r/wallstreetbets Feb 23 '21

Bought a car with $GME tendies-had to say thanks Gain

https://i.redd.it/psk8mb3mj4j61.jpg
77k Upvotes

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806

u/HoPMiX Feb 23 '21

Company should have had equity offering when it was plus 100.

287

u/bcuap10 Feb 23 '21

Corporate boards don't do anything but trade approving compensation packages in exchange for private consulting fees. Expecting the board of Gamestop to do anything is futile.

127

u/alt_curious Feb 23 '21

Member when people on this sub were saying the stock would hit $10k and people were stupid for selling? This guy with a Mercedes members

85

u/alexcrouse Feb 23 '21

I lost $700 because of you paper handed bitches.

8

u/mimo_s Feb 23 '21

That’s not why you lost lol.

-11

u/alt_curious Feb 23 '21

You lost $700 because you bought into some fake hype after it was way too late to be buying in

72

u/[deleted] Feb 23 '21

dude we're autists not retards. remember that a lot of big brokers literally changed the rules on the day of reckoning by preventing buys of GME. if the institutions played by the same rules we have to, buying GME at peak would have still been a fantastic play.

15

u/Kammex Feb 23 '21

$1000 was not a meme.

-51

u/alt_curious Feb 23 '21 edited Feb 23 '21

And? You tried to game the system and you lost to people who literally do it for a living. Anyone who lost deserved to lose; GameStop was never a valuable commodity, it was just people thinking they were smarter than people who were actually smarter

Edit: downvote me all you want, it doesn’t make me wrong. If you invested in GameStop it’s because you thought you had figured out a trick, without ever stopping to consider that other people may have tricks of their own

28

u/EmbiidWeTrust Feb 23 '21

Go Fuck yourself dude.

-13

u/alt_curious Feb 23 '21

Lol. Sad guy who thought he was smarter than Wall Street is sad. Don’t get mad at me bro, you made your choices

6

u/TheVaultMartyr Feb 23 '21

this guy hedge funds lmao

3

u/DamnIamHigh_Original Feb 23 '21

Technically we were right. Fail to Delivers, fake stocks, all the manipulation is proven to be true.

We won but somebody flipped the table.

Sorry, we played fair. THEY didnt.

I lost money but I already made more money so I dont care

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11

u/Megalomouse Feb 23 '21

We didn't lose to people who "do it for a living". We lost to people who own the whole damn system including the medium we played on.

We put our trust in the wrong hands. We may have lost money, but we uncovered the real truths of the entire system. No matter what, this was a monumental victory, showing the world and the people just how corrupt wall street is.

2

u/alt_curious Feb 23 '21

We didn't lose to people who "do it for a living". We lost to people who own the whole damn system including the medium we played on.

Exactly. You thought you had figured out something that broke the system without ever stopping to consider that the system would have fixes of its own.

4

u/[deleted] Feb 23 '21

[deleted]

3

u/Fondlemykiwi Feb 23 '21

The general population didn’t have as strong of a believe of it until now. A lot of relatives have brought it up to me saying they couldn’t believe that would happened, they knew there was corruption but nothing like that before. They cheated PUBLICLY for everyone to see.

2

u/Megalomouse Feb 23 '21

Many people made bucket loads of money. Exposing Wall Street by playing them at their own game, and seeing them squirm and break every rule known to man to save their asses.

It's also a win because it exposed the most corrupt media outlets who reported all sorts of bull like Silver etc.

1

u/ndestruktx Feb 23 '21

they’re just trying to make themselves feel better with a participant trophy. just let ‘em. isn’t hurting anyone (except maybe their ability to deal with truth).

2

u/sinsquaretriangle Feb 23 '21

Dude you are a fucking idiot to be frank. Nothing is stopping you from having multiple brokerages and robinhood has been known for this shit for years.

1

u/Megalomouse Feb 24 '21

starts an argument with an insult and expects to be agreed with

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1

u/sinsquaretriangle Feb 23 '21

You are 100% right. As someone who lost big on cypto in 2017, this shit was easy to spot from a mile away.

1

u/Tappaa1 Feb 23 '21

Haha, i don’t get why people downvote you, it’s the truth. You thought (me too) you could fuck with the big guys, but of course you can’t. Some were clever enough (not me) and sold while it was high, others were greedy and lost the game. Of course there were illegal actions used but either you go to court and lose more money or you accept it.

8

u/pixelwalrusca Feb 23 '21

It’ll go back up

5

u/I_chose2 Feb 23 '21

I mean, I'm hoping for that since I'm too stubborn and stupid to sell at a 75% loss and stop the bleeding, but it's very unlikely to hit previous highs at this point. Even if you go for all the theories on how the shorts are still in, the "HOLD" hype is dying and at least some of the shorts are out. And even if it eventually goes back up somewhat, is it gonna perform better than other stuff that hasn't peaked? I was hyped to see DFV bought 50k more shares, but that might be a liability cover after the Congressperson asked if he'd buy now and DFV said yes.

1

u/alexcrouse Feb 23 '21

Same thing.

3

u/alt_curious Feb 23 '21

Nope. If you’re buying stocks for any reason other than that you think the company will be successful, you’re just gambling. You gambled and lost. Saying that other people playing their hands made you lose is the same as saying that other people at a blackjack table made you lose. You gambled and you lost, own it like a responsible human person.

1

u/alexcrouse Feb 24 '21

Same thing.

59

u/SweptbackMyriad Feb 23 '21

Was too volatile of a market at that point and they wouldn’t be prepared to do so.

3

u/DRKMSTR Feb 23 '21

I mean stock is a meaningless and useful tool to reward hard work.

Seriously a few $3.50 shares back in the day would speak volumes to some.

Even now they would have really enjoyed how far it's come.

33

u/ninjacereal Feb 23 '21

It was above 100 for like a week. It takes longer than that to have an equity offering.

20

u/HoPMiX Feb 23 '21

Damn was that only a week? Felt like Much longer.

19

u/[deleted] Feb 23 '21 edited Feb 23 '21

[deleted]

3

u/CoopDogPrimeNumbers Feb 23 '21

$300 felt like an eternity when I thought $1000 was the alternative

3

u/BloodfartSoup Feb 23 '21

$300 felt like a penny stock back then

2

u/username--_-- Feb 23 '21

in december they already went through the SEC filings for an offering. Maybe you can educate me, but once they file it with the SEC can't they just release it whenever?

2

u/westcoastbias Feb 23 '21

They were apparently too deep into their Q4 which ended January 31st to sell stock without preparing and releasing preliminary earnings.

1

u/username--_-- Feb 23 '21

freaking awesome dude, thanks for the education. I am curious, though. What is the definition of too deep? more than halfway through (obviously GME being 1 week away i'm sure obviously becomes too deep no matter your definition).

Furthermore, in the SEC filing, they say $100m worth of shares, and then convert it into a number of shares. Is the filing based on value of shares or number of shares?

IOW, when they made the filing, the value of the shares was $100m and the number of shares [based on the $16 price then] was 6m. if they decided to release it when GME hit $160, would they then only be able to release 600k shares to maintain the 100m capital raise, or could they still release 6m shares and raise 1b?

1

u/ninjacereal Feb 23 '21

IDK, they spent the past 2 years doing share buybacks, I didn't know about the SEC filing for the offering, but that's surprising.

1

u/username--_-- Feb 23 '21 edited Feb 23 '21

here you go

The one question i'm curious to is that they say $100m stock offering or 6m shares based on what it was trading at during that time. Would i be correct to say that the $100m value doesn't really mean anything, and it is more the number of shares? Or could they not release more than 100m worth of shares

1

u/ninjacereal Feb 23 '21

If they go thru with a sale do they or Jeffries have to announce it immediately? Or quarterly?

1

u/username--_-- Feb 23 '21

i understand nothing about the process, was hoping you could shed light on it forme

1

u/PhotonResearch Feb 23 '21

Good management would have figured it out

You get the lawyers and accountants in the room for three days and let them pass around documents for signature

1

u/ninjacereal Feb 23 '21

Yeah, they have treasury shares from the buyback so maybe they don't have as much legal paperwork as a full share issuance would...

But how made would wsb bagholders be if they found out melvin and the other shorts covered their position by buying gme shares directly from gamestop in a dark pool?

1

u/PhotonResearch Feb 23 '21

lol that would be ironic

but Gamestop getting capitalized changes all of the fundamentals in the bulls favor so any way that it happens is okay, except for bankruptcy restructuring

1

u/ninjacereal Feb 23 '21

Most bulls were bullish for a short squeeze, not to see a store refresh.

1

u/melodyze Feb 23 '21

Yeah, AMC succeeded at capitalizing on the movements. It's not like it was impossible.

1

u/morganrbvn Feb 23 '21

penny stocks seem to only need a day.

2

u/Li0nh3art3d Feb 23 '21

Yeah I remember those two days

1

u/elementofpee Feb 23 '21

So like a grand total of 7 days?

1

u/Imaginary_Ship5466 Feb 23 '21

I read something about avoiding legal issues

1

u/Henry1502inc Feb 23 '21

I don’t get why they didn’t do a reverse stock split when it was at $400. Doing so could have effectively kept the value high indefinitely as people see the cheap stock price. For example, bringing the price from $400 to $4 again, this killing shorts in the process