GameStop and wsb 28 January 2021

Some quick updates

1) According to the Financial Times, hedge funds are running scared and Melvin Capital has closed its shorts and repositioned its portfolio, losing 3.75 billion in first three weeks of January. Some professional investors/funds are scaling back their risk taking as well

2) The wsb subreddit was briefly taken down, sparking conspiracy theories, but came back up soon after. Their Discord was permanently banned. For a taste of a chaotic Discord channel, click here (turn down your volume. it's loud)

3) As mentioned yesterday, Chamath Palihapitiya jumped on the bandwagon but has just as quickly hopped off. He is donating his winnings. Oh and he is also going to run for Governor of California.

4) The White House actually has to respond to questions on this. As if they don't have enough to do.

5) If you are wondering if this is legal, nobody knows. Refer to this post on commentary from Matt Levine of Bloomberg

6) If you are wondering how RoaringKitty is doing, here it is. Outstanding positions cost about 755,000, market value NEARLY 48 MILLION.

7) WSB is turning their attention to other stocks

#GME

Trading is not a game! Stay safe folks.

None of the above should be construed as investment advice. Do your own due diligence as I will not be responsible for any loss/risk.

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