Biff_Poindexter
Diamond Member
"In the David and Goliath saga surrounding the struggling retail chain GameStop, Goliath has fallen. Two Goliaths, actually. A pair of professional investment firms that placed big bets that money-losing video game retailer GameStop's stock will crash have largely abandoned their positions. The victors: an army of smaller investors who have been rallying online to support GameStop's stock and beat back the professionals. GameStop's stock surged as high as $380 Wednesday morning, after sitting below $18 just a few weeks ago. As of Tuesday, the losses had already topped $5 billion and phenomenon does not appear to be fading. AMC has become the next battleground in the fight between smaller, retail investors and Wall Street.
Shares of AMC spiked 260 per cent when trading began Wednesday and #SaveAMC is trending on Twitter."
That is how it goes when you put all of your chips on betting a certain company/stock will fail and trying to short that stock...but if you watch the talking heads on CNBC and Fox Business; they are having a major sad...some are even talking about how these hedge funds should be bailed out...ummm, no thanks....you gambled and you lost.....Melvin Capital and Citron took 100% losses and some are saying it has wiped these hedge funds out; leading Citron to say they are taking a fresh look at how it bets against companies, in light of the GameStop campaign.