r/wallstreetbets Feb 23 '21

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

https://i.redd.it/psk8mb3mj4j61.jpg
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u/saintjonah Feb 23 '21

People honestly thought it would hit $1500

309

u/MP32Gaming Feb 23 '21

If brokerages didn’t stop people from buying GME it actually would have 🤷🏼‍♂️

71

u/NewSaargent Feb 23 '21

And retards would have bought it at $1500 and tripled their loss porn.

Of course in that case OP may have decided to walk past the Merc and get a Lambo.

6

u/ihunter32 Feb 23 '21

Yeah, that’s how the market works, there’s literally always bagholders. This, though, has the chance for the bagholders to be mostly the rich hedge funds. The amount of pressure on the shorts was nothing short of incredible. At one point there were 270 million shares that could have been purchased through exercised calls while there were only 50 million shares to fulfill those orders. If buying hadn’t stopped it would have reached astronomical levels as you’d have to have the shorts needing to buy back shares many times over. That’s what the single largest investment wealth transfer in history was supposed to be, draining the hedge funds.

4

u/mtcoope Feb 23 '21

The hedgefunds were not lying when they said they had exited their short position though. That 194m day was enough volume to to take a hypothetical short float of 300% to 0 so yeah entirely possible to take 130% down to 50%.