WSB vs Wall Street / Gamestop Stock and others blown up by Subreddit

[VorZakone]

That's Scott Galloway, an NYU marketing professor. He writes an interesting blog "No Malice, No Mercy", somewhat of a contrarian, and can have some really bad takes. There's an inverse Galloway ETF that has outperformed the S&P 500 by 11.2x

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Again, academic - paid to talk - mostly bullshit.

Reminds me of Mishkin being paid to write a favorable report on Iceland. Yeah, no bias there.

 

[Walrus]

Robinhood came out and said they restricted trading because of their margin requirements. There is nothing unbelievable about that - they post a certain amount of collateral to cover their trading with their liquidity provider. So do you if you want to trade on margin. It wasn't restricted the previous week because the volumes their customers were doing didn't put them near their margin limits. Buying or short selling contribute to margin requirements, selling existing positions reduce them. It sounds like they got very close to hitting margin limits themselves and needed to close as many risky positions as they could.

Hedge funds understand margin and collateral far better and made sure they weren't at risk, it's as simple as that. You can't say you are a complete amateur on one side but then on the other make so many authoritative statements.

I will agree with you i don't think the world would miss hedge funds if they all disappeared tomorrow.

im just going by what I have seen and read.

End of the day you can’t deny that the way events played out re:Robinhood and restricted trading massively benefited the hedge fund (vs the retail investors). Given the conflict of interests that in itself should be enough to warrant suspicion and investigation.

 

[Suedesi]

So, from my thoroughly amateurish viewpoint;

Many of the apps such as Robinhood restricted (and still are restricting) the number of GME shares that can be bought. The reasons given dont really seem to hold up under scrutiny - eg. why wasnt it restricted the previous week when folk were buying? Why is it only buying, not selling, that is restricted? Why the arbitrary limits on how many shares can be owned per individual? Additionally people on WSB have posted examples of Robinhood (and others) cancelling their call options, selling their stocks without their permission, forcing stop-lossses, rejecting sell limit prices etc.
Not only is all of the above super-dodgy, but it also completely disproportionately affects the retail investors who are buying GME, rather than the Hedge Funds, who trade through other means and are largely unrestricted.
This is before you get into the conflicts of interest with Robinhood and the hedge funds, and their revenue streams, company bailouts etc.

You can argue that these are all just faults of Robinhood and not indicative of wider manipulation, but honestly I just think that is plain naive.

Anyway, whilst these restrictions are in place, you see several quite obvious examples of short-ladder attacks. I.e. hedge funds selling a few shares between each other at ever-decreasing prices, dropping the GME price down, and potentially hitting those enforced stop-losses, and generally causing panic sales. Panic sales since of course, selling isnt restricted for the retail investors, only buying - meaning that they are powerless to stop the short-ladder attack by simply buying up the shares that are being passed back and forth - they simply watch whilst the share price drops lower and lower. And of course, anyone who does panic sell during this period can have their shares happily swept up by the hedge funds to cover their original short positions (the WSB is to continue holding and buying more where possible).


It can be argued that WSB are guilty of artificially inflating the GME prices (although I think that has far more of an element of simple supply and demand. Also, I dont know the legal definition of market manipulation, but I dont consider it market manipulation for someone to say "hey, this stock has been massively shorted and the price appears to be rising, ill buy into this as the price is likely to continue to rise and i will have a guaranteed buyer later"). What cannot be argued is that the hedge funds, market makers, brokerages and apps clearly have far more power to pull the strings and manipulate markets than retail investors do, and I think that has been demonstrated over the last few [trading] days.


Not a financial advisor or a lawyer. I have held a portfolio with a few stocks and shares for many years, but never really gotten into the intricacies of options, shorts, margin trading and all that jazz. I am sure there are folk on WSB and other mediums that can explain and highlight things far better than I can.

From a personal standpoint, I mostly agree with the argument that hedge funds dont really provide any product or service or value to the economy, and exist simply to make themselves richer. It seems a very one-sided equation.

So let's unpack this onion layer by layer.

Robinhood is an exchange.
1) They were set to go public in the next couple of months, at a $20Bn valuation - Goldman is the IPO banker btw -
2) Some Private Equity funds own RH.
3) Citadel buys a significant chunk of the order flow, it goes in their system.

They don't hold securities, their job is to match buyers with sellers. Anytime you buy and sell securities they need to go to market makers and say Walrus bought 50 shares of $GME at $100 a piece, Revan bought 130 shares of $GME at $102 a piece, 4Bars bought 50 options at 200 call strike and 11101 bought 30 options strike 250 March 19. Please reconcile my account. The market maker takes a look at the book and says, dear Robinhood, the stock has jumped a lot so those stocks and options that you sold to customers are worth a lot than you priced it in, so please post some collateral in my account and I'll deliver you the shares / underwrite the options as requested. This went for a week, until at some point, Robinhood ran out of cash to cover the margin. They can't touch customer funds, they have to rely on their own funds and at some points they tapped out.

This is an indisputable fact - they drew their credit lines, raised capital from existing investors and are in talks with banks to raise debt. It's the equivalent of a consumer maxing out their credit cards, asking their significant other to cover the rent until next month and applying for new credit cards. So when they put restrictions on the longs they really had no choice - they were insolvent, they just couldn't say for fear of a run on the bank. I've never seen anything like that before and got pretty angry at that, but I think that's what happened.

On the other hand you have Reddit - which is a pretty disparate collection of individuals and no one speaks for the subreddit at all. My take is and judging by the colorful language they describe themselves (which apparently you can't repeat here because a bunch of PC brigadeers will take offense) is that this is just some harmless fun by a bunch of guys that finally stumbled into a pretty big kill - Melvin Capital and some other hedge funds. Now it's taken on the mantle of a "movement" to right the wrongs of 2008 and Occupy Wall Street and Zucotti Park and yadi yadi yada fuelled by a bunch of fancy billionaires who are influential on Twitter/CNBC/Bloomberg (Elon, Chamath, Alexis etc). So WSB crew think that this is a movement and they're putting power into the hands of small investor who haven't been able to participate in the risk asset appreciation over the last decade etc. But I think this is a complete misnomer to describe the Gamestop battle as a bunch of small investor financial anarchists on one side (WSB crew) vs some evil hedge funds on the other (Melvin, Citadel, Point72 etc) who have the short interest on the trade.

I think there's a great deal of collusion by a lot of different players (obviously I can't prove that) if you look at who holds the long side of the trade there's a bunch of financial institutions like Fidelity, UBS, BlackRock, Vanguard, State Street, FMR, Dimension Fund, AIG, Alliance Bernstein + Scion, Hestia etc. So this is not a retail uprising, this is just institutions vs institutions and some will win and some will lose. Some retail will be set for life and some others will end up holding the bag.

I think Citadel's role here needs to be examined. They control the flow, so they know who's buying what security at what price (they don't need to know your name specifically). They also gave $2B to Melvin to prop them up when Melvin was bleeding money. Now Melvin was highly levered and with the losses they were posting Citadel was going to be on the hook. Nature of the relationship needs to be clarified, because that's a conflict of interest right there. Hedge funds talk (and so do retail investors on WSB btw) and they do some of the same trades a a lot of the time so it's possible there's collusion and propping each other.

I'd recomend - revoking RH's license. Limiting hedge interest to 100% of the float (i.e. not 140%). Charging high frequency traders a small amount per trade. If Citadel is found of wrongdoing shut it down, if not just break up the HF part from the Market Making part. And just making a little harder for retail investors to trade options, it's fckn ridiculous my barista is trading straddles on $GME ffs

 

[VorZakone]

Wall Street Journal quoting WSB posters with names like "Thicc_Ladies_PM_me".

Funniest sub I've ever followed too.

 

[Suedesi]

I agree 100% that it was a clusterfeck with all the actors involved, but the biggest part of the blame (by a big big chunk) was IMO with the lenders and as you said, the higher bodies, central bank and governments. Because while the borrowers were tried to have a house, the lenders were trying to get money (or at least much more than the borrowers) to a too much greedier point and they had much more information than them.

But the worse is not even that. Instead of bailing out the borrowers, they bailed out the lenders.

My initial comparison, it as not to compare equally 2008 with now, but that is a way lower scale analogy in quantities and actors and that I am afraid that in the end, they might bail out the hedge funds somehow

No chance of that happening. People forget that even during 2008 they let two banks fail, Lehman and Bear Stearns. Prior to that two internal Bear Stearns credit funds were allowed to collapse. Fed/TRSY came to the rescue of Merrill/AIG etc when they realized how big the losses were going to be and how it would affect everything all the way to commercial paper market which would have paralyzed Main Street.

 

[The Firestarter]

Wall Street Journal quoting WSB posters with names like "Thicc_Ladies_PM_me".

Funniest sub I've ever followed too.

No chance we are not in a simulation.

 

[WR]

I may be wrong because I know absolutely nothing about stocks and trading, but it seems the WSB subreddit is just a circle jerk of amateur investors who joined the party too late but are desperate to make a quick buck so they keep insisting on holding and that the share price is going to rocket soon.

Looks like you’ve got thousands of people investing for the first ever time in the last 5 days who are going to get shafted when it all collapses because they’re believing the delusion on Reddit. You’ve got people commenting stuff like “Just bought £500k worth of shares! HOLD!” and it gets a shit load of upvotes because people are desperate to believe it’s real.

A mate of mine has put a large amount in have not known a thing about investing before this hit the mainstream. He’s dipped in and out and now he’s got all his money in at 325 and wants to break even before withdrawing. It probably won’t even get back to that point.

Then again I could be way off because I know nothing about wall street

 

[Suedesi]

Just came to say feck Wall Street and feck all the slimeballs and greedy bitches in the "democratic" two-party system. When it comes to money and power, there are no values or ideologies.

Can you please take Vlad Tenev back? He's caused enough damage with his greed / lying.

 

[Suedesi]

I just realized Ben motherfecking Bernanke works at Citadel - the motherfecker responsible for the biggest prop trade in the history of mankind, left that job behind midstream and then went to a place that is going to take advantage of all the knowledge that he has. What good is Bernanke to Citadel other than the secrets he knows about the Fed's balance sheet?

Motherfecker.

First private job he took, that motherfecker.

Nothing will happen to Citadel, nevermind.

 

[The Firestarter]

I just realized Ben motherfecking Bernanke works at Citadel - the motherfecker responsible for the biggest prop trade in the history of mankind, left that job behind midstream and then went to a place that is going to take advantage of all the knowledge that he has. What good is Bernanke to Citadel other than the secrets he knows about the Fed's balance sheet?

Motherfecker.

First private job he took, that motherfecker.

Nothing will happen to Citadel, nevermind.

First time I heard about him was this video:

 

[Suedesi]

@The Firestarter - that video is a classic.


Here's another one, which might become

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[starman]

This is so surreal

 

[entropy]

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[4bars]

No chance of that happening. People forget that even during 2008 they let two banks fail, Lehman and Bear Stearns. Prior to that two internal Bear Stearns credit funds were allowed to collapse. Fed/TRSY came to the rescue of Merrill/AIG etc when they realized how big the losses were going to be and how it would affect everything all the way to commercial paper market which would have paralyzed Main Street.

I am not well versed on the aftermath in US but just googling I found out this

https://projects.propublica.org/bailout/list

Could you confirm that is not like that?

Maybe I am still haunted because in Spain we bailed out the banks with 80 billions of euros and the government said 10 years after that 60 billion would not be returned. Among other things that they got away with.

 

[Suedesi]

I am not well versed on the aftermath in US but just googling I found out this

https://projects.propublica.org/bailout/list

Could you confirm that is not like that?

Maybe I am still haunted because in Spain we bailed out the banks with 80 billions of euros and the government said 10 years after that 60 billion would not be returned. Among other things that they got away with.

I'm getting PTSD reading this timeline

https://projects.propublica.org/bailout/main/timeline

 

[tombombadil]

So let's unpack this onion layer by layer.

Robinhood is an exchange.
1) They were set to go public in the next couple of months, at a $20Bn valuation - Goldman is the IPO banker btw -
2) Some Private Equity funds own RH.
3) Citadel buys a significant chunk of the order flow, it goes in their system.

They don't hold securities, their job is to match buyers with sellers. Anytime you buy and sell securities they need to go to market makers and say Walrus bought 50 shares of $GME at $100 a piece, Revan bought 130 shares of $GME at $102 a piece, 4Bars bought 50 options at 200 call strike and 11101 bought 30 options strike 250 March 19. Please reconcile my account. The market maker takes a look at the book and says, dear Robinhood, the stock has jumped a lot so those stocks and options that you sold to customers are worth a lot than you priced it in, so please post some collateral in my account and I'll deliver you the shares / underwrite the options as requested. This went for a week, until at some point, Robinhood ran out of cash to cover the margin. They can't touch customer funds, they have to rely on their own funds and at some points they tapped out.

This is an indisputable fact - they drew their credit lines, raised capital from existing investors and are in talks with banks to raise debt. It's the equivalent of a consumer maxing out their credit cards, asking their significant other to cover the rent until next month and applying for new credit cards. So when they put restrictions on the longs they really had no choice - they were insolvent, they just couldn't say for fear of a run on the bank. I've never seen anything like that before and got pretty angry at that, but I think that's what happened.

On the other hand you have Reddit - which is a pretty disparate collection of individuals and no one speaks for the subreddit at all. My take is and judging by the colorful language they describe themselves (which apparently you can't repeat here because a bunch of PC brigadeers will take offense) is that this is just some harmless fun by a bunch of guys that finally stumbled into a pretty big kill - Melvin Capital and some other hedge funds. Now it's taken on the mantle of a "movement" to right the wrongs of 2008 and Occupy Wall Street and Zucotti Park and yadi yadi yada fuelled by a bunch of fancy billionaires who are influential on Twitter/CNBC/Bloomberg (Elon, Chamath, Alexis etc). So WSB crew think that this is a movement and they're putting power into the hands of small investor who haven't been able to participate in the risk asset appreciation over the last decade etc. But I think this is a complete misnomer to describe the Gamestop battle as a bunch of small investor financial anarchists on one side (WSB crew) vs some evil hedge funds on the other (Melvin, Citadel, Point72 etc) who have the short interest on the trade.

I think there's a great deal of collusion by a lot of different players (obviously I can't prove that) if you look at who holds the long side of the trade there's a bunch of financial institutions like Fidelity, UBS, BlackRock, Vanguard, State Street, FMR, Dimension Fund, AIG, Alliance Bernstein + Scion, Hestia etc. So this is not a retail uprising, this is just institutions vs institutions and some will win and some will lose. Some retail will be set for life and some others will end up holding the bag.

I think Citadel's role here needs to be examined. They control the flow, so they know who's buying what security at what price (they don't need to know your name specifically). They also gave $2B to Melvin to prop them up when Melvin was bleeding money. Now Melvin was highly levered and with the losses they were posting Citadel was going to be on the hook. Nature of the relationship needs to be clarified, because that's a conflict of interest right there. Hedge funds talk (and so do retail investors on WSB btw) and they do some of the same trades a a lot of the time so it's possible there's collusion and propping each other.

I'd recomend - revoking RH's license. Limiting hedge interest to 100% of the float (i.e. not 140%). Charging high frequency traders a small amount per trade. If Citadel is found of wrongdoing shut it down, if not just break up the HF part from the Market Making part. And just making a little harder for retail investors to trade options, it's fckn ridiculous my barista is trading straddles on $GME ffs

I think this is probably the best description of the situation. I also agree with a lot of what you're saying. Especially the limiting shorts and taxing high frequency traders. And regardless of the situation, market makers should banned from being on the other side of the trade. I've also always found it hilarious that the media and institutional players keep spreading the narrative that retail players are responsible for everything wrong in the last one year. Who's dumb enough to believe that? How many % of the market liquidity belongs to retail?

Anyways, I just feel there are still more questions that need to be asked. The reason why RH suddenly ran out of credit, was because the DTC hiked up their rates. Which gets passed down from market makers to RH. E.g. Instead of a collateral of $1 for every $100 dollars in stocks, RH suddenly needed almost $1 for every $1 in stock. This nearly killed them. Now this begs a lot of questions. What is the criteria/formula for this? Was this applied to only certain stocks or all stocks? Only certain brokers or all brokers?

If it only applied to certain stocks like GME, I can understand (40x value, etc). But why AMC, BB and NOK as well? They are not exactly the same league as GME. As a matter of fact, I've seen many shares go crazy rapidly as well with no impact. In March crash last year, no liquidity requirements were needed. In the last one year, I've seen shares double or triple. TTD went from $400+ to $900+. Triple their all time high. No issues of liquidity or hiking rates. Likewise with Canopy Growth. From $14 to $40. More than half of that jump between Dec 28 to Jan 28 from $24 to $40. No liquidity requirements or rate hikes.

If it only applied to certain brokers, why only certain brokers like RH and eToro? What is the criteria for that?

I think all these details should be made public. The formula/policies should be clear cut. The actual data of what happened should match these formulas and policies. If not, someone needs to be going to jail. Emails and all communication need to be checked.

 

[4bars]

I'm getting PTSD reading this timeline

https://projects.propublica.org/bailout/main/timeline

Jeez...

 

[11101]

Anybody still in this should remember you also have to exit a trade for it to be successful.

There's almost no chance those original shorts are still in it, declining volumes alongside a declining price suggest that. There is nobody left who needs to cover positions.

 

[mu4c_20le]

Oh man, anyone else enjoying the loss porn right now? I hope none of you got in over the weekend or on monday..

Don't get me wrong, I'm totally against these hedge fund people who have always lived in a different stratosphere, and play by a completely different set of rules. It was fun watching them melt down last week. But as many have pointed out, wsb has become like Qanon now, and I couldn't help but slowly drift away from them and now I want to see how they react as their reality crumbles around them.

 

[MTF]

I hope the story's hero DFV got out at a higher price, but per his post yesterday he still had a decent amount riding on it. He's certainly made enough to buy a nice house anywhere in the country, and never work a job that he doesn't like ever again. But I don't think this quite sets him for full early retirment.

 

[Suedesi]

$13M in cash, I think he'll be alright.

 

[MTF]

Oh man, anyone else enjoying the loss porn right now? I hope none of you got in over the weekend or on monday..

Don't get me wrong, I'm totally against these hedge fund people who have always lived in a different stratosphere, and play by a completely different set of rules. It was fun watching them melt down last week. But as many have pointed out, wsb has become like Qanon now, and I couldn't help but slowly drift away from them and now I want to see how they react as their reality crumbles around them.

They're still peddling conspiracies about how Melvin didn't really cover, because its not possible. With the volumes Fri-Mon-Tue, plus talking to all the investment banks on the street to see if anyone wants to do intermediation, it shouldn't have been even hard to cover their position.

 

[marktan]

Oh man, anyone else enjoying the loss porn right now? I hope none of you got in over the weekend or on monday..

Don't get me wrong, I'm totally against these hedge fund people who have always lived in a different stratosphere, and play by a completely different set of rules. It was fun watching them melt down last week. But as many have pointed out, wsb has become like Qanon now, and I couldn't help but slowly drift away from them and now I want to see how they react as their reality crumbles around them.

Yes. Mostly because I saw a lot of annoying social media celebrities shilling it to their gullible followers, hopefully this serves as a lesson to those with no experience of this sort of thing. Literally the textbook definition of a pump and dump.

 

[Suedesi]

I think this is probably the best description of the situation. I also agree with a lot of what you're saying. Especially the limiting shorts and taxing high frequency traders. And regardless of the situation, market makers should banned from being on the other side of the trade. I've also always found it hilarious that the media and institutional players keep spreading the narrative that retail players are responsible for everything wrong in the last one year. Who's dumb enough to believe that? How many % of the market liquidity belongs to retail?

Anyways, I just feel there are still more questions that need to be asked. The reason why RH suddenly ran out of credit, was because the DTC hiked up their rates. Which gets passed down from market makers to RH. E.g. Instead of a collateral of $1 for every $100 dollars in stocks, RH suddenly needed almost $1 for every $1 in stock. This nearly killed them. Now this begs a lot of questions. What is the criteria/formula for this? Was this applied to only certain stocks or all stocks? Only certain brokers or all brokers?

If it only applied to certain stocks like GME, I can understand (40x value, etc). But why AMC, BB and NOK as well? They are not exactly the same league as GME. As a matter of fact, I've seen many shares go crazy rapidly as well with no impact. In March crash last year, no liquidity requirements were needed. In the last one year, I've seen shares double or triple. TTD went from $400+ to $900+. Triple their all time high. No issues of liquidity or hiking rates. Likewise with Canopy Growth. From $14 to $40. More than half of that jump between Dec 28 to Jan 28 from $24 to $40. No liquidity requirements or rate hikes.

If it only applied to certain brokers, why only certain brokers like RH and eToro? What is the criteria for that?

I think all these details should be made public. The formula/policies should be clear cut. The actual data of what happened should match these formulas and policies. If not, someone needs to be going to jail. Emails and all communication need to be checked.

Thanks. Regarding DTCC, I think I wrote about it in the post below, and also including the framework...

https://www.redcafe.net/threads/the-stocks-thread.434132/post-26721378

https://www.dtcc.com/-/media/Files/...-and-compliance/NSCC_Disclosure_Framework.pdf

 

[caid]

I'd find it easier to believe its done if they weren't still throttling GME and preventing people from buying.

 

[Suedesi]

They're still peddling conspiracies about how Melvin didn't really cover, because its not possible. With the volumes Fri-Mon-Tue, plus talking to all the investment banks on the street to see if anyone wants to do intermediation, it shouldn't have been even hard to cover their position.

I've done a complete 540 on that forum!

 

[The Firestarter]

$13M in cash, I think he'll be alright.

If he quits trading .

 

[Abizzz]

I've done a complete 540 on that forum!

Wasn't it your friend who sold the Blackberry shares at a 50k win (thinking it was a bad deal at the time)? He must be happy now .

I enjoy reading r/wsb. There's misconceptions about the stock market out there I couldn't have come up with if I tried. And seeing their losses makes me feel better about losing my mini bet on BB (Think i'll just hold it forever now ).

 

[Suedesi]

Take a look at this
https://www.reddit.com/r/wallstreet...r_the_scared_little_baby_apestake_a_look_for/

The language is all colorful, the narrative is all bullshit, the image shows a Bloomberg terminal that costs $2G/month per user.

This is a real finance pro shilling at WSB

Pigs to the slaughter...

 

[tombombadil]

Thanks. Regarding DTCC, I think I wrote about it in the post below, and also including the framework...

https://www.redcafe.net/threads/the-stocks-thread.434132/post-26721378

https://www.dtcc.com/-/media/Files/...-and-compliance/NSCC_Disclosure_Framework.pdf

Thanks. But I'm looking for how the rates are set and if we can review what rates were actually set that day. So far it looks like a wall of text of legal obligations and which laws apply. And what considerations to apply. Haven't found any specific formula for the rate setting.

 

[Suedesi]

Wasn't it your friend who sold the Blackberry shares at a 50k win (thinking it was a bad deal at the time)? He must be happy now .

I enjoy reading r/wsb. There's misconceptions about the stock market out there I couldn't have come up with if I tried. And seeing their losses makes me feel better about losing my mini bet on BB (Think i'll just hold it forever now ).

$20k win - he was pissed missing out on $600k win. So I guess, perspective is important - he could be back in the hole

 

[Abizzz]

Take a look at this
https://www.reddit.com/r/wallstreet...r_the_scared_little_baby_apestake_a_look_for/

The language is all colorful, the narrative is all bullshit, the image shows a Bloomberg terminal that costs $2G/month per user.

This is a real finance pro shilling at WSB

Pigs to the slaughter...

Am I reading this right as in TIAA have a 1.1mil shares of GME!?

 

[Suedesi]

Thanks. But I'm looking for how the rates are set and if we can review what rates were actually set that day. So far it looks like a wall of text of legal obligations and which laws apply. And what considerations to apply. Haven't found any specific formula for the rate setting.

Start at pg 56

A Member’s Required Fund Deposit will vary daily based on its trading activity and financial status. The calculated requirement is based upon the total unsettled (fails) and pending (future settling) transactions of the Member. The amount due each day, payable by 10 a.m. via the Fedwire system, is the difference between the Member’s calculated Required Fund Deposit and the amount currently on deposit. The formula used for calculating a Member’s Required Fund Deposit includes the following major component charges:

 

[Suedesi]

Am I reading this right as in TIAA have a 1.1mil shares of GME!?

It would appear so.

 

[Abizzz]

It would appear so.

F'kin hell. Teachers always getting taken advantage of RC Ventures LLC is another weird one. (at least if the bloomberg link isn't wrong)
There'll be people losing money to this who never knew they were in the game.

 

[Walrus]

So GME tanked down to 75 or so in about an hour, but when it bounced back to ~130 the trading gets halted twice?

 

[Suedesi]

F'kin hell. Teachers always getting taken advantage of RC Ventures LLC is another weird one. (at least if the bloomberg link isn't wrong)
There'll be people losing money to this who never knew they were in the game.

RC Ventures is Ryan Cohen's vehicle - he's the Chewy founder who recently joined the $GME board. I think his cost basis must be low single digits, and potentially have a lockup.

 

[balaks]

So many noobs probably got totally wrecked. How many bag holders will be left when the dust settles and the smart players sold ages ago?

 

[11101]

Am I reading this right as in TIAA have a 1.1mil shares of GME!?

It's a trillion dollar pension fund. They've probably got a million shares of just about everything on the NYSE.

 

[Abizzz]

RC Ventures is Ryan Cohen's vehicle - he's the Chewy founder who recently joined the $GME board. I think his cost basis must be low single digits, and potentially have a lockup.

Oh ok, that makes more sense. Thanks

It's a trillion dollar pension fund. They've probably got a million shares of just about everything on the NYSE.

You're probably right come to think of it.