Where have I posted whataboutism? I'm literally stating why I don't believe this to be coordinated. There is no central figure or group that are acting in their own interests. It's thousands, nay, tens of thousands of individuals seeing what others are doing and deciding to join the fun. Whether they're doing it for the "memes", to "stick it to the rich" or to make money, you can not say anyone actually coordinated this.
And whose fault is that?
The SEC for allowing naked shorting?
The hedge funds that decided to continually short a company - one that hires thousands of low income employees during a pandemic - until near bankruptcy all while greedily shorting more stock than the company even has, leaving themselves openly vulnerable to this exact situation?
Why are the common people who finally found a way to capitalise on the immense greed of these wallstreet fucks taking the flak here?
Sorry left part off the quotation. Was referring to this regarding whataboutism:
"Comparing that to what these hedge funds have done over the last few days is a fucking joke, and I don't know if you're just ignorant or actually believe this crap."
A company doesn't go bankrupt from a low stock price. Bad CEO's will always whine about short sellers, when the ultimate cause is of the malaise is bad management. This company which has been laying off people steadily over the past few years. In 2017 it had 23,000 employees, now it has 14,000. That is due to poor management and failure to adapt to new market environment, and has naught to do with short sellers. You are also ignoring the counter point. Many hedge funds, that opt for the market as a benchmark, go by the 130/30 theme, that is 30% short and 130% long, i.e. the short position in a "bad" company are funding a long position in a "good" company.
Financial markets have always been about the efficient allocation of capital, and shorting plays a major part in that. Of course things can get out of hand in panic situations, but usually in those instances regulators will step in a restrict further short selling. Is it a infallible tool of price discovery? No. Is it the root of all evil in our society? Also no.
Funnily enough the clown of a CEO's shares soared in value by more than $780m, talk about being rewarded for failure.
Additionally the largest institutional holders of GME as of last filings were Fidelity, Blackrock, Vanguard and SIG. Sure sticking it to the man...
