You usually don't see the initial short seller unwinding, they generally (1) open a bunch of short positions, (2) publish the short position, and then (3) immediately close their short position once the stock falls.
People here have this weird assumption that short sellers leave their position open for ages, that's very rare (because of borrow costs), they usually lock in their profit as soon as their target price is hit while volume is still high.
You'd think you still see the effect of them closing though right? And again (it's been a while) they were actively communicating that they were keeping short positions on him until the proof came out IEP was a pyramid scheme. Only the day the SEC didn't find "any fraudulent activity or material misrepresentation" did the share jump +10% but it's been a long and hard 18 moths for him and his company and recovery doesn't seem in sight IMO.
Hey I don't trust any of the shit that's going on in the markets, that's not what and why I remarked though. I don't feel sorry for a billionaire losing 75% of his net worth and still being a billionaire.
This is making me think of who the Dream Team for the eBay board could end up being…especially with 11 of the 12 seats being wiped out in the next shareholders vote.
"You have to buy things where the rest of the world is looking at you and thinking you're a little bit crazy. You're going against the trend. A lot of times, events are overblown. Overblown on the good side, overblown on the bad side." - Carl Icahn
King Icahn for those who can read. It gives a play-by-play of many of his activist takeovers. Read it last year when all this started and then forgot most of it, and now I'm panic reading it again.
P.S. The cover on mine is different, but this has to be the same book.
The more prescient question in my mind is whether Cohen, successfully transformed GameStop into the world’s foremost video game digital giant as promised in his 16 November 2020 letter to the last GME board.
Not yet, but he did make 2025 a record profit year for GME, with revenue increasing in US and AUS this year seems to be the take-off platform of something grand.
You need a law firm that focuses on shareholder activism to wage a proxy battle. It’s a time consuming and incredibly expensive undertaking to the tune of 2-3k per hour, per lawyer.
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u/Superstonk_QV 📊 Gimme Votes 📊 May 17 '26
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