/biz/ - Business & Finance

If Melvin needed to buy over 100% of the float to cover their shorts, and retail investors on Fidelity own 40% of the float by themselves, how exactly did Melvin cover their shorts?

So just to check if I understand this correctly
>Gamestop is in the shitter
>Gamestop has been in the shitter for years
>A bunch of hedge funds are so confident that Gamestop will continue slowly sliding into bankruptcy that they short the living fuck out of it, so much so that they wouldn't be able to cover their losses if the stock actually rose (which they figure is impossible)
>A bunch of redditors realize how over-exposed the hedge funds are to this risk
>Start buying up tons of GME to spite the market
>This initiates a positive feedback loop where tons of people start buying GME all at once because it's a cheap stock that is suddenly mooning for seemingly no reason at all
>As this continues, the hedge funds are losing increasingly massive amounts of money
>At the present, if their options were actually called, they would be forced to declare bankruptcy
Is this the moment where the stock market, conceptually speaking, vanishes into smoke? The curtain has been pulled back and normalfags have been redpilled on the fact that you can make money by just forcing the stocks to go up instead of down, even when they shouldn't.

Does universal coin do ach???

tfw i know 5 people that have died of corona after participating in protests