to make money while absolutely screwing over hedge funds that ruin companies, and now the billionaires are so surprised.

What I want to see is how the Biden administration and the SEC handles it. There was no backroom conspiracy to pump the stock. It was all very in the open and no different than what you see happening on CNBC every day. The Biden administration has a golden opportunity here to side with the little guy. Let the billionaires twist.

If the SEC intervenes, people will (rightly) scream the game is rigged. And in a most spectacularly public way. Kind of amusing this is one of the first issues Secretary Yellen will have to deal with.

I'm still wondering how all the major companies like Ameritrade can legally cover for their buddies by preventing people from trading the stock. Feels like there's something pretty off about that, but I'm not a financial lawyer.

[msfiddlestix]

5. Thanks for helping me understand what this is about

I feel better informed, or I feel my understanding of how the game works has been enhanced greatly.

[FSogol]

14. "I have friends who have made quite a bit of money off this." If they are still holding the stock

when the bubble bursts and Gamestop returns to $4 a share, you'll have friends that lost quite a bit f money off this.

[Sympthsical]

15. They've since sold

I have one friend left who told me he’s holding til Friday. I said I’m nervous for him.

[mitch96]

4. I like her last part... "Anyways, tax the rich". nt

[Klaralven]

6. Finance, like Qanon, is a multi-player, online game

There is very little actual money. Most of it is just numbers in computers.

[uncle ray]

10. nothing makes a number real like parenthesis around it.

[MoonlitKnight]

7. Time for a transaction tax

Just a small fraction of a percent would generate billions.

[Celerity]

8. Yes, I am a huge fan of a 1% Tobin tax, with a 1 million usd annual exemption, so small

traders do not get caught up in the wide net intended for the systemic controlling institutions.

[gratuitous]

9. I can tell some of the wrong people got burned

Because some financial wizards are suddenly calling for new rules to be instituted, instead of letting the Invisible Hand of the Free Market take care of things.

[Volaris]

17. I said before, they're just pissed cause they got

out-hustled by some pro-am kids on a subreddit thread.

Fuck em lol.

[Autumn]

11. "Anyways, Tax the Rich"

How much more simple can it get. This woman is amazing, she's the whole enchilada.

[fishwax]

12. yeah, love that

[Wounded Bear]

13. So, basically the ones who were gaming the system got gamed...

Indeed! Tax the rich!

[Demsrule86]

16. Good I am sick of these Hedge folks destroying companies...we should have bucket laws again...

stop the gambling.

[BadgerKid]

18. Look at GameStop and AMC now

Some brokers are so far failing to issue GameStop’s “split as a dividend”. Amc declared a new companion stock last week. Either or both might end up confirming the long-speculated existence of stock “IOUs” known as naked shorts, which are illegal.