Charles Payne at Fox Business talks with Tucker Carlson about what the scandal is all about.
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FAQs
Cornelius Vanderbilt, Trump, and WallStreetBets-Reddit walk into a Bar..
Famous Historical Short Squeeze: !862, Harlem Rail owners and NYC Councilmen were short selling Harlem Railroad stock. Vanderbilt noticed and bought executing a stock short squeeze. Ended with CV getting the railroad that went into Manhattan. Considered poorly run before CV, he made it a money maker.
Wonder what Anderson Cooper has said about the current short squeeze drama.
CV quote (that’s a bit Trumpian): I don’t care half so much about making money as I do about making my point, and coming out ahead.
If you have a margin account with a broker you can sell stocks that you don’t own, and repay the brokerage house with the equivalent number of shares that you sold, as opposed to the cash money you made through the sale of the stocks. This is called a short sale and it is how you make money on a stock you think will be going down in value. It’s typically pretty destructive to a stock when brokerage houses start entertaining short sales. GameStop was identified as a company that would be vulnerable to short sale profiteering because they were screwed pretty badly due to COVID. It’s like blockbuster. You barely need it unless you are an in person gamer. So, a bunch of people from Reddit decided to defend Gamestop and make a market for it. They were able to drive the price way up. This made the value of their shorted sale shares become extremely expensive for them to pay back. Apparently the people that thought they would profit off the ruination of Gamestop ended up losing 16 billion dollars. Of course the powers that be tried everything they could to get their 16 B$ back. They even got robinhood to freeze trades of gamestop stocks. That is not fair to the little guy androbinhood should get sued for that.