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A comment on Roaring Kitty to testify on GameStop alongside hedge fund managers. Parent comment

Re:Roaring Kitty to testify on GameStop alongside hedge fund... by thefounder on Sunday February 14, 2021 @05:55AM (#26131247)
So in the end it can be done when the right people make profit
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Re:Roaring Kitty to testify on GameStop alongside hedge fund... by derangedHorse on Sunday February 14, 2021 @06:51AM (#26131588)
Or rather because the trades could be done internally (Fidelity could sell off the stock they own)

EDIT: It seems my assumption was incorrect. This link posted by grandmczeb shows that RH needed more capital by a downstream dependency to ensure those trades: https://archive.is/GFtf2

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Re:Roaring Kitty to testify on GameStop alongside hedge fund... by yskchu on Sunday February 14, 2021 @07:13PM (#26137575)
Actually you were right, Fidelity did sell off all the stock they owned.

https://www.wsj.com/articles/fidelity-cashes-in-most-of-game...

https://www.bloomberg.com/news/newsletters/2021-02-11/why-ga...

They owned 13% of the company; now they own only 87 shares; they sold 9.3 million shares in 1 month.

So, during the Robinhood GME debacle, Fidelity could sidestep the issue, since they wanted to sell their own GME shares anyway, and also managed to look good in the process (no GME buying restrictions compared to Robinhood etc); win win for them

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