The SEC really should look into the GameStop market-rigging, because this is shockingly blatant from Citadel, which is likely both market-making and doing side bets. The Reddit story is true and fun, but also a convenient cover.
Apparently at 1:32pm, a 587k shares of GameStop traded at $327 a share, which is $187 million. That's not coming from Robinhood. Wall Street is on both sides of this battle.

Ugly stuff.
Here's what's likely happening. Robinhood takes market orders where Redditers say they want to buy stock at 'the market price.' RH sells orders to Citadel. Citadel sees the orders, makes side bets on options. Citadel then sets an arbitrary 'market price' to cash in on options.
There are likely insiders in the Reddit forums talking up the stock. People like @elonmusk and @chamath may know of the market-rigging and cheer it on. There's a group of insiders seeing overexposed hedge funds shorting GameStop and rigging the market to kill them.
Here's a key piece of evidence that the stock isn't being run up by Redditers. https://twitter.com/johndickson72/status/1354510267506429952
You can follow @matthewstoller.
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