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TL:DR Hedge Fund bet with other peoples money that a stock would tank, bet too hard, getting burnt by retail investors posting memes.
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Learning about it kinda pisses me off. No upfront cost because they borrow the stock, sell immediately to get paid, and then buy it back at a lower cost. Making money out of thin air. It’s literally a casino.
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TL;DR its a sham and a house of glass and a bunch of internet autists figured out how to dynamite it. May or may not lead to an enormous market crash. Linked thread goes into detail.https://twitter.com/wokal_distance/status/1354672028192698371?s=20 …
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The hedge fund that was the initial target of populist ire, Melvin Capital, has lost about uh ....*checks notes* 14.1 billion
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They bet it would go down. It went up. They mad.
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