yappledapple t1_j9rfe3t wrote
Reply to comment by OpeningOnion7248 in FTX founder Sam Bankman-Fried indicted on new criminal charges, including campaign finance violations | CNN Business by spatenfloot
He thought he was a part of Wall Street, instead he was set up to take the fall.
January 26, 2021 Kenneth Griffin and Steve Cohen bail out Gabe Plotkin, to the tune of $2.8 billion after the rise of GME.
https://decrypt.co/55629/you-can-now-trade-gamestop-futures-on-ftx
He announced the GameStop token on Twitter at 4:58 a m. on January 27, 2021.
At 5:12 a.m. Gabe Plotkin claimed to close his short position.
By January 28th GME peaked.
The price of GME plummeted after the release of the token, that was supposed to be backed by shares. As we now know, it was nothing more than a ponzi scheme.
Reddit investors knew Melvin Capital ( Gabe Plotkins hedge fund), simply covered his position using synthetics, but didn't close.
May 18, 2022 Melvin Capital declares bankruptcy.
https://finance.yahoo.com/news/former-hedge-fund-giant-melvin-202818623.html
It's a simplistic version of what happened, and there are several other big players involved.
Hopefully my watered down version makes sense to readers that haven't followed the story, and why investors refuse to sell. Wall Street is nothing more than a Ponzi scheme.
trout_or_dare t1_j9v066w wrote
Bruh you're not going to make those gme losses back just take the L and go touch grass. That's what I did after my 1k loss on that garbage stock.
Viewing a single comment thread. View all comments