AMC June 19 Timeline

The most important roundup of news for AMC June 19 2021

  1. Ken Griffin sells Faena House condos for $46M at a 23% loss (originally paid $60M)!
  2. Finally, we have concrete proof of naked shorting!  Start watching the video at 3:35!  Over the last 20 trading days, 470M shares have been bought in the dark pools, even though there are only 510M shares in the float, of which non-selling apes own 80%+ (408M+ shares).  One possible explanation is that those 470M shares were purchased by hedge funds to cover their massive naked short selling.  We know that that’s not the case.  The other possible explanation is that large institutions are buying ginormous lots of shares in the dark pools and then promptly selling those shares in the open market to intentionally manipulate the stock price downward.  Keep in mind that dark pool purchases do NOT affect the share price in the open market.  So, unlike retail traders, the institutions and hedge funds can buy massive volume in the dark pools without raising the stock price (which keeps their investment cost low), but then immediately turn around and sell those shares in the open market to make a killing on both run-ups and on the short side after the price drops as a direct result of their selling!  Of course, they know exactly when they are going to sell their own, massive lots of shares that will tank the price, which gives them a devastating advantage in timing their corresponding short positions.  That is effectively both “insider trading” and “market manipulation.”

The SEC and FINRA allow institutions/hedgies to trade amongst themselves in the dark pools, but the institutions/hedgies are blatantly abusing that privilege in what is clearly a shorting-for-profit scheme at the expense of apes!  It is creating massive, well-timed selling pressure and absolutely no buying pressure.  This is the epitome of “market manipulation.”  This is/was obviously not the intended purpose of dark pool trading!  Here’s my simple solution (which, admittedly, may not be perfect):  shares that institutions/hedgies buy in the dark pools must be somehow marked as “dark pool shares” that can only be sold in the dark pools.  That way, there will be no impact on the share price in either direction.

Information and Timeline provided by u/AgedMurcury78 in his amazing Ultimate AMC Timeline document.