GME tsunami!
(media.greatawakening.win)
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Absolutely. Before the hedgies started REALLY manipulating and Robin-da-hood shut off the buy button, GME popped up over $1,000 a share. Folks that were watching closely said they briefly saw asking prices around $5,000.
Are you saying that they shut off the Buy button to keep the hedgies from buying the stocks to cover their shorts that they’re legally required to buy in order to prevent the price going vertical?
Or are they turning it off just for us so that they can cover required shares temporarily as they become available until those smaller positions get covered?
I always read that as “they’re trying to keep us retailers from buying any more because it hurts or something”, but weeeew lad the others are way more fun.
Yes, turning off just for us.
Shutting off the buy button stopped "retail" buyers (peasants like us) from getting more shares and driving the stock price higher. The higher the price goes, the ability to pay back the shares the hedge funds shorted becomes exponentially harder (more expensive).
In other words, the hedge funds pressured the folks that manage the Robin-da-hood app to slow down the price increases so Citadel would have more time to fabricate fake shares and close (or delay) the payback of the shares they still owed.
While going through it, I think temporarily allowing hedgies an exclusive chance to cover shorts might make the most sense.
If they were only after controlling the price, they’d probably try to shut it off completely.
Problem is, the hedgies had GME down to nearly a dollar per share back in 2020.
So depending on how many thousands of shares are shorted at ~$2 or $3, they have an impossible hill to climb to not go bankrupt.