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Comment by mrtksn | Hacker News Reader

DeepFuckingValue have not posted his position since 11 days and from what I understand when everyone was pumping the price he was gradually selling : https://www.reddit.com/user/DeepFuckingValue/

Correct me if I am wrong but He is $13.8M on the green and not like green as if his shares gained value but He actually exited and can click one button to have the money in his personal bank account and live the rich life. But on r/wallstreetbets I kept seeing posts about how he lost millions and still holding and GME meme is still a thing.

Is the show going on? Did I understand the situation terribly wrong?

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He was up nearly $50M at one point. When he was posting daily updates you could cleary see he sold some and derisked himself by cashing out $13M, and that was clearly noticed and discussed in the highest upvoted comments, but the fact that he was also letting another $37M still ride was true (and crazy...diamond hands indeed...)

He stopped posting because he was actively the target of an SEC investigation. If I recall his last message was something like “I’m gonna have to stop these updates for a while. Pretty sure you all know why.” He never claimed he wasn’t taking profits; he was drawing down his position every week with new slates of options once that week expired. Because that’s how you play options. That neophyte redditors who have been trading options for 6 months don’t understand what he’s doing is beside the point — which is why the general rule of thumb for retail investors is to avoid options trading entirely.

There’s still a long tail on the GME drama only because a bunch of people who run /r/wsb are looking to milk the whole thing for what it’s worth. The whole game was already over by the time the mainstream press even mentioned Reddit.

Oh I don't blame him even a bit. I'm just confused by the folklore going on around this situation. I even had livid leftist friends calling me to tell me about the end of the capitalism and libertarian friends excited about sticking it to the establishment.

That was not my impression but maybe I got it wrong and maybe they are right. Nevertheless I enjoyed the saga, I don't trade. It's too stressful for me when I have a skin in the game.

The great irony is that the establishment ended up winning the whole thing. Your leftist friends may still be right though — 2021 has only just started!

He could have exited for tens of millions (somewhere around 30 or 40) but held. As for my own two cents, he wasn't holding to make a point or pump the stock, but was instead sticking to his guns and following his own publicized strategy of not entering or exiting a position all at once. People read too much into his screenshots without bothering to know much else about him (e.g. his YouTube channel).

edit for clarity: The 13+ million that he did exit with is therefore a smaller chunk of what he could have made.

S/he apparently hasn't posted because of possible investigations. If posting daily is perceived as influencing investors, then an investigator looking for someone to blame, would go after such a person.

He is already testifying before Congress. He's not exactly hidden.

Watch for a request for an immunity deal. Objectively this guy should be in a ton of trouble.

For what? Surely it is legal to have an opinion about stocks?

For securities fraud. If he was (as it seems there is some evidence to show) selling at the same time he was boosting a stock, he wasn't expressing a sincerely held opinion. He was executing a pump and dump.

I mean, yes, it's possible the guy simply timed this perfectly, promoted a stock based on an understanding that was technically incorrect but genuinely held, and did nothing wrong. But nine times in ten, that's not how it works. The incentives to cheat in this space are, obviously, huge. And that's why we have an SEC with law enforcement powers.

I remain amazed at the amount of credence WSB is giving this fundamentally anonymous yahoo on the internet. You'll at least grant that there are people who want to scam you in the same way that this guy did, right?

I hope he stopped posting just so that he could move his money to a different account/investment - obviously you don't want that cash sitting in the broker's account just to make pretty progress screenshots.

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