GameStop and AMC short-sellers have lost almost $1 billion in just 5 days of trading amid a meme-stock rally

Stonks meme
KnowYourMeme

  • GameStop and AMC short-sellers have lost $930 million on their positions over the last five days, according to data provider ORTEX.
  • Short positions for the stocks remains high with AMC at 18.3% of free float and GameStop at 21.8%.
  • The short-seller squeeze is exactly “what the Reddit army is hoping for,” said ORTEX’s co-founder.
  • See more stories on Insider’s business page.

Investors betting against GameStop and AMC Entertainment shares have lost nearly $1 billion in the last five trading days alone, new figures from ORTEX show.

According to the data, GameStop and AMC short-sellers lost $930 million on their positions over the last five days of trading as both stocks rallied. Monday alone, AMC shorts lost $210 million and GameStop shorts lost $227 million.

Short positions in the stocks remains high, which causes “large losses” for anyone with a short position, ORTEX co-founder Peter Hillerberg told Insider in an email. AMC short interest is at 18.3% of free float and GameStop short interest is at 21.8%, according to ORTEX.

“The sharp price increase can cause short position holders to try to close their positions by buying back the shares, causing additional demand which in turn can cause the share price to go up further,” Hillerberg said.

“This is what the ‘Reddit army’ is hoping for,” he said.

Read more: The GameStop mania driven by Reddit traders isn’t simple market trolling. It’s a populist movement threatening to disrupt the financial system to a degree Occupy Wall Street only dreamed of.

Shares of both companies fell Tuesday, according to Investing.com data.

Before that, AMC was on a multi-day rally after Redditors on Wall Street Bets and other subreddit groups pushed for a short squeeze in the meme stock. On Twitter Monday, the phrase #SqueezeAMC was trending. That trend, Hillerberg said, indicates, “this is a large and very vocal community.”

Adam Aron, CEO of AMC – the world’s largest cinema chain operator – thanked Reddit and Robinhood traders on an earnings call earlier this month for boosting the stock. So far this year, shares have rallied roughly 500%.

The popular trend of meme stocks began with GameStop, though. In January, an army of Reddit day traders pushed the shares to rally from single to triple digits in an effort to squeeze short sellers.

Shares hit their lowest in a month on May 11, sinking to $136.50, and have since rallied, trading at around $175 Tuesday.

The company nodded at Redditors last week in a tweet that was later deleted in which an astronaut sat on the moon, a likely reference to a popular Reddit phrase about the stock price going “to the moon.”

GameStop short sellers have lost billions amid the share rally this year, forcing some to cut their losses and exit their positions.

Amid the months-long saga, GameStop has seen a management shakeup, with activist investor Ryan Cohen joining the board and CEO George Sherman announcing his departure. The company has also strengthened its balance sheet, eliminating $216 million in debt.

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Warren Buffett will discuss stocks, deals, and the pandemic at Berkshire Hathaway’s annual meeting on Saturday. Here are 18 questions he might answer.

warren buffett
Warren Buffett.

  • Warren Buffett will answer questions at Berkshire Hathaway’s annual meeting on Saturday.
  • The famed investor is expected to discuss stocks, deals, the pandemic, and the economy.
  • Here are 18 questions he might answer on the day.
  • See more stories on Insider’s business page.

Warren Buffett will be quizzed for several hours at Berkshire Hathaway’s annual shareholder meeting on Saturday.

The billionaire investor and Berkshire CEO has kept an extremely low profile over the past year. Investors, commentators, and other market-watchers will be especially eager to hear from him as a result.

Buffett will be joined by Charlie Munger – Berkshire’s vice-chairman and his right-hand man – as well as Ajit Jain and Greg Abel, who head up the conglomerate’s insurance and non-insurance divisions respectively. Insider will be liveblogging the meeting from 1:30 p.m. ET.

Here are 18 questions Buffett might answer:

1. Is he still bearish on the airline industry? Berkshire exited its positions in the “big four” US carriers in April 2020, as Buffett was concerned about fewer passengers, debt repayments, buyback restrictions, and other issues.

2. What does he think about the US government modeling its airline bailouts on his financial-crisis deals? Sen. Jack Reed told Insider he got the idea to demand stock warrants from Buffett’s Goldman Sachs rescue.

3. Does he regret being so cautious when markets crashed last year? Buffett was widely expected to deploy a chunk of Berkshire’s cash reserves, but instead he focused on protecting his shareholders’ money.

4. Has Berkshire closed any of its businesses? Buffett’s right-hand man, Charlie Munger, said last year Berkshire has a “a few bad businesses” that “won’t reopen when this is over.”

5. Is he worried about the boom in day trading, meme stocks, SPACs, and cryptocurrencies? Buffett has warned against speculation and derided crypto in the past, and flagged the dangers of promoters in his latest annual letter. Munger has slammed Robinhood and bemoaned the “speculative frenzy” in markets.

6. What does he think about President Biden’s tax and infrastructure plans? Buffett and Biden, who spoke before the election last year, have both called for higher taxes on the wealthy, criticized short-termism in corporate America, and trumpeted the nation’s bright future.

7. Does he think Apple is overvalued? Berkshire’s Apple stake has tripled in value since 2018 and now accounts for over 40% of its US stock portfolio.

8. Why did he dump Goldman Sachs, JPMorgan, and Wells Fargo? Berkshire exited its Goldman position and sold its JPMorgan holdings last year, and has drastically reduced its Wells Fargo stake.

9. Why is he so bullish on Bank of America? Buffett plowed $2.1 billion into the stock over 12 days last year.

10. What was Berkshire’s reason for selling its Costco stake? The big-box retailer had been Munger’s favorite company for years.

11. Does he still see value in BYD? Shares in the Chinese electric-vehicle company have skyrocketed since Berkshire invested in 2008.

12. Were his pharmaceutical investments spurred by the pandemic? Berkshire added AbbVie, Bristol Myers Squibb, Pfizer, and Merck to its portfolio in the third quarter of 2020.

13. What does he think about Berkshire betting on Barrick Gold and Snowflake? The uncharacteristic investments in a gold miner and a loss-making technology startup’s IPO, ostensibly by one of Buffett’s deputies, surprised many Berkshire watchers last year.

14. What appeals to him about Chevron and Verizon? Berkshire built multibillion-dollar stakes in the energy group and telecommunications company in the fourth quarter of 2020.

15. Is he still a fan of the Buffett indicator? The investor’s namesake market gauge, which he lauded two decades ago, has surged to record highs in recent months.

16. Why is he betting big on natural gas? Berkshire struck a $10 billion deal to buy Dominion Energy’s natural-gas assets last summer, and has proposed an $8 billion plan to build reserve power plants in Texas to prevent another power crisis.

17. Does he have any international partnerships in the works? Buffett invested in five Japanese trading companies last year, and cited potential tie-ups as one reason for his interest.

18. Why did he decide Whole Foods wasn’t a good fit for Berkshire? Buffett turned down the chance to buy the premium grocer in 2017, its CEO revealed last year.

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Bed Bath & Beyond tumbles 15% as store closures weigh on quarterly sales

Mark Tritton Bed Bath & Beyond store CEO
Bed Bath & Beyond CEO Mark Tritton.

  • Bed Bath & Beyond shares lost as much as 15% on Wednesday following mixed first-quarter results from the house goods seller.
  • First-quarter sales of $2.62 billion slightly missed Wall Street’s consensus estimate of $2.63 billion.
  • The retailer reaffirmed its sales outlook for fiscal 2021.
  • See more stories on Insider’s business page.

Bed Bath & Beyond shares were knocked sharply lower Wednesday after first-quarter sales results from the housewares retailer fell short of Wall Street’s target.

The company on Wednesday posted quarterly adjusted earnings of $0.40 per share, higher than the analyst consensus estimate of $0.41 per share from Refinitiv and up from $0.38 per share a year earlier.

Sales for the quarter ended Feb. 29 fell by 16% to $2.62 billion from $3.11 billion a year ago, slightly missing the $2.63 billion that Wall Street had anticipated.

Shares fell as much as 15% to $23.68 in heavy volume before the losses were pared to 10% during the session. The company’s stock has soared over the past year from about $4 each.

Bed Bath & Beyond, which is executing a turnaround plan, said quarterly sales were hurt in part by divestitures and permanent store closures. Bed Bath & Beyond in January sold Cost Plus World Market to private equity firm Kingswood Capital Management and in November completed the sale of Christmas Tree Shops and its institutional Linen Holdings business.

First-quarter comparable store sales decreased 20%, the company said. Total enterprise same-store sales rose by 4% while online sales surged by 86%. The company said its strongest categories during the period included bedding, bath and kitchen food preparation.

The company reaffirmed its fiscal 2021 outlook for net sales of $8 billion to $8.2 billion and its adjusted EBITDA guidance of $500 billion to $525 million.

“As our transformation continues to take hold, we will show up differently for our customers with enhanced omnichannel experiences and modern stores,” among other actions, said Mark Tritton, Bed Bath & Beyond’s president and CEO, in the earnings statement.

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‘Shark Tank’ star Kevin O’Leary says GameStop could stage a Netflix-style comeback – and short-sellers should be worried

Kevin O'Leary
Kevin O’Leary.

  • GameStop can capitalize on its current fame to revamp its business, Kevin O’Leary says.
  • The “Shark Tank” investor suggested the retailer could execute a Netflix-style pivot.
  • O’Leary also warned against shorting the stock given its passionate following.
  • See more stories on Insider’s business page.

GameStop could leverage the hype around its stock to transform its business and stage a comeback, “Shark Tank” star Kevin O’Leary said in an interview this week.

The video-games retailer’s brand “has way more value today than it had five months ago, before it became part of every headline around the world, day after day,” O’Leary told Kevin Paffrath on the influencer’s YouTube channel, Meet Kevin.

The O’Leary Funds and O’Leary Ventures boss – whose nickname is “Mr. Wonderful” – attributed GameStop’s newfound fame to the Reddit and Robinhood users who executed a short squeeze on the stock. They helped boost the company’s stock price from about $17 to an intraday high of $483 in January.

O’Leary pointed to Netflix, which pivoted from physical disks to online streaming in 2007, as an example of a company that successfully made the shift to digital.

“Netflix saw the writing on the wall when they were mailing DVDs to everybody and said, ‘We’re gonna digitize this,’ and they had a brand,” O’Leary said. “Maybe GameStop can do the same thing,” he continued, suggesting the company could offer new services to gamers, or host classes and other gatherings in its stores across the US.

“I think it’s going to get a second kick at life,” he added.

O’Leary also warned investors not to bet against GameStop and its army of individual shareholders.

“If I was short that stock right now, I’d be worried,” he said. “With this whole social constituency supporting it, the pricing of the stock is kind of irrelevant at this point.”

Chewy cofounder Ryan Cohen, one of GameStop’s biggest shareholders and possibly its next chairman, clearly agrees with O’Leary that the company can deliver a second act.

The activist investor has overhauled the company’s board, wants to revamp its strategy to focus more on e-commerce, and likely spurred its recent decision to raise up to $1 billion by issuing new stock.

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Legendary investor Bill Miller sold GameStop stock before the short squeeze, missing out on a potential $800 million windfall

bill miller
Bill Miller.

  • Bill Miller’s fund sold almost all of its GameStop shares before their price rocketed in January.
  • Miller Value Partners’ 1.7 million shares would have been worth over $800 million.
  • The veteran investor’s team dumped 97% of its stake because it hadn’t paid off for years.
  • See more stories on Insider’s business page.

Legendary investor Bill Miller’s fund sold virtually all of its GameStop stock before the January short squeeze, missing out on a potential $800 million windfall.

Miller Value Partners invested in the video-games retailer in early 2014. It initially bought 1.2 million shares, then boosted its stake to almost 1.7 million shares by the end of 2015, SEC filings show. Its position was worth as much as $68 million earlier that year, when GameStop shares were trading around $43.

If Miller’s fund had held on to its shares, they would have been worth as much as $808 million on January 28, when GameStop’s stock price briefly skyrocketed to $483. Even if they declined to cash out then, their stake would be worth about $270 million at the current stock price of around $160.

However, Miller and his team slashed their position by 97% to roughly 32,000 shares in the first quarter of 2018. “We’ve owned this investment for a number of years and it has yet to work,” Samantha McLemore, Miller’s co-portfolio manager of the Opportunity Equity strategy, explained at the time. While GameStop remained “one of the cheapest companies on the market,” she and Miller ditched it to “avoid perpetual losers.”

Notably, the fund’s Income Strategy bought GameStop shares in May 2019. However, Miller and his son swiftly dumped them after the retailer scrapped its dividend and failed to lay out a clear turnaround plan.

“We cut bait so quickly that we didn’t even own the stock for a full quarter,” Bill Miller IV said in a letter to investors, describing the move as their “biggest mistake” in the period.

The third and final strategy, Deep Value, appears to be holding on. Daniel Lysik, the portfolio’s manager, described GameStop shares as “significantly mispriced” in the first quarter of 2019, and trumpeted their “significant upside potential” last October.

Read more: We asked 5 renowned growth-fund managers for their favorite stock picks. These are the 4 that multiple managers think will crush the market going forward.

Miller’s fund owned a total of 116,000 GameStop shares at the end of December, or about 7% of the amount it held back in 2015. Assuming it hasn’t already sold them, they would fetch around $20 million today.

Miller Value Partners declined a request for comment from Insider.

Here’s a chart tracking the size and value of Miller’s GameStop holdings over the past seven years:

Miller_GameStop

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AMC drops as movie-theater chain’s CEO again discusses potential issuance of 500 million shares

AMC Entertainment
  • AMC shares fell by more than 6% during Thursday’s session after the company reiterated plans to issue 500 million shares.
  • The movie-theater chain’s CEO sees an “opportunity” to bolster cash reserves and make other operational moves.
  • “We’ll be sensitive to dilution issues,” said AMC CEO Adam Aron on CNBC.
  • See more stories on Insider’s business page.

AMC shares fell Thursday after the movie-theater chain’s chief spoke about the company’s plan to issue 500 million shares.

AMC in a March regulatory filing said it wanted to increase the number of shares to total more than 1.02 billion and for shareholders to vote on the matter on May 4.

“We’ll be sensitive to dilution issues, but at the same time there’s an opportunity to bolster our cash reserves and there’s an opportunity to buy back debt at a discount or pay deferred theater rents,” AMC CEO Adam Aron said on CNBC’s “Squawk on the Street” program. “There are a lot of good reasons for shareholders to give us the authority.”

The company is already seeing benefits from the vaccination of millions of Americans from COVID-19 as well as from the release of new movies, Aron said.

Shares of AMC fell by as much as 6.3% to $9.56 before trimmed losses to 5%. The shares, which have grown in popularity among investors on Reddit’s Wall Street Bets forum, have leapt from around $2 each at the start of 2021.

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Reddit’s Wall Street Bets founder signed with a Hollywood talent agency that reps Jessica Alba and Kevin Hart

WallStreetBets
  • Wall Street Bets founder Jaime Rogozinski signed with a Hollywood talent agency, Bloomberg reported.
  • United Talent Agency represents stars like Jessica Alba, Kevin Hart, and Seth Rogen.
  • Hollywood is trying to capitalize on the recent GameStop saga with various movies planned.
  • See more stories on Insider’s business page.

Reddit’s Wall Street Bets founder Jaime Rogozinski signed with a Hollywood talent agency as the entertainment industry looks to capitalize on the GameStop saga, Bloomberg reported.

United Talent Agency, which represents big names such as Jessica Alba, Seth Rogen, and Kevin Hart, is adding the Reddit star to its catalog after investors on his thread, r/wallstreetbets, forced a historic rally in GameStop shares that hurt short sellers. GameStop stock has since fluctuated in price, but its gains remain near 1000% year-to-date, Markets Insider data shows.

United Talent Agency did not immediately respond to Insider’s request to confirm the news about Rogozinski. With UTA, Rogozinski may appear in podcasts and speak at a conference in the fall, Bloomberg reported.

Read more: GENERATION ROBINHOOD: How the trading app conditioned its inexperienced users to obsessively play the market

Hollywood has been picking up on the GameStop frenzy. MGM, for example, bought the film rights to a proposed book that will cover the saga. And last month, Deadline reported that Netflix is in talks to make a movie about what happened. That’s just two of the nine projects already in the works about GameStop, Bloomberg reported.

Rogozinski founded the Reddit group, r/wallstreetbets, in 2012, while he was working as an IT consultant. But the group only recently became popularized, as its members have helped pave the way for a frenzy in meme stocks, such as GameStop, AMC Entertainment, Blackberry, and Bed Bath & Beyond. In an interview, Rogozinski said seeing the GameStop rally was like watching a trainwreck in real-time.

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New data suggests GameStop’s latest surge is being driven by institutions rather than retail traders

GameStop Clerk
  • GameStop is back above $200, but retail investors might not be behind the push upward in recent sessions, according to VandaTrack.
  • There was no sign “whatsoever” of retail investors driving the price action with net dollar purchases of $8.1 million on Tuesday, says one strategist.
  • The arrival of stimulus checks may spur more retail investors to buy GameStop and other popular stocks.
  • Visit the Business section of Insider for more stories.

GameStop is back in the spotlight with big upside moves in recent sessions, but new data suggest the price action might not be being spearheaded by retail investors as it was during the January rally led by Reddit’s WallStreetBets platform.

In the past two sessions ending Tuesday, the stock had jumped by about $112 to nearly $250 each.

Figures from Vanda Research, which tracks retail investing activity in 9,000 individual stocks and ETFs via its VandaTrack platform, paint a different picture of the most recent rally in Reddit’s favorite meme stock.

“Everybody’s been talking about GameStop,” Viraj Patel, global macro strategist at Vanda Research, told Insider on Tuesday. “You would’ve imagined retail [investors] again were behind that but they’re not because they are buying around a tenth of what they were buying every day of net back in late January,” said Patel who was in London looking at figures from Vanda Research data analytics arm, VandaTrack.

In a tweet on Wednesday, Patel said there was no sign “whatsoever” of a retail-driven short squeeze in GameStop shares.

GameStop shares on Tuesday climbed as much as 28.5% to an intraday high of $249.85. Data from VandaTrack show net dollar purchases on Tuesday were $8.1 million. The shares on Monday popped up as much as 53% to an intraday high of $210.87. On that day, net dollar purchases were $6.1 million.

Patel said there were “big spikes” in daily net purchases by retail investors on January 26 and January 27 when the GameStop retail trade was peaking. On January 26, when the stock soared as much as 95% to $150, net purchases by retail investors were $68.18 million. The following session, the stock rocketed up 157% to an intraday high of $380, with net purchases of $87.48 million, according to VandaTrack. 


Looking at the differences in net dollar purchases in January and the latest rally, “it’s almost as if that gap [appears] to me like it’s a different type of trader or investor behind the recent move,” said Patel. “It’s definitely not retail because these volumes just wouldn’t have the same impact on price compared to what we saw back in January.”

He said the fresh upswing in prices was likely driven by institutions.

Though it could be the culmination of a short-squeeze, with big buyers closing short positions, another possibility could be “a few speculative institutional players – long-short fund managers would be the other type that may like GameStop on a short-term basis, part of the reflation, reopening trade in the US,” he said.

“Given the total volume traded (which still remains significant), we know there’s other types of investors buying/selling. Unlike in [January] where the net purchases by retail account for a bigger share of the total volume,” Patel said in a follow-up email.

Patel expects more retail investors to begin buying GameStop and other popular meme stocks once stimulus checks hit people’s bank accounts as part of the $1.9 trillion coronavirus relief package.

GameStop shares were volatile on Wednesday, marked in part by a brief and sudden plunge of the shares before they turned positive again during the session.

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GameStop stock surges 19% as retail investors pile into meme stocks again

gamestop line

GameStop shares jumped as much as 19% on Wednesday, as retail investors piled into meme stocks once again.

The video-game retailer’s stock price soared as high as $294 – a 550% increase in the space of 11 trading days. A key catalyst for the rally was the news that activist investor and Chewy cofounder Ryan Cohen will spearhead GameStop’s e-commerce transformation.

Several other stocks that are fan favorites on Reddit’s Wall Street Bets forum posted gains on Wednesday. AMC Entertainment shares rose as much as 15%, Express gained 30%, and Koss jumped 65%.

Despite their recent gains, GameStop shares are still down from their peak this year. They skyrocketed more than 2,500% in January, from about $17 at the start of the year to an intraday high of $483 on January 28.

The GameStop short squeeze in January hammered short-sellers, rattled financial markets, and prompted Congressional hearings to sort through what happened.

The event also sparked criticism from top investors. Warren Buffett’s business partner, Charlie Munger, likened it to people gambling on racehorses. Similarly, “The Big Short” investor and former GameStop shareholder Michael Burry denounced the buying frenzy as “insane” and “dangerous.”

Here’s a chart showing the sharp increases and declines in GameStop’s stock price this year:

GMEstockchart_100321
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‘Big Short’ investor Michael Burry has warned of a stock-market bubble and slammed Tesla, Robinhood, bitcoin, and the GameStop frenzy in recent weeks. Here are his 17 best tweets.

Michael Burry played by Christian Bale
Christian Bale as Michael Burry in “The Big Short.”

Michael Burry has been sounding the alarm on hype and speculation in markets for months, warning that the reckless promoting and buying will result in a devastating crash.

The investor has taken aim at Tesla – which he’s short – as well as bitcoin, Robinhood, and the GameStop buying frenzy in recent weeks.

The Scion Asset Management chief is best known for his billion-dollar bet against the US housing bubble in the mid-2000s, which was immortalized in Michael Lewis’ book “The Big Short.” He was played by Christian Bale in the movie adaptation.

Here are Burry’s 17 best tweets, lightly edited and condensed for clarity:

1. “Markets have now bubbled over in a dangerous way.”

2. “People say I didn’t warn last time. I did, but no one listened. So I warn this time. And still, no one listens. But I will have proof I warned.”

3. “Fads today (#BTC, #EV, SAAS, #memestocks) are like housing in 2007 and fiber/.com/comm/routers in 1999. On the whole, not wrong, just driven by speculative fervor to insane heights from which the fall will be dramatic and painful.”

4. “Speculative stock #bubbles ultimately see the gamblers take on too much debt. #MarginDebt popularity accelerates at peaks. At this point the market is dancing on a knife’s edge. Passive investing’s IQ drain, and #stonksgoup hype, add to the danger.”

5. “So, @elonmusk, yes, I’m short $TSLA, but some free advice for a good guy….Seriously, issue 25-50% of your shares at the current ridiculous price. That’s not dilution. You’d be cementing permanence and untold optionality. If there are buyers, sell that #TeslaSouffle.”

6. “Well, my last Big Short got bigger and Bigger and BIGGER too….$TSLA $60 billion increase in market cap today alone…1 GM, 2 Hersheys, 3 Etsys, 4 Dominos, 10 Vornados…enjoy it while it lasts.”

7. “$BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history. If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”

8. “I don’t hate $BTC. However, in my view, the long-term future is tenuous for decentralized crypto in a world of legally violent, heartless centralized governments with #lifeblood interests in monopolies on currencies. In the short run anything is possible – why I am not short #BTC.”

9. “A doge’s breakfast maybe. We are in a blow-off top in all things.” – commenting on the hype around dogecoin.

10. “I went public when it was cheap, and I went public when it was time to get out. Same with anything else. Calling it as I see it, and sharing a bit. In 2005-6 it was not so easy to share.” – on investing in GameStop then exiting it.

11. “Hey, $GME is now a $stonk and may go >$1000, but if I made a life-altering amount in this stock, I’d punch out. Main Street has Wall Street by the cojones. Great story/LOVE it. Tee it: bulls make money, bears make money, #pigsgetslaughtered. #Fundamentals.”

12. “There really can’t be another GME. Nothing else is/was even close to as shorted (100+% of float), so small (microcap) and so hated/ignored/dismissed prior to the #thebigshortsqueeze. It was a uniquely perfect set up. There won’t be another like it. Much like #thebigshort.”

13. “If I put $GME on your radar, and you did well, I’m genuinely happy for you. However, what is going on now – there should be legal and regulatory repercussions. This is unnatural, insane, and dangerous.”

14. “If you do not use #robinhood, you have to see it to understand what #gamification of #stonks/options means. So here it is. If this looks like a serious investing app to you, and NOT a dangerous casino ‘fun for all ages,’ you’ve been #gamified.”

15. “Special Purpose Acquisition Companies, or #SPACs (~ blank check companies), are hotter than ever. Companies going public this way are not well-vetted. Anyone with a reputation has incentive to do a SPAC & consummate a deal, regardless of quality.”

16. “It is too early, she is too hot, and, today, short sellers are timid, but Wall Street will be ruthless in the end.” – on Ark founder and CEO Cathie Wood.

17. “I am not running for president. I am far too flawed. Do you really want to see a cross-eyed President of the United States of America? No one really wants that. I’d have to wear a patch, and I don’t want to wear a patch.”

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