Investment & Investing

They are just trying to protect retail investors from making mistakes /s

The funds lost multiple billions in a single day. $1 billion trickled out over 7 hours of trading is $39,682,539 a second. They’re throwing everything they have, can borrow and can steal at stopping it.

This is fucking excellent:

http://www.isthesqueezesquoze.com/

at least part owned by the founder of Citadel

Is that reported anywhere?

[Edit]

Answered my own question with a quick google - Citadel Securities executes in the market on behalf of Robinhood. So not ownership, but a definite interest.

Citadel know what they're doing with Robinhood and other brokers is illegal, they figure the fine from SEC (if it ever comes) will be a slap on the wrist compared with the bloodbath of losses if the squeeze is successful. They are desperate to drive the price down, they don't give a flying fuck about legality at this point.

at this point.

Or ever, really.

Lol.

Shiteaters

Hmm I googled it before I wrote it and thought I confirmed it but it looks like not partial ownership but Citadel is there largest customer, so updated my previous post to reflect that

It is filthy either way

Don't Citadel pay Robinhood a pretty penny for full look-through on the platform? Thought I read Citadel represents like 40% of Robinhood's revenue.

The problem with the huge short interest is that there's so much to be made on GME's return to where it should rightly lie based on fundamentals; ~$50 max probably. That's a fuckload of downturn that people shorters will want to monetise.

But it can only do that once the short interest is way less than 100% of float, and that will only happen if a lot of people who really want to short it on the way down don't.

Since they're too greedy not to they're going to start new short positions, as no-one wants to miss out on the short money, and so it gets pushed back over 100% of float shorted, at which point the squeeze is back on, especially with a short borrow rate of 30% pa.

No-one is (or not enough are) going to stand back and DoTheRightThing(TM) and not short it so that it can safely drop back down.

It's beautiful and it's going to kneecap so many potential shorters. Each of them thinking they've timed it right only to get burned by the borrow rate or running out of margin and having their position closed on them.

Also, tomorrow's going to be really interesting as a whole bunch of options will need to be finalised (given that it's a Friday).

https://twitter.com/justinkan/status/1354853920762253315

'Just got a tip that Citadel reloaded their shorts before they told Robinhood to stop trading $GME.

If this is true, Ken Griffin and the Robinhood founders should be in jail.

This is class warfare.'

How can one stop their shares from being lent?

Hard to keep up and verify what is true but apparently Robinhood are freeing up some shares by autoselling peoples positions...
https://twitter.com/555Sunny/status/1354854993946406917

some people were saying you can opt out, on some brokers, of having your stocks lent out, a tick box somewhere, good luck finding it currently

or have the shares put into your own name was another comment on wall street bets, they then hit your own account rather than the general brokers pool, nominee names ? rings a bell from the late 90's

How can one stop their shares from being lent?

Instruct your broker.

Holy shit

And if my contact with broker is via app, Freetrade...?

If its anything like class action lawsuits here it'll be dragged out for years and the only people that will really win will be lawyers as always the cunts.

Not if you under your new identity... You need to tell us who you are.

The £ sign after the amount indicates someone Continental. :)

If there's no tick box or option in the app, email them with your account details and explicitly instruct them to not lend out your shares.

I don't understand any of this very well, but I do like the nominative determinism in play. :)

I guess their eventual fine by the SEC will be much less than any of the fallout from this.

The brand might be toast but they'll sell up, rebrand and move on.

The brand might be toast but they'll sell up, rebrand and move on.

To quote Kevin Spacey from that movie about an investment firm dumping stocks before they crashed, “This is what the beginning of a fire sale looks like.” They started the fire sale with robinhood when they decided to stop buys on GME.

If there's no tick box or option in the app, email them with your account details and explicitly instruct them to not lend out your shares.

Thank you. I’m flattered that you assume I have shares, plural. Although I I realise they don’t all have to be in the meme stocks.

Is GME worth getting now?