What the hell is going on in the stock market?
What the hell is going on in the stock market?
It’s getting insane.
I thought people buying rocks for millions of dollars and Rivian being valued at 100 billion with no revenue was peak bubble, but we ain’t finished yet.
Enter HKD.
If you don’t know what that is, I understand.
No one in the mainstream media wants to cover it. When reading this, ask yourself why.
So who is HKD?
HKD, which is the ticker for AMTD Digital, a company based in Hong Kong, surged from an IPO price of ~17$/share to a peak of $2500/share in a few weeks making it at one point the 13th largest company in the world based on market cap.
Read that sentence again, because it truly is shocking.
There’s a great Twitter thread on this by Nate Anderson (link here) about how the company is 88% owned by a sketchy underwriter in Hong Kong with a long history of fraudulent activity bringing companies public.
This screams market manipulation pure as day.
The craziest thing is there were no halts and no stoppages, unlike what happened to Gamestop, AMC and other stocks in Jan 2021.
Weird right?
How was a company with nothing allowed to run 10,000% in a few weeks and not had any stops or get covered by any major media outlet?
Seems like a strange occurrence to me.
My bet is institutions, hedge funds and market makers like Citadel are on the other side of that trade and are pumping HKD to maintain their margin accounts with their prime brokers.
What does this mean?
Essentially they pump the value of stocks to make it look like their accounts are worth much more than they actually are so when the bank/prime brokerage department looks at their account balance at the end of the day, they maintain their account balance and don’t get margin called.
They’re essentially cooking their books.
I used to believe in the American stock market and the American system until the Gamestop fiasco happened.
America is a clown show.
Their capital markets are so fraudulent it’s hard to explain.
Maybe they always have been set up to be the elite’s casino while the rest of us suffer, but it feels like it’s coming more into the open these days.
Anyone with two eyes that knows the basics of finance can see $HKD was a pump and dump pure as day, and yet no one wants to talk about it and the people that did it will get away with it.
Think about this - hundreds of billions of dollars in value was created in a matter of weeks out of thin air for large institutions to maintain their books.
And know this, this was not retail investors. They simply don’t have the power to move this stock that much in such a short time, especially when barely any volume was traded.
More money than the economic output of entire continents was created in a matter of days with no one reporting on it or discussing it in the mainstream media.
When you see shit like that, you always have to remember to ask yourself - what the hell is going on in the stock market and why isn’t no one talking about it?
There’s a reason and the richest, most powerful people in the world don’t want you to know.
So it’s our job to find out and bring it to light.
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