Oh yeah, it's definitely going to go down. But by doing this, 4chan/Reddit/WSB has ensured Melvin will be holding the bag for billions. And more importantly, the other firms that guarantee Melvin will be holding the bag. And the firms that guarantee THEM will be holding the bag. This continues, spiderweb style, until you hit the anchor points -- banks.
Apparently there are firms that exist purely to protect other firms from being stupid with shorts. If I understand it (I think I pasted an image about this earlier), one of these firms owns 11 million shares in GME, and has started trying to help.
Key word: Trying.
There are 50 million outstanding short shares. That firm CANNOT save Melvin. They CANNOT save the other firms. That's the real story here. Apparently this all comes due on Friday by end of trading day, where all these goddamned firms are going to be trying to bet hand over fist to buy someone, ANYONE'S GME stock to handle the shorts they bought. Which means they'll be competing against each other, which is going to drive the stock up to FUCKINGLOL numbers, which again, will be pure loss for any firm still holding a short in GME, meaning they'll be even MORE desperate to buy stocks. I thought $1000 a share was a joke but it's approaching $400 today already, just in pure autism buying up all the free shares so the firms can't. Plus I wager there are some firms that are seeing the writing on the wall and joining in with WSB et all.
Wallstreet didn't just bet a little, they bet a LOT because Risk is for lesser beings. And WSB has ensured that they're going to EAT that risk and the loss therein.
