I mentioned my Elon fanboy FIL. He bought TSLA whenever it was at $558 and didn’t size down as it went from Mars to Neptune, peaking around $880. Within the first few weeks of owning shares, he remarked that he could take enough profits out to buy an actual Tesla, which he would love to own. He let the $ ride instead, and later “bought the dip” around $700 for another large chunk of money, I think bringing his avg share price to $617. Buy high, then buy higher! Now he’s in the red. I think he would fit right in at WSB.
One reason he likes the stonk is his faith that full autonomous will happen sooner than is realistic, and that Tesla will be the first to achieve it.
Pretty smart, but also kinda dickish because the money he siphoned came from the stores, not Amex. I guess someone else trying the same thing should either stick to gift cards (since those were deemed untaxable) or else pay the taxes. But if this becomes rampant, stores will stop accepting Amex / other high-fee cc’s for purchases of gift cards and money orders.
It’s hilarious that I still follow this stock. My moneys just in an index and I never even check it, but I check this shit every couple days. I even used to check it for the weeks it was stuck at 40 hoping for another blastoff because I constantly saw it on WSB.
I’m happy for them. Kinda wonder how this plays out without RH rigging it, obviously itll come back down at some point but I don’t think it’ll happen as quickly
Most of them have switched from RH. I’m guessing some of these moves are from big guys, not just WSB ppl. For instance the regular joe can’t trade until 7am but someone bumped GME up almost 6% at 4am. Then there was another bump at 7am. But who moved it at 10:30 and 11:00 today? And who moved it at 14:15 on Thursday? I wonder if the big players can bump it whenever they want and rely on selling it right back to the momentum chasers.
I wonder how long the stock has to stay irrational for the company to be saved? AMC already indicated that WSB is what saved them, though idk if they were just saying that.
All this GME volatility makes me glad I’m in a safe, steadily rising stock like CATV
I didn’t read the WSB DDs but there’s some sort of rule change that is supposed to make it harder on shorts, or something like that. I guess the theory is that it could trigger a squeeze which would be carried by the huge open interest in higher call options. I assume that created a bit of momentum which is just being carried further as it rises up today. I decided to play along with a single weekly–let’s gamble
Edit: it’s a $225 strike; immediately after buying I obviously set a sell limit at $195. $420 or bust, let’s go
The Tax Court opinion is really sketchy–I wouldn’t rely on it for much. If it’s appealed, I think there’s a reasonable chance it’s overturned, but it also pretty much says (correctly) that even if getting reward dollars on the gift card isn’t taxable, subsequently spending the gift card is, so you would ultimately lose. (In other words, the theory that keeps the reward dollars from being taxable is that it’s an adjustment to how much you paid for the gift card. But if you only paid $95 for a gift card and you exchange it for $100 of stuff, that’s $5 of taxable gain.) The IRS only lost on that point because they abandoned the argument for reasons that are unclear.
Still, even if the next person who does this just reports the income, their profit margin is what, like 3 to 3.5%? Might still be worth the hassle for some people.
