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  1. #1
    Wage Cuckin' It BetaAsPhuck's Avatar
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    How Reddit Brought A Multi-Billion Dollar Hedge Fund To It's Knees

    If you're out of the loop - this is the hilarious story of a subreddit - wall street bets - taking down a multi-billion dollar hedge fund... get your popcorn ready Popcorn

    the hero of our story: a user named Deep****ingValue bought $50k of call options in Gamestop $GME that has turned into a $13M+ win in ~3 months.

    he's a part of the subreddit r/WallStreetBets, a group of degenerate gamblers that I love.

    So here's the situation.

    Gamestop (GME) = a dying biz. circling the drain. Who goes to a store to buy games? It's basically a pokemon card dealership at this point. Plus with covid, malls are dead.

    So some Hedge Funds are shorting the stock, betting it would go down.

    One fund in particular, Melvin Capital Managment - a multi-billion dollar hedge fund...had been accruing a big short position in gamestop. Usually you don't have to disclose your shorts - but these were 'listed put options' so some clever redditors discovered the position

    Melvin had a $55M+ short against GME.

    except in this case - redditors saw the overloaded short position and started buying the stock, as a "short squeeze" against melvin. Now the "borrowed" shares were due, but redditors refused to sell, demanding higher and higher prices.

    to be clear. This has nothing to do with gamestop as a business. They are just a piece of rope being used in a tug of war between internet nerds and wall st suits.

    the rally cry on r/wallstreet bets:

    "we can remain retarded for longer than they can stay solvent!"

    Melvin lost $2B+ in like 2 weeks, and just had to get bailed out by 2 other funds just to cover it's losses from the shorts.

    It's not quite George Soros "Breaking the Bank of England" - but it's close.

    The yolo traders of reddit just broke a multi-billion dollar hedge fund


    "Why can't Melvin capital just uninstall robinhood and reinstall it to restore their save game to get their money back????" - u/dopexile


    short squeezes - and day trading - are stressful and super volatile.

    But... I'm here for the petty fight between internet trolls and wall st.

    And in that fight, i'm going with the neckbeard cat guy rather than goldman sachs suit. $50k on $GME and $BB at market open baby Smiling face with open mouth and cold sweatSmiling face with open mouth and cold sweatSmiling face with open mouth and cold sweat


    congratulations to the rando new millionaires from this






    Source: https://twitter.com/ShaanVP/status/1353951035224694785


    Cliffs: Multi Billion Dollar Hedge Fund tries to short - meaning borrow and sell the stock, to buy back at a lower value and make profit on the difference - a stock.

    Redditors buy the stock, and refuse to sell it to the Hedge Fund driving the price through the roof.

    Multi Billion Dollar Hedge fund lost billions buying back stock.




    Beta's thoughts: For better or worse, this is an example people power when it comes to the finance economy. I wonder how many coordinated efforts like this are going to bring Multi-Billion hedge funds to their knees, now that the cat is out of the bag?
    Last edited by BetaAsPhuck; 01-26-2021 at 06:19 AM. Reason: Missed out a chunk of tweets, had to put them. Sorry if it was confusing for early clickers
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  2. #2
    Yamnaya Beast PenorBrahNoHomo's Avatar
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    A guy at my work put quite a lot of his money in to this before Christmas. He says it's still not over because of some shorts expiring on Friday or something. He hasn't sold and still thinks there's money to be made.
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  3. #3
    Snap necks, cash checks Sarevoke75's Avatar
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    as much as I despise 99% of reddit, Wall Street Bets is great for lols and watching dipchits lose their life savings

    I've been following this GME debacle and it's fukkin wild how much money some of those Redditards made
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  4. #4
    Registered User rootcon's Avatar
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    Yeah but the shorts just doubled down and gamestop stock is still short 139% of float. https://www.zerohedge.com/markets/af...at-still-short

    Probably why it dropped from 160 to whatever it is now. Whatever shorting was covered was just newly shorted at record levels.

    (disclaimer, I lost $70 on my 1 share)
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  5. #5
    Registered User Mountaineer92's Avatar
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    good these funds been fking over ppl for decades
    Lin Wood and CNN whats the difference
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  6. #6
    Certified Quality Poster MotorCityCobra's Avatar
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    Balls deep in GME and in WSB. The short squeeze has not even started, it will be a sight to behold when the squeeze is on!
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  7. #7
    Registered User Steveyblack's Avatar
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    No WSB just caught the MM with their dicks hanging out and took advantage of it. Melvin capital did it to themselves, they got greedy overshorting GME and they deserve to lose their shirts over it.
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  8. #8
    Registered User Shysty021's Avatar
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    I know loke %20 of what is in OP post

    I dont understand a lot of these terms lol
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  9. #9
    Registered User rootcon's Avatar
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    Not much of a trader but what about when shorting buy options to prevent huge losses? Say for every short position, an equal number of call options to offset should the stock price shoot up
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  10. #10
    Capitalist GordonXXX's Avatar
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    love it.
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  11. #11
    I like turtles 🐢 nn586's Avatar
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    weaponized autism strikes again
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  12. #12
    Registered consigliere MetroBrah's Avatar
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    GME looking juicy at open.
    “Women and children can be careless, but not men.” - Vito Corleone
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  13. #13
    Registered User Dogkrack's Avatar
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    Go back to reddit phaggot
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  14. #14
    Registered User meanstringbean's Avatar
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    Those who made money off GME already have. Those who bought in yesterday or are holding are suckers.


    WSB isn't some fun way to make money together. It's pump and dump schemes behind memes and jokes instead of phone calls to grandma. GME was an awesome play because there was some strategy to it. But mostly it's:

    - dude buys stock
    - dude tries to meme others into buying the stock
    - it catches on
    - dude sells stock and makes money
    - those late to the party lose money


    and repeat
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  15. #15
    Wage Cuckin' It BetaAsPhuck's Avatar
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    Originally Posted by meanstringbean View Post
    Those who made money off GME already have. Those who bought in yesterday or are holding are suckers.


    WSB isn't some fun way to make money together. It's pump and dump schemes behind memes and jokes instead of phone calls to grandma. GME was an awesome play because there was some strategy to it. But mostly it's:

    - dude buys stock
    - dude tries to meme others into buying the stock
    - it catches on
    - dude sells stock and makes money
    - those late to the party lose money


    and repeat
    Yeah, I agree.

    I think though that because this story has gone viral, instead of simply pumping and dumping coordinated short squeezing hedge funds may become a trend.
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    Registered consigliere MetroBrah's Avatar
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    Just took out my initial investment. Will let the profit ride and whatever happens happens. #freeroll
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  17. #17
    ToningWasTooHarshForMe atgbrahsrs's Avatar
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    Originally Posted by Sarevoke75 View Post
    as much as I despise 99% of reddit, Wall Street Bets is great for lols and watching dipchits lose their life savings

    I've been following this GME debacle and it's fukkin wild how much money some of those Redditards made
    that's cuz a lot of them there are from the chans

    and there is a lot of lols there
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  18. #18
    Canadian Bobblehead saltypits's Avatar
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    Originally Posted by BetaAsPhuck View Post
    Yeah, I agree.

    I think though that because this story has gone viral, instead of simply pumping and dumping coordinated short squeezing hedge funds may become a trend.
    Nah. This hedge fund was just stupid. Should've just bought call options.
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  19. #19
    gif me so i can gif you Kiop's Avatar
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    great thread
    repped op for
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    They're going all in on blackberry now
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  21. #21
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    Originally Posted by BetaAsPhuck View Post
    If you're out of the loop - this is the hilarious story of a subreddit - wall street bets - taking down a multi-billion dollar hedge fund... get your popcorn ready Popcorn

    the hero of our story: a user named Deep****ingValue bought $50k of call options in Gamestop $GME that has turned into a $13M+ win in ~3 months.


    Cliffs: Multi Billion Dollar Hedge Fund tries to short - meaning borrow and sell the stock, to buy back at a lower value and make profit on the difference - a stock.

    Redditors buy the stock, and refuse to sell it to the Hedge Fund driving the price through the roof.

    Multi Billion Dollar Hedge fund lost billions buying back stock.




    Beta's thoughts: For better or worse, this is an example people power when it comes to the finance economy. I wonder how many coordinated efforts like this are going to bring Multi-Billion hedge funds to their knees, now that the cat is out of the bag?
    I don't understand all the hate on the successful hedgefunds. Also, they aren't going anywhere:
    https://www.wsj.com/articles/citadel...nt-11611604340

    Citadel LLC and Point72 Asset Management are investing $2.75 billion in hedge fund Melvin Capital Management, an emergency influx of cash that is expected to stabilize what has been one of the top performing funds on Wall Street.
    Last edited by Scorpion613; 01-26-2021 at 07:38 AM.
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  22. #22
    Registered User Destor's Avatar
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    Originally Posted by Scorpion613 View Post
    I don't understand all the hate on the successful hedgefunds. They aren't going anywhere:
    https://www.wsj.com/articles/citadel...nt-11611604340
    These guys think of themselves as plebes dethroning the 1%ers

    You know who's probably really winning in this? The owners of Robinhood. These WSBers are using the zero-fee trading platform to take shots at fat cats while the Robinhood-owning fat cats are likely making bank on this activity
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  23. #23
    Registered User EnforcerOTF's Avatar
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    i think there a lot of "quiet" funds coming in and dropping big money but not saying anything

    who wouldn't want to make 100% gains in two days
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    this is beautiful lmao
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    Legit have no idea what any of this means. Can someone provide me with brief rundown of the situation for reps
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    Registered User meanstringbean's Avatar
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    Do agree that WSB is one of the few tolerable subreddits
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    Did anyone make a million in a week on this ?
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    No Huevos katya422's Avatar
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    Originally Posted by BetaAsPhuck View Post
    the rally cry on r/wallstreet bets:

    "we can remain retarded for longer than they can stay solvent!"
    INTP Crew
    Inattentive ADD Crew
    Mom That Miscs Crew
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    ToningWasTooHarshForMe atgbrahsrs's Avatar
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    Originally Posted by Destor View Post
    These guys think of themselves as plebes dethroning the 1%ers

    You know who's probably really winning in this? The owners of Robinhood. These WSBers are using the zero-fee trading platform to take shots at fat cats while the Robinhood-owning fat cats are likely making bank on this activity
    sure they are, physics/maths guys from Stanford with an immigrant background

    why not?
    communist until you get rich
    rightwing until financially secure
    atheist until the plane starts falling
    slootist until you get married
    muslim after you get married
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  30. #30
    Registered User Destor's Avatar
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    Originally Posted by atgbrahsrs View Post
    sure they are, physics/maths guys from Stanford with an immigrant background

    why not?
    No reason why not, their business model is crazy successful
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