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by ajross 1962 days ago
> You don't spend money on ads saying "we no longer have a financial stake in this stock"

I don't think they did. The source of this meme seems to be a Twitter ad from CNBC that was teasing an interview with a quote to that effect. That's a CNBC ad selling their show, they don't take paid ads from their guests.
2 comments
easton 1962 days ago
This is not what happened, I don't know why people keep perpetuating it. The entire source of the "Melvin Capital has closed their positions" thing is an anchor on Squawk Box on Wednesday morning saying that he just got a call from Melvin's fund manager who said that Melvin closed. There hasn't been any other comment besides that one, which is why people think it may have been less than honest.

https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddi...

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fractionalhare 1962 days ago
The more compelling reason to believe they didn't lie about it is because we haven't heard they went bankrupt yet. We probably would have heard that it happened by now, and they certainly would have been bankrupt if they didn't get out of GME in the $100s.
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imtringued 1962 days ago
If you are already out you don't have to tell anyone. You simply have exited the market and stopped caring.
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jerry1979 1962 days ago
Also, it seems like "close my position" could mean anything. Does that phrase have any specific legal meaning? For example, if I own 1 share of GME, then that is my "position". If I buy another share of GME, then I have a new position: 2 shares of GME. I "closed" my first position, and opened a new one.
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Teever 1962 days ago
> they don't take paid ads from their guests.

How do you know this?

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ajross 1962 days ago
They sell journalism under the NBC brand. Is this a serious question? If CNBC was issuing paid advertisement like that it would be a much, much bigger story than a spike in a small cap retail stock.
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elif 1962 days ago
NBC has double the primetime product placement of it's next nearest competitor, fox.

https://ufdc.ufl.edu/UF00101603/00001

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ajross 1962 days ago
That's about fictional TV shows, not news.
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sschueller 1961 days ago
Only a small segment during the 247 news station day is actually designated as news. Everything else is news entertainment which has different regulations.
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ajross 1961 days ago
I still don't see what this has to do with the point above, which is that a promoted tweet from CNBC for one of their segments is clearly not a paid advertisement by the guest in the segment.
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