Current Affairs Stocks and shares and stuff
- Thread starter Paris
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Efcjake
Player Valuation: £80m
So apparently Citadel owns both Robin Hood and Melvin Capital (one of the hedge funds involved in the short squeeze).
Efcjake
Player Valuation: £80m
One of the last people who should talk about stock market manipulation. Every time this guy tweets it is an SEC violation.
Zezti
Player Valuation: £70m
The amazing thing about it is this is the only time in history I can think of where the super rich have been outplayed at their own game of moving money by a bunch of Joe Publics doing nothing but simply buying shares.
The funny thing is all the rich who always call for "free markets" are now wanting restrictions and laws to protects themselves
The funny thing is all the rich who always call for "free markets" are now wanting restrictions and laws to protects themselves
Paris
What is love?
Musk is on the money and that reply merits no attention. Indeed, I'm actually surprised that you linked to it here. You're smarter than that.
Why not, it points out the hypocrisy and illogic of Musk’s comments about being able to sell things you don’t own?
I think there are many things you can be critical about in how shorting is abused in practice but the concept itself, of trading things you don’t own at that particular time, I don’t have much of a problem with.
Paris
What is love?
As the replies to that dimwitted tweet point out, Musk owns the factories that produce the cars that will be sold.
I mentioned earlier in this thread about this. This guy is incorrect in most of what he says but the final point is correct. Citadel don't own Melvin but were one of the 2 hedge funds to bail them out this week (along with Point72). They also don't own Robinhood but are the biggest buyers of their order flow (which is basically the only way RH makes money).So apparently Citadel owns both Robin Hood and Melvin Capital (one of the hedge funds involved in the short squeeze).
The whole situation stinks and I just hope the latecomers who don't understand the situation aren't going to get completely screwed. Sadly a lot of them will be
He might have owned the means of manufacture (although iirc some of the time he used the pre-orders to get financing to even build the factories/alter existing production or buy materials so even that is a tad questionabl) but he still didn’t own the cars that he sold pre-orders on ie he still traded an asset he did not own at that time.
Expanding it out further if ever you have sold a stock within a couple of days you have also technically traded an asset you don’t own as settlement date is different from purchase date as you are assuming that everyone in the chain fulfills their promises/obligations.
As I say none of this is a defense of short selling, just that I don’t think the “you can’t trade it as you don’t own it” holds much water.
Interesting perspective
What happened with GameStop?
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