Posted on 06/22/2021 9:38:05 PM PDT by RomanSoldier19
White Square Capital says the shutdown is unrelated, but we're sure Reddit is playing a sad song on the world's most overvalued violin.
One of the hedge funds targeted by notorious Reddit investment board r/WallStreetBets is bust, the Financial Times reported on Tuesday.
The r/WallStreetBets subforum shot to fame earlier this year after its members rallied around so-called “meme stocks”—stocks facing what they considered predatory shorts by big investors—causing their prices to surge to unfathomable levels. The first and most famous target was GameStop, but other companies including AMC and Blackberry saw similar boosts. It didn’t take long for the meme stock wave to attract investors from far outside Reddit, ranging from amateur day-traders on apps like Robinhood to Wall Street sharks that saw a profitable opportunity.
While Redditors liked to insist they were picking companies with strong but underacknowledged fundamentals, the whole thing was essentially speculative, and the vast majority of the meme stocks either crashed hard or remain extremely volatile and/or risky. The stock market volatility it created eventually attracted the attention of Congress, though the resulting hearing consisted of little more than shouting.
(Excerpt) Read more at thetimes.co.uk ...
That’s a shame.
It’s not Citadel, but it’s one step in the right direction.
SoFI is another stock I think is undervalued right now. Just went public two weeks ago I think.
The guy from Bar Stools can’t remember his name, HE has balls of steel and I LOVE the guy he headed this movement and God Bless and watch over him!! He has gathered an ENORMOUS amount of little guys together and they are busting balls!!
They got clipped.
Pingaroo.
>The guy from Bar Stools
Dave Portenoy
He is a unique guy. Spurned chicks release sex tapes with him in it every month or so and he just laughs at them.
His fund, $BUZZ has been a pretty good investment.
The true scumbags of this country short sellers and judge fund managers getting smoked by the little guy
If only they could take down Black Rock.
I agree, and would put money toward that end, if possible.
Black rock and Vanguard need anti-trust action, they own a huge percentage the major corporations in this country.
Awesome...doesn’t make up for the lives and jobs that the fund messed with over the years, but can’t be too picky.
Biggest shame in all of it is that whoever ran/owned the company still, probably, has more money than they can spend. It would have been nice to read that they were personally bankrupt.
I’m surprised the current admin hasn’t offered them a bailout.
When they can figure out how to take down Blackrock, then we’ll be talking.
Love this guy he has NO FEAR, amazing thing is he has gathered a HUGE army of people with NO FEAR these are the fighters we need!! He has gathered moms, dads, veterans!!
I feel for them, but I can’t reach them.
Bobby Axelrod?
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