Will England of Walleye Capital discussed the conversations the hedge-fund industry was having when GameStop stock shot through the roof.
GameStop reports results after the close on Wednesday, and of course that brings to mind the huge surge in its stock price in January, 2021, when the Reddit WallStreetBets message board help to fuel a frenzy, before an abrupt end when brokers restricted trading.
“Okay, we didn’t really think about what the f*** is going on in Reddit could actually impact this world, but we need to pipe that into our system real fast and pouring Twitter’s feed into our system, building tools on top of that to identify. It’s like, oh, this is the next one that’s there. Do we have high short-interest stocks? Could something become targeted? That’s very much a whack-a-mole exercise.
“I remember hearing a rumor during that week, Citadel was taking down, telling, their books to cut in half.” But England said he did not believe that.
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