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Comment by patleeman | Hacker News Reader

I too have a position and its been such a crazy ride. I started following it around $15 for just the sheer curiosity.

Its funny, I went through all the bear arguments at first, but as I kept reading and digging in deeper, the bull thesis became apparant. RC signing on really sealed the deal for me and $GME is now my largest position.

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I followed GME maybe 6-7 years ago pretty closely and I recall it having crazy short interest vs float then as well. Am I wrong on that, or is there some reason why the short interest is no longer sustainable? I would think lower prevailing interest rates would help sustain the shorts.

I think its the combination of the extremely high number of short shares (71M) vs shares outstanding (69M), the stock hitting an all time low in March ($2.57), poor public sentiment ("its the next blockbuster"), and then the addition of Ryan Cohen (a "Rockstar" entrepreneur) all making for a really epic turn around underdog story.

Back then there was no Ryan Cohen or WSB. Shorts don’t control the narrative anymore. They had the chance to cover at $3-4 (at a significant profit) last year, but they were too greedy and wanted the stock to go to $0 and see GME file for bankruptcy.

The interest rate to borrow GME shares has little to do with the Fed rates. It actually hit 45% last week as there are almost no more GME shares available to borrow.

Shorts are bleeding about 2% every day just on interest and have little road left to run.

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