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Hedge Fund That Took Massive Losses on GameStop Thanks to WallStreetBets Is Shutting Down
https://www.thetimes.co.uk ^ | June 23 2021, | Tom McKay

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 ...


TOPICS: News/Current Events
KEYWORDS: finance; gambling; hedgefunds; investment; scams; teft
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1 posted on 06/22/2021 9:38:05 PM PDT by RomanSoldier19
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To: RomanSoldier19

2 posted on 06/22/2021 9:42:52 PM PDT by DoodleBob (Gravity's waiting period is about 9.8 m/s^2)
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To: RomanSoldier19

That’s a shame.


3 posted on 06/22/2021 9:45:31 PM PDT by DarrellZero
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To: RomanSoldier19

It’s not Citadel, but it’s one step in the right direction.


4 posted on 06/22/2021 9:47:13 PM PDT by struggle
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To: RomanSoldier19

SoFI is another stock I think is undervalued right now. Just went public two weeks ago I think.


5 posted on 06/22/2021 9:47:58 PM PDT by Bayard
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To: struggle

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!!


6 posted on 06/22/2021 9:50:01 PM PDT by Trump Girl Kit Cat (Yosemite Sam raising hell)
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To: RomanSoldier19

They got clipped.


7 posted on 06/22/2021 9:50:29 PM PDT by Ken H (Trump won.)
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To: KC_Lion

Pingaroo.


8 posted on 06/22/2021 9:52:07 PM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: Trump Girl Kit Cat

>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.


9 posted on 06/22/2021 9:54:09 PM PDT by struggle
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To: RomanSoldier19

The true scumbags of this country short sellers and judge fund managers getting smoked by the little guy


10 posted on 06/22/2021 9:58:03 PM PDT by Lod881019
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To: RomanSoldier19

If only they could take down Black Rock.


11 posted on 06/22/2021 9:58:34 PM PDT by Mr. Blond
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To: Mr. Blond

I agree, and would put money toward that end, if possible.


12 posted on 06/22/2021 10:05:05 PM PDT by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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Comment #13 Removed by Moderator

To: struggle

Black rock and Vanguard need anti-trust action, they own a huge percentage the major corporations in this country.


14 posted on 06/22/2021 10:10:41 PM PDT by wildcard_redneck ( COVID lockdowns are the Establishment's attack on the middle class and our Republic )
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To: RomanSoldier19

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.


15 posted on 06/22/2021 10:11:23 PM PDT by qaz123
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To: struggle

When they can figure out how to take down Blackrock, then we’ll be talking.


16 posted on 06/22/2021 10:11:58 PM PDT by qaz123
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To: struggle

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!!


17 posted on 06/22/2021 10:24:24 PM PDT by Trump Girl Kit Cat (Yosemite Sam raising hell)
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To: RomanSoldier19

I feel for them, but I can’t reach them.


18 posted on 06/22/2021 10:41:43 PM PDT by mass55th ("Courage is being scared to death, but saddling up anyway." ~~ John Wayne )
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To: RomanSoldier19

Bobby Axelrod?


19 posted on 06/22/2021 10:54:12 PM PDT by Veggie Todd (Religion. It's like a History class. Without the facts. )
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To: Veggie Todd

20 posted on 06/22/2021 11:28:44 PM PDT by RomanSoldier19 (Game over, man! Game over! ; : rem ad triarios redisse is)
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