I wrote about GameStop yesterday, and didn’t really figure that the whole short selling phenomenon was factoring in.
But apparently, these Jews bought more shorts in the company, after having gotten out last time.
GameStop stock is like a rat trap for Jews.
Those betting on GameStop stock’s price decline, or short-sellers, lost around $1.9 billion in just two days as the Reddit crowd’s favorite “meme stock” renewed its enormous rally.
Shares of the video game retailer skyrocketed over 100 percent on Wednesday, with the enormous volatility even prompting trading halts. The sudden rally brought $664 million in mark-to-market losses for investors betting against GameStop, according to financial analytics firm S3 Partners.
The frenzied buying continued on Thursday, with GameStop stock surging as high as 84 percent in intraday trading and closing with 19 percent gains. Thursday’s intraday moves booked another $1.19 billion in losses for short-sellers, S3 Partners’ calculations show.
As of Friday morning, GameStop’s shares were slightly up again in pre-market trading. Given the latest gains in GameStop stock, short-sellers’ year-to-date mark-to-market losses now amount to $10.75 billion, according to the analytics firm. However, even billions in losses don’t stop investors from further betting on the company’s decline, with the number of GameStop shares shorted over the past week rising by 15 percent to 1.97 million.
You’d think that these hedge funds that do the shorts would be gun-shy on GameStop, given that there has been this move to revamp the company.
But I guess they were probably looking at the data that I went through yesterday, showing that it would be very difficult for GameStop to enter the market as an online retailer.
The one fact of the matter is that Ryan Cohen, who is now effectively functioning as the company’s CEO being that he is a majority shareholder, is clearly betting on this. He has a track record of success.
You do wonder if he’s not going to end up in prison like Bernie Madoff for ripping off other Jews.
But I mean, Bloomberg has been interviewing professionals who say the company has a future.