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There would have been no profit if it wasn't for the shorts, can't exactly sell $750m worth of shares quickly and without losses.
by revelation 12y ago
There would have been no profit if it wasn't for the shorts, can't exactly sell $750m worth of shares quickly and without losses.
- jessaustin 12y agoMy reading of TFA was that they liquidated their holdings and sold the stocks short. Of course short-selling can hedge a non-liquid position, but that wasn't what was portrayed. After all, they didn't just not-lose; they "won" big.
- cmdkeen 12y agoUnless the stocks had risen since they bought them. It would also have been a much easier justification to the SEC - "this announcement was coming up, we didn't know which way it would go and were unhappy with the risk".