Hey there @dangallagher, in the past week you and @vladtenev CEO of Robinhood have made public comments defending your use of and “standing behind” your relatively new Stock Token concept.
I think this practice is abhorrent. It defeats the very ethos of share ownership. Public financial markets were created so that companies could raise capital, and so that investors could share in the wealth created as a result. Not to turn investing instead merely into some gamified business-oriented casino.
If by your own admission you can’t offer or sell Stock Tokens to “U.S. persons” why does your U.S. web site talk about them so much and so favorably?
Vlad: How can a U.S. brokerage firm be proud of creating an offshore Channel Island operation in far off Jersey specifically with the intent to operate outside U.S. securities laws? Is there potential confusion that Stock Token purchasers are getting less than all the rights accorded to real shareholders, and if so do you care? If those tokens are theoretically backed 1:1 by real shares, but hypothetically some of those underlying real shares are in turn lent out to short sellers, are the Tokens really backed 1:1 in fact?
Dan: I think U.S. securities laws have protected the public very well over the past century. You spent much of your career at the SEC. Deep down, in your heart of hearts, how can you really think a world without the precautions imposed by U.S. securities laws creates a better, safer environment for investors?
Choose whatever descriptors you think best make sense under the circumstances: Non-regulated, derivative, synthetic, sham, debt-backed securities trying to simulate actual real stock, or pick your own words if these don’t fit.
Stock Tokens may make you an innovator in your own eyes. In my eyes, they bring your firm dishonor.
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Explaining to my girlfriend how Brett Harrison lied about AMC and GME FTX tokens being backed 1 fo1 with real shares. And how Brett was never charged or even subpoenaed in court during the FTX trial's . And How Brett, before he was CFO at FTX, has head Algo trade programmer at Citadel and before that he was t Jane Street, likely o doing bad things that courts in India find problematic.
https://t.co/kOrCL1znVT
I don’t know who needs to hear this but Brett Harrison. Ex CFO of FTX, lied about tokens being backed by stocks.
Brett also worked at Citadel and Jane Street.
Brett never faced any accountability.
Your SEC at work my American friends.
🚨 RETAIL WAS RIGHT ALL ALONG... AND IT'S WORSE THAN ANYONE IMAGINED 💥
Wall Street told us $AMC short interest was just 24% of the float (124.1 million shares).
Our models just exposed the truth:
Official Short Interest: 124.1M (24%)
Synthetic Short Interest: 1.58 BILLION (300%)
TOTAL SHORT POSITION: 1.7 BILLION shares → 324% of the float 🔥
That's not "shorting." That's naked shorting on an industrial scale.
Look at this insanity:
144.57 MILLION Fails-to-Deliver (137% of official short interest) 🤣 In order to get 144m FTDs you cant possible have only 124m short interest! the FTDs are MORE than the short interest! LOL We also published the HISTORICAL short volume! Nada!
Yet, the utilization is at 57% which means they belive they can extract more! But how often are they wrong!? They will be caught pants down at some point!
Synthetic signal screaming EXTREME; No Bona Fide!
Synthetic short shares value sitting at $1.72 BILLION
(that is the amount of money the stole at the current price!)
While hedgies and MMs have been gaslighting retail for years, the data was hiding in plain sight.
The official number is a joke. The real exposure is 13x higher.
This is why the price refuses to reflect reality. This is why the float feels like it's made of smoke and mirrors.
Retail wasn't crazy. Wall Street was criminal.
Here's the live AMC Synthetic Short Interest page (refresh and lose your mind): 🔥 https://t.co/6lWaktBoWn
Look up your favorite stock in the serach! Fully available to retail! No signups required!
Full methodology & leaderboard (public for everyone now): https://t.co/W2ikPaWVhp
AMC apes... this is the validation we've waited for.
Please read the full methodology and testing article:
https://t.co/fQjlSUxL1o
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#AMC #NakedShorting #SyntheticShares #MOASS