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in this case the price is rising because there is limited demand and all who own shares in GME know that Melvin at some point have to buy back shares to close their position. As there are fewer shares available than what Melvin require to close, the price rises.
read up on how Porsche family took the hedge funds to the cleaners a few years ago. Behind the scenes they were buying up shares in their own company and one day they announced they owned more shares than the market thought. There were not enough shares for the hedge funds to close and the price ballooned making the Porsche family even richer than they already were by a country mile.
they put a block on oversea's buy orders before opening, i know as it happened to me
US Buy Orders temp disabled, due to external provider, due to a sudden and expected decision by our FX provider and their bank, to limit our volume of trades, we have been forced to disable buy orders on US stocks today
GME closed at $90 today after a bit of a fire sale
surely the shorts havent been paid off yet as they were for so big ?
Hedge funds versus other hedge funds would be more accurate. Via The Canary:
https://www.thecanary.co/opinion/202...st-got-richer/