2 ms·
DFV was a player but not the ringleader by any means. Basically a bunch of reddit users on r/wallstreetbets came up with a premise to buy into heavily shorted s
by subsubzero 5y ago
DFV was a player but not the ringleader by any means. Basically a bunch of reddit users on r/wallstreetbets came up with a premise to buy into heavily shorted stocks to:
A. Initiate a short squeeze in heavily shorted stocks by having retail traders pile into them by buying shares and..
B. Strike back at market manipulators like Andrew Left and Melvin Capitol by forcing them to buy back their short positions due to skyrocketing share prices of their shorted assets.
On the wallstreetbets forum point B was touted as the reason to buy into these stock positions due to all the issues these wall street short sellers cause with traders and society in general. DFV was just lucky in that his trade was picked up by the crowd due to it being heavily shorted and eligible for point A.