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Fox Business hosts Neil Cavuto and Charles Payne discussed the sudden rise of GameStop stocks during Wednesday’s edition of “Cavuto: Coast to Coast.”
Cavuto asked Payne to explain how the situation got so out of control after Reddit users dumped money into Gamestop and cost hedge funds billions of dollars.
“Well, Neil, first of all I have to say I recommended many of these stocks on January 11th or before,” Payne began. “I’ve got the report in my hand that I sent out to my subscribers… First of all, all of this nonsense, all of this noise, all of this whining by Wall Street, it’s making me sick. 140 percent of GameStop was short. I didn’t hear one person on TV complaining about Wall Street trying to crush GameStop. 140 percent short! I told my subscribers, ‘Buy this stock,’ and they made a fortune.”
“Neil, you can’t allow Wall Street to short 75 percent of a stock and nobody says anything,” he continued. “Crush these companies into the dirt and then when the individual investor makes money everyone’s up in arms… People are ringing the register! I have a kid who bought a house, he made $50,000 and bought a house. So, yes some people are going to lose and some are going to win, but if they want to change the rules of the game now because the general public is making money after decades of the shorts crushing thousands of stocks into the dirt. I have watched stocks be crushed completely to zero and no one ever whispered anything.”
“The shorts have had their way with the market for decades. No one has ever complained about it. So, I am thrilled, if you are going to try and destroy a company by shorting 147 percent of its stock, you have to accept the fact that individual investors are playing the same game you’re playing and now you’re losing.”