/r/wsb autists taking on a wallstreet hedgefund. Elon musk involved as always - Gamergate 2: financial boogaloo

[Terrifik]

 

[Gimmick Account]

Eventually it probably will fall and stay around $100 but who knows shits wild.

I thought the same until recently but they actually seem serious about doing this digital thing. Hiring Amazon and Google people or whatever has even started to turn the boomer sentiment around. I don't want to pick a number but with only 70 million total shares you could guess a lot higher.

GME is now in transformative stage. However it has just begun and it would require additional capital to fuel it's reformation. That means more debt. More issuance of shares. More dillution in share prices.

All in all, GameStop will not be seeing green days for 3 years.

Yeah, maybe. They have/had executive listings for real estate specialists and are liquidating their huge amount of brick and mortar and firing many nerd slaves. I have no idea how much that'll help, and they could still fuck up how they handle this situation (like issuing at the perfect wrong moment). Or they could surprise us by not being retarded at all. But it's not like actually being profitable necessarily matters that much for high-profile tech shit, right?

 

[Nauseated Courgi]

Did any of you guys know about this?

 

[Carbonation Grimace]

Did any of you guys know about this?

Where the fuck is the "horrifying" rating when you need it

goddamn it null

 

[ditto]

Robinhood have removed the confetti animation that was being blamed for 'gamifying' the stock market and detracting from the Very Serious Business.

Instead it now shows.. a bunch of shapes? What the stock market looks like at a microscopic level, maybe.

 

[Gimmick Account]

Melvin Capital reporting first quarter losses of 49%, lol

 

[Boss HM-2]

Melvin Capital reporting first quarter losses of 49%, lol

It's almost as if the squeeze had, in fact, been squoze and they covered their shorts back in January like CNBC reported.

 

[Orange Rhymer]

Reddit will report the rest of the $GME losses. In Q2, Q3, and Q4.
Or until they dump that turd.

 

[Gimmick Account]

It's almost as if the squeeze had, in fact, been squoze and they covered their shorts back in January like CNBC reported.

How is it anything like that? Wanna elaborate, chief?

Down 53% in January.
"Gains" (if you're a gullible retard who believes television and can't do basic arithmetic, see Orange Rhymer) of 22% in Feb.
Yet somehow still a -49% quarterly total after the following month.

How the do you get "ah, the media is honest" from that?

 

[Boss HM-2]

How is it anything like that? Wanna elaborate, chief?

Down 53% in January.
"Gains" (if you're a gullible retard who believes television and can't do basic arithmetic, see Orange Rhymer) of 22% in Feb.
Yet somehow still a -49% quarterly total after the following month.

How the do you get "ah, the media is honest" from that?

Because they have to legally report that shit, you fucking retard.
https://www.bloomberg.com/news/arti...vin-capital-posts-first-quarter-decline-of-49

The fund slid 7% last month, reversing a gain of almost 22% the month before, according to people with knowledge of the matter. In January, the fund dropped 53%.

https://www.rev.com/blog/transcripts/robinhood-ceo-testimony-transcript-gamestop-hearing-february-18
Plotkin also testified under oath to Congress that he closed the shorts of GME, among others (i assume AMC and BB as well) at that congressional hearing:

Gabriel Plotkin: (30:2
The unfortunate part of this episode is that ordinary investors who were convinced by a misleading frenzy to buy GameStop at $100, $200 or even $483, have now lost significant amounts. When this frenzy began, Melvin started closing out its position in GameStop at a loss, not because our investment thesis had changed, but because something unprecedented was happening. We also reduced many other Melvin positions at significant losses, both long and short, that were the subject of similar posts.

Gabriel Plotkin: (30:56)
I’m personally humbled by what happened in January. Investors in Melvin suffered significant losses. It is now our job to earn it back. And while I do not think that anyone could have anticipated these events, I’ve learned much from them and I’m taking steps to protect our investors from anything like this happening in the future. I look forward to answering your questions.

The shorts were closed and Ryan Cohen issued a bunch of new GME shares as well to dilute the ratio and bring the price down.
You should have figured out that the stonk was QAnon-tier /pol/ack bullshit the very second CNBC broke the Melvin closings and everybody here dismissed it as fake news.

 

[Cool Dog]

I thought the same until recently but they actually seem serious about doing this digital thing. Hiring Amazon and Google people or whatever has even started to turn the boomer sentiment around. I don't want to pick a number but with only 70 million total shares you could guess a lot higher.

If they done this years ago I would say sure, but now with EA and others basically giving up against steam and epic having to literally give games away they are looking to an uphill battle to carve a market share big enough to justify these stock prices

And isnt most of the stores just rentals?

 

[Orange Rhymer]

Can't wait til Reddit finds out that the $GME inflated stock price will be used to give the CEO and board record bonuses. While they close another round of stores.
SMASH CAPITALISM, FUCK MELVIN...

...by giving the 1% a record bonus.

Reminds me of the 'anarchists' buying RATM albums from Sony, or on iTunes...

 

[Gimmick Account]

Because they have to legally report that shit, you fucking retard.
https://www.bloomberg.com/news/arti...vin-capital-posts-first-quarter-decline-of-49



https://www.rev.com/blog/transcripts/robinhood-ceo-testimony-transcript-gamestop-hearing-february-18
Plotkin also testified under oath to Congress that he closed the shorts of GME, among others (i assume AMC and BB as well) at that congressional hearing:

It's unlikely they were stupid enough to outright lie, but the question is what they did to push the loss forward/make up that virtual "gain" which has evaporated and whether they were dumb enough to double down on that first spike. Which is something it looks like a lot of people did. This has all been posted already.
In fact it's looking like things might be even worse on the short side than they were in January. What's been going on in the contract market is incredibly sus, if you're actually following this thing.

Melvin Capital is and always was a meme, there are a lot more hedge funds playing both sides. But it's still funny they finally reported eating shit (which coincided with some huge SEC whistleblower payouts on the same day, btw) after trying to pull a fast one.

The shorts were closed and Ryan Cohen issued a bunch of new GME shares as well to dilute the ratio and bring the price down.

That's not true. What they did was renew an approval to eventually issue a limited number of shares; actually less than pre-renewal, from 6m to 4m or something like that. They haven't done so yet. It's a drop in the bucket and they probably did it so they can cash in if and when shit does eventually go down.
Anything else would be stupid for them barring back room bullshit.

If they done this years ago I would say sure, but now with EA and others basically giving up against steam and epic having to literally give games away they are looking to an uphill battle to carve a market share big enough to justify these stock prices

And isnt most of the stores just rentals?

Agreed on the first part; it's something I've been wondering about for weeks. But they're different from digital-only platforms so it's probably better to think about them as going up against Amazon. Which is something others have done in every industry: you get advantages from specialisation, at least for now. Normals still pay for shit like funkos and Fallout special editions so they can get limited edition plastic merch.
We could also speculate on ways they can branch out but anything we think up in this thread will be better than what they do, like how we saved the cinema industry a couple pages ago.

Regarding the share price, online distributors are valued much more highly than brick-and-mortar in general. Completely setting aside this sensationalism (which is actually holding it down, their recent announcements and the new hires/Chewie CEO should have been a bump but the opposite happened thanks to rampant illegal manipulation highjinks), simply converting their business to an online platform would probably put their value at least a few hundred bucks above the current price.
Note that this is commensurate with their tiny outstanding shares total. It sounds like a lot of money but most businesses this size have like 2-5x as many shares out there.

Idk about rentals, I didn't know they did that at all. My local ones don't. I thought that was just a joke about trade-ins.

 

[FunPosting101]

Can't wait til Reddit finds out that the $GME inflated stock price will be used to give the CEO and board record bonuses. While they close another round of stores.
SMASH CAPITALISM, FUCK MELVIN...

...by giving the 1% a record bonus.

Reminds me of the 'anarchists' buying RATM albums from Sony, or on iTunes...

Personally, I had no money in this, but I would have loved it if this had resulted in something funny and insulting to the establishment money types who run wallstreet. If some guy named Nagger Figgot, professional anime feet and panty enthusiast had somehow become one of the world's richest people, for example, simply because he bought lots of GME stock, I would have likely laughed until I pulled something.

Alas, this was simply too much too hope for in these sad and miserably boring times we live in.

 

[Cool Dog]

simply converting their business to an online platform would probably put their value at least a few hundred bucks above the current price.

I would argue the price is still inflated and doing that would barely make a bump but might prevent a crash for the time being

Anyway, I dont see how any of the normies who jumped at 350-400 are ever going to get their money back

Personally, I had no money in this, but I would have loved it if this had resulted in something funny and insulting to the establishment money types who run wallstreet. If some guy named Nagger Figgot, professional anime feet and panty enthusiast had somehow become one of the world's richest people, for example, simply because he bought lots of GME stock, I would have likely laughed until I pulled something.

Alas, this was simply too much too hope for in these sad and miserably boring times we live in.

I wonder if a court would allow you to change your name to Nagger Figgot

Also the system is rigged af so forget about teaching anyone up top a lesson, its not gonna happen unless you do a revolution and bring the guillotine back

 

[Orange Rhymer]

$GME at $143.20 after a rough general market opening. Ticking higher to regain some lost ground.

Not that anyone really cares anymore. I think even the 'Diamond Hands' fags have jumped ship. More than 3 months attention is asking a lot from the internet.

 

[Terrifik]

 

[FunPosting101]

I would argue the price is still inflated and doing that would barely make a bump but might prevent a crash for the time being

Anyway, I dont see how any of the normies who jumped at 350-400 are ever going to get their money back

I wonder if a court would allow you to change your name to Nagger Figgot

Also the system is rigged af so forget about teaching anyone up top a lesson, its not gonna happen unless you do a revolution and bring the guillotine back

It's not about teaching them a lesson, it's about pissing in their cereal and calling them obnoxious faggots and then laughing when they get all offended at you for doing so. I have no illusions that the establishment will ever learn the right lessons.

 

[Gimmick Account]

I have no illusions that the establishment will ever learn the right lessons.

Yeah the best case is probably just them having to at least pretend to be sneaky for a decade again. Hopefully all these recent whistleblower payouts are leading somewhere. Well, I guess the best case is a cascading financial apocalypse, fingers crossed.

Funne disclosure

Apex Pro is the subject of an ongoing investigation by FINRA in coordination with various securities exchanges including NYSE and NASDAQ related to potentially manipulative trading activity by the Former Customers for the period from January 1, 2017 to December 31, 2018 (including layering, spoofing, and market dominance at the close and open) (the “Market Reg Matter”). As noted above, Apex Pro terminated its relationship with the Former Customers in December 2019. Apex Pro has been cooperating with FINRA and the exchanges in connection with their investigation into the Market Reg Matter, including through document production. FINRA has conducted on the record testimonies of current and former Apex Pro personnel. As a result of the Market Reg Matter, FINRA also is conducting a related anti-money laundering investigation into client activity. While the activity at issue is client-driven activity, Apex Pro provided sponsored access (i.e., direct access to exchanges bypassing Apex Pro systems) to the Former Clients and has anti-money laundering responsibilities and, therefore, could be responsible for such client activity. Apex Pro desires to reach a voluntary resolution of the Market Reg Matter, including the related anti-money laundering investigation, upon the conclusion of the FINRA investigations. No assurances can be given that a mutual settlement with FINRA and the relevant securities exchanges can be reached or that any amount paid in settlement will not be material.

Apex is a defendant in a series of putative class actions arising out of the same alleged conduct captioned as Cheng v. Ally Financial Inc., et al, Case No. 3:21-cv-00781 filed in the United States District Court for the Northern District of California; Clapp and Redfield v. Ally Financial Inc., et al, Case No. 3:21-cv-00896 filed in the United States District Court for the Northern District of California; Dechirico v. Ally Financial, et al, Case No. 1:21-cv-00677 filed in the U.S. District Court for the Eastern District of New York; Ross v Ally Financial Inc., et al, Civil Action No. 4:21-cv-00292 filed in the United States District Court for the Southern District of Texas; and Fox v. Ally Financial, et al, Case No. 0:21-cv-00689 filed in the United States District Court for the District of Minnesota in 2021 (collectively, the “Antitrust Matters”). Plaintiffs allege that Apex, along with over 30 other brokerages, trading firms and/or clearing firms, including Morgan Stanley, E*Trade, Interactive Brokers, Charles Schwab, Robinhood, Barclays, Citadel and DTCC engaged in a coordinated conspiracy in violation of anti-trust laws to prevent retail customers from operating and trading freely in a conspiracy to allow certain of the other defendants, primarily hedge funds, to stop losing money on short sale positions in GameStop, AMC and certain other securities. The matters were brought as class actions alleging violations of federal and state anti-trust laws, unfair competition and dissemination of untrue and misleading statements as well as negligence, breach of fiduciary duty, constructive fraud and breach of implied covenants of good faith and fair dealing. These cases are in the preliminary phases. Although there can be no assurance as to the ultimate disposition of the Antitrust Matters, Apex denies liability to the plaintiffs and the putative class members, believes that it has meritorious defenses against the plaintiffs’ claims, and intends to vigorously defend itself.

Also JamesShack just announced they're about to be done with that debt:

GRAPEVINE, Texas, April 13, 2021 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME), today issued an irrevocable notice of redemption to redeem $216.4 million in principal amount of its 10.0% Senior Notes due 2023 (the “Notes”) on April 30, 2021. This voluntary early redemption covers the entire amount of the outstanding Notes.​

Notes will be redeemed by the Company using cash on hand, at a redemption price of 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date of April 30, 2021, plus the applicable premium due to holders of the Notes in connection with an early redemption.​

 

[Terrifik]