patrick.net

https://finance.yahoo.com/news/game-stop-amc-saga-make-it-a-day-for-the-history-books-morning-brief-110758771.html

Some of those betting against GameStop did start to cut their losses.

Melvin Capital, the hedge fund which took on $2.75 billion in capital from Steve Cohen and Ken Griffin earlier this week, said it got out of its short bet on GameStop Tuesday afternoon.

"We have closed out our position in GME," a company spokesperson told Yahoo Finance. "The social media posts about Melvin Capital going bankrupt are categorically false."

And yes, we're at the point in the cycle when hedge funds have to squelch rumors they are going out of business.

Andrew Left of Citron Research also announced Wednesday morning he had covered a "majority" of his short on GameStop — for a loss of 100%.

Can't believe it's still going up, some people are really going to catch the knife at some point.

Please use twitter.com instead of twitter.com in urls.

Cash says

https://twitter.com/i/status/1354204713605099521

Please use twitter.com instead of twitter.com in urls. Works the same, but helps deprive Twitter of some power. Or I could automate this.

KFC
@KFCBarstool
Jan 26
If you’re dumb like I am, here’s a quick 5 minute explanation of what’s happening with GameStop and Wall Street $GME. The Robinhood Reddit bros are making millions and essentially took out an entire hedge fund. David vs Goliath. POWER OF THE INTERNET

OK, so now I understand.

A fun summary:

https://spectator.us/topic/week-backing-gamestop-stonks-reddit-wallstreetbets/

SPRINGFIELD, MA—WallStreetBets has been banned from Reddit and Discord after conspiring to make money on the stock market, even though they are unworthy of such riches. Shortly after they were banned for "hateful and discriminatory content," the online dictionary Merriam-Webster quickly changed the official definition of "white supremacist" to "anyone who makes a lot of money in the stock market when they’re not supposed to."

"What WallStreetBets did was a clear hate-crime against hedge fund managers on Wall Street," said Chad Fishstick of Melvin Capital. "Trolls on the internet have a dark history of discrimination against black and brown indigenous people, as well as important hedge fund managers like us, and it must stop."

Sources inside Merriam Webster reported that after a quick call from a few Wall Street big-wigs, they quickly rushed to change the definition of "white supremacist" to fall more in line with modern understanding of the horrible phrase.

"We are always learning and evolving," said the dictionary's CEO Karthik Krishnan. "White supremacy is an ever-changing enemy, better understood as 'anything we don't like.' We remain committed to stamping out all forms of white supremacy, and making sure icky internet trolls don't get rich without our approval ever again."

MSNBC financial analyst stated that the parabolic rise in GameStop stock was probably because people were entering the wrong ticker symbol. Now that is absolutely ridiculous to say on TV, even for MSNBC. Of course it was caused by shorts covering their backsides.

conspiring to make money on the stock market, even though they are unworthy of such riches.