Correct me if I am wrong but Citron is basically hedging their bets that the price of gamestop will fall dramatically and go bankrupt. They short-sold, so they will by Gamestop shares at whatever price it is at in the future (they want them to fail). WSB, realizing this, is artifically pumping up gamestop to the point where Citron will have to buy a crap ton of super expensive shares making the reddit people very rich in the process. So it's a battle of who is more influential at manipulating the market. Tons of people are very pissed off about it and it's really funny
https://www.bloomberg.com/news/articles/2021-01-22/gamestop-tug-of-war-gives-reddit-army-a-win-on-record-volatility
When you sell a stock short, and it goes to $0, you make a profit of 100%. When you sell a stock short but it goes higher, your losses are potentially infinite
pretty glad I was bored browsing reddit at 3 am last night and I was just sleep deprived enough to buy in a decent bit. I’m still in college so it’s not a lot, but hopefully it’s going to be a good bit of student loan payments and mutual aid if it can really get that high up. marx did day trading, money is fake anyway, and this whole thing is gonna screw some Wall Street snakes bad, so really it’s basically praxis. 💎🤲
Watching a thread full of reddit nerds intentionally fuck over insanely rich, slimy short sellers and potentially making a little bit of money doing it was a great way to end the week. Power to the players.
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