5 ms·

Fidelity is largest stock holder of GME.

• thefounder 6y ago
  So in the end it can be done when the right people make profit
  • derangedHorse 6y ago
    Or rather because the trades could be done internally (Fidelity could sell off the stock they own) EDIT: It seems my assumption was incorrect. This link posted by grandmczeb shows that RH needed more capital by a downstream dependency to ensure those trades: https://archive.is/GFtf2 https://archive.is/GFtf2
    • yskchu 6y ago
      Actually you were right, Fidelity did sell off all the stock they owned. https://www.wsj.com/articles/fidelity-cashes-in-most-of-gamestop-stake-11612980430 https://www.wsj.com/articles/fidelity-cashes-in-most-of-game... https://www.bloomberg.com/news/newsletters/2021-02-11/why-gamestop-didn-t-sell-any-stock-during-the-reddit-rally-kl14hqg1 https://www.bloomberg.com/news/newsletters/2021-02-11/why-ga... They owned 13% of the company; now they own only 87 shares; they sold 9.3 million shares in 1 month. So, during the Robinhood GME debacle, Fidelity could sidestep the issue, since they wanted to sell their own GME shares anyway, and also managed to look good in the process (no GME buying restrictions compared to Robinhood etc); win win for them
• valuearb 6y ago
  Fidelity is the largest shareholder in many stocks, it has a massive amount of client funds.