I definitely wouldn’t want to short against that wallstreetbets crowd in a company like this, whose market cap is relatively small by US standards. That crowd can significantly move the stock’s value.
It’s starting to be an epic battle between Citron/Left+other short sellers and WSB - Left has already made two online videos, of which the first one yesterday didn’t work on Twitter when the bulls blocked their channel
Hey, that insane rally can’t go on forever. When profit-taking starts at some point, we’re really going to crash hard. Basically, GME is a firm ripe for bankruptcy with no future. Of course, if they were smart, they’d quickly launch a new offering at these levels. Whether there’s real interest in the shares then is another matter.
My purely gut feeling is that GME will start dropping if/when Michael “Big Short” Burry starts selling his stakes. It would be crazy if he didn’t sell at these levels. It’s already gone above $70.
{“content”:“Wasn’t this whole thread created for this purpose, so I guess there’s no flagging here? An event like this has never been seen before. I’d be surprised if Andrew Left wasn’t wiped out.”,“target_locale”:“en”}
You can’t really do group trading, so I don’t know how they protect their identities on Reddit, Twitter, etc. This is certainly something that the SEC and similar bodies will investigate.
GME still +38% today, no significant volume moved to the others I was following. This rally might have been enough before the weekend. Interesting to see if the Left comments on this.
PLTR has been rising steadily all day, clearly bot work
If GameStop were +5-10% from its lows because it maybe won’t go bankrupt and might turn around, I’d say that sounds optimistic but justifiable - a turnaround company’s chances are > 0%.
But… well, this is what happened today. Hopefully the WSB folks know how to jump off the train in time. And certainly some who joined the party late will also take a hit.