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On paper yes.
In reality the stock would tank as he tried to realise that position, the order book is nowhere near that strong. I doubt he could get more than ~$250mm for his holdings.
Nothing to grumble at though...
Greenbank-
In an open market - the difference is that he can effectively control the market as he has what Melvin wants (as does Blackrock, by all accounts).
This means they can just not sell when Melvin has to buy, because of margin calls on the borrowed stock (as well as the financing costs on the stock, and on the loans from Blackrock / Citadel etc...)
I suspect there will be some sort of deal between the big stock holders / lenders to divvy up any value in Melvin et al.
Like you, however, I'm pretty much over my head.
NotThamesWater
Over $1.2 billion dollars.
That’s how much Ryan Cohen, who bought a stake in GameStop last year with the project of turning towards online sales more, has seen his net worth grow just on GME.
Tons of publicity leading up to a PS5 delivery today. What would it take to make GameStop compete with the likes of Amazon? An extra few billion in valuation can’t hurt.