Read on Twitter
There's a ton of criticism being leveled at this from people not reading the letter or paying attention.
1/ The letter, more than once, calls out Melvin Capitol's ridiculous short position. Y'all gotta learn to read.
2/ It's important to remember, Reddit cannot [...cont] https://twitter.com/SenWarren/status/1355187260514250754
1/ The letter, more than once, calls out Melvin Capitol's ridiculous short position. Y'all gotta learn to read.
2/ It's important to remember, Reddit cannot [...cont] https://twitter.com/SenWarren/status/1355187260514250754
...on its own move a stock price hundreds of dollars. For example, BlackRock jumped in earlier this week. https://www.reuters.com/article/us-blackrock-investment-gamestop/blackrock-may-have-raked-in-2-4-billion-on-gamestops-retail-driven-stock-frenzy-idINKBN29W22T
3/ So while it's true Reddit set off a trend that nearly bankrupted a hedge fund (it's also possible it could still happen*), the biggest trading this week was not coming from "retail investors".
Take a look at this chart, for example,
(source: https://www.bloomberg.com/opinion/articles/2021-01-29/reddit-traders-on-robinhood-are-on-both-sides-of-gamestop?sref=qStSw5ze)
Take a look at this chart, for example,
(source: https://www.bloomberg.com/opinion/articles/2021-01-29/reddit-traders-on-robinhood-are-on-both-sides-of-gamestop?sref=qStSw5ze)
If retail buys/sells are virtually 50/50 all week, and don't account for all of the volume, the market activity driving the price up has to be larger players.
Also: the short interest share has barely budged this week, so the stock skyrocketing isn't because of a major squeeze.
Also: the short interest share has barely budged this week, so the stock skyrocketing isn't because of a major squeeze.
So given that... it is a good idea for Senator Warren to ask the SEC what really happened.
Because if you don't want the stock market to be based on dirty tricks & unfair maneuvering, you have to reveal the game that institutions were playing this entire time.
Because if you don't want the stock market to be based on dirty tricks & unfair maneuvering, you have to reveal the game that institutions were playing this entire time.
guys i am disappointed as it appears the online leftists did not in fact read my nuanced twitter thread
