The TSLA Market / Economy

anon3530961 · February 17, 2021, 6:43pm

https://twitter.com/realwillmeade/status/1362108977769816064

Bwahahaha

nonfiction · February 17, 2021, 7:55pm

RIOT Gamma squeeze?

hokie · February 17, 2021, 10:18pm

DFV’s testimony to Congress is up:

In short, I like the stock

Perfect.

mukdukaluk · February 17, 2021, 10:50pm

Attraction to the legacy business is lol

SensiblePerson · February 17, 2021, 11:24pm

existing in the context :

According to Aristotle, Thales was crushing stonks before there were stonks

For they say that when some on account of his poverty reproached him with the uselessness of philosophy, Thales, observing through his knowledge of astronomy that there would be a good harvest of olives, was able during the winter to raise a small sum of money to place in deposit on all the olive presses in both Miletus and Chios, which he could hire at a low rate because no one was competing with him; then, when the season came, and many of them were suddenly in demand at the same time, he hired them out on what terms he pleased and collected a great deal of money, thus showing how easy it is for philosophers to become wealthy if they so wish, but it is not this they are serious about.

Good one!

wheatrich · February 18, 2021, 1:19am

so all his gamestonk money will go to lawyers

even though he wasn’t even close to people that needed to get sued in the online shit posting investing pumper realm

Riverman · February 18, 2021, 3:29am

This is truly nuts. I think the judge is wrong here, the recipients of the money clearly knew it was a mistake. The situation is made even more ridiculous by Citi actively working to fuck over the exact parties they mistakenly shipped the money to.

Also: LOL Citi at every single turn, confirming every stereotype of Citi.

spidercrab · February 18, 2021, 3:30am

It’s a really interesting story. As I understand it, the law says that you can keep an unintentional payment if you were genuinely owed that money. In this case, it isn’t clear if the recipients were owed the money, or if they just had debt outstanding. That is:

if I’m late on a mortgage payment and unintentionally send my lender/servicer a payment that I meant to send to my cousin, the lender can keep the money (to the extent of the owed payment) because I truly owe them that money.
if I’m current on a mortgage payment and unintentionally send my lender $350k, I think the lender shouldn’t get to keep that money because I don’t currently owe them that money, even though I technically do owe them that money.

Anyway, there’s some uncertainty about whether the lenders were actually owed the money currently because the debt had been restructured in a way that might have triggered early payment. Levine seems unsure about this as well, both in terms of whether the law would allow the lender in my second scenario to keep the money, and in terms of whether the lenders to Revlon (the entity at the heart of the matter) were actually owed money immediately. In any event, it’s definitely worth a full read. The software sounds amazingly terrible.

Short story, as I understand it is that Citi sent out $900 million accidentally (they intended to send out interest payments, but accidentally sent out principal, too). They immediately asked for that money back, but recipients of $500 million said LOLNO. But Citi isn’t actually out that money entirely, because they received the Revlon bonds in return (that the other entities presumably thought were being called). So now Citi is sitting on a loss of roughly $300 million, because the $500 million of Revlon bonds they obtained for the $500 million of cash they mistakenly sent out are only worth about $200 million.

This is based on my read of the newsletter several hours ago, and I am intentionally not going back and re-reading it for accuracy. Pretty confident in the general gist, though.

spidercrab · February 18, 2021, 3:44am

It just now occurs to me that this is probably the same law that allows banks to keep stimulus checks for those individuals who are delinquent on amounts owed to that bank.

Maybe don’t have this law anymore.

Riverman · February 18, 2021, 3:49am

I think most people think the most ruthless people in finance are private equity assholes, but every indication is that distressed debt finance bros are the most depraved and sociopathic pieces of shit in the business.

Melkerson · February 18, 2021, 3:50am

I must be some kind of finance bro bigot, because all of those guys look the same to me.

LodenPants · February 18, 2021, 3:59am

OMC up another 1.2% today before earnings tomorrow morning. To the space station!

suzzer99 · February 18, 2021, 4:25am

Ooh baby!

LodenPants · February 18, 2021, 2:38pm

OMC earnings met the estimate, and they increased the dividend by 7% to $2.60/share/year. Stock was up $1.20 yesterday, not 1.2%, and up $1.40 today, and still has plenty of room to get to pre-pandemic level.

In other news, I slept well last night.

boredsocial · February 18, 2021, 2:42pm

That’s because being the biggest piece of shit in finance is an extremely competitive game.

nonfiction · February 18, 2021, 3:06pm

wow i thought red days were illegal

Nononocantsleep · February 18, 2021, 3:19pm

This is partly a reaction to Texas, right? Seems like maybe a dip-buying opportunity before the weather improves - and sentiment along with it. Looks like consistently above-freezing temps starting on Saturday.

Disclaimer: I’m not very good at STONKS.

LodenPants · February 18, 2021, 3:59pm

Also, worse than expected unemployment numbers for last week.

Fatboy8 · February 18, 2021, 4:08pm

What’s it mean when everything is red? I hadn’t seen that color yet on my stonks app.

tabbaker · February 18, 2021, 4:22pm

I haven’t had a green day since the first day I bought GME