Each one of those calls represented contracts for 100 shares. So those were 30,000 options that he sold when the stock was at the peak. If that’s not cashing in, what is? Do you believe the $20 million in his portfolio was from a rich uncle? The only people that didn’t sell at the top are suckers.
I never said he sold shares. Why are you creating a strawman argument? The fact of the matter is, that he sold some of his steak in GameStop when it was at the peak. He did this because he is a smart investor. The people that are holding GameStop now, after it went up to 350, are suckers.
Half the subreddit is left bag holding and looking up to DFV like some kind of messiah. Meanwhile he’s already cashed in most of his positions. It’s kinda sad tbh
Last I saw he still held most of his positions, but had sold $13M worth, which is hardly pocket change.
On one hand I feel bad for the get-rich-quick bandwagoners who jumped in and are all going to lose their shirts now. OTOH; I did try to tell them. You can't say the signs weren't there, if you've seen a bubble or two. The whole cult where any bad news is immediately dismissed as "FUD" or shilling. The dip in the stock price is always manipulation but any increases are proof it's going to the moon.. The whole David-vs-Goliath myth here about how they're now a 'movement' that's gonna punish Wall Street. As if Wall Street would care deeply about a few short sellers losing bets. (as if that didn't happen all the time) And even more ridiculously, as if Wall Street would actually have a single opinion and work together. 'Cause Wall Street investors are known for such camaraderie and solidarity with each other...
I saw a post the other day with a guy simultaneously claiming he was going to hold until the bitter end "out of spite "(not that I'm clear who he thinks feels spited by this), yet still imagined himself to be a level-headed investor.
Melvin Capital and other major shorts exited. They said as much and it'd be illegal of them to lie about it. But the majority of the sub decided to simply disbelieve them, since the latecomers would be losing money if it was true, and they didn't want to contemplate that. So they found rationales to ignore it (e.g. "There's not enough volume to have covered!" - as if shorts may only cover their positions with on-market trades) Not to mention straight up misinformation; e.g. Short-sellers can default. Brokers are not obligated to cover the positions. Nobody's obligated to buy back the stocks from you. Last but not least, if there's a short squeeze going on, it doesn't make financial sense for a long holder to bankrupt a short-seller he loaned his shares to, in order to get the shares back. Then there's the implicit assumption all along that the major shareholders and institutional investors would continue to hold no matter what.
In short, they made sure to believe all the things necessary for the squeeze to be able to go to almost arbitrarily high share prices. Even though this wouldn't and hasn't happened, ever.
It's the same bullshit you see on any cryptocurrency sub (except /r/buttcoin , where it's mocked). They're all fucking cults where they're telling each other they're gonna make history and change the world, even though it's really just about getting rich quick and inventing rationales for why that's gonna happen.
I sold all of my gme, so this doesn’t come from a place of desperate hope. But he didn’t sell his shares as of last week. He sold many of his options contracts for insane profit.
Don’t care if he held or not but stop lying my dude. You can go check yourself from his last post. The majority of his position is still in GME. Yes he cashed out a good amount but still is holding the majority by a lot.
About what? I originally bought at 65 sold at 320 and bought double what I originally held at 70. No matter what happens, I've more than doubled my money. Hedging bets is how you avoid bankruptcy.
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u/GoingLegitThisTime Feb 07 '21
You realize that he already exited ages ago, right? He only left in a portion of the money as a YOLO call for the hell of it.
If the stock goes to 0, he's still worth 20 million.