6.66M shares are Short as of 11/29/19. This is down 2% from 11/15/19
The Short Float Percentage is now 20%!
The "VULTURE" Hedge Funds intend to bring the share price down so they can cover. Their shares are ALL UNDERWATER!
***WE NEED TO LIMIT THEIR ABILITY TO SHORT MORE SHARES****
We CVMers need to take back what is rightfully ours! True Longs must all pitch in!
Scroll down on how YOU can help!
First off, if your brokerage account is a CASH account, then there is NOTHING you need to do. Shorts CAN'T borrow shares from a CASH Account.
To be borrowed, shares have to be held in a Margin Account. It does not matter if margin is actually being used. If you don't need a Margin Account, then change it to cash. There is NO COST generally!
As a general rule, your IRA Accounts can't be a Margin account. To comply with IRA rules, you can't use your IRA assets as collateral, and this is exactly what you need for a traditional margin account.
Charles Schwab says this: The shares used for short selling are supplied from various sources. Many times they are supplied internally, borrowed from long positions held in other Schwab clients' margin accounts. In the margin agreement, as collateral for existing margin debit balances, clients agree to lend positions held in their margin accounts to Schwab for the purpose of loaning to other market participants for short selling. See link below for additional details:
ROBINHOOD ACCOUNTS: MAKE SURE ITS A CASH ACCOUNT (NOT INSTANT OR GOLD)
Contact your broker and have your Margin accounts converted to Cash accounts. They can't borrow your shares in Cash accounts!
We have ALWAYS been under the impression that setting up a high GOOD TIL CANCELED ("GTC") order will prevent the borrowing of your shares. Apparently this was wrong!
A devout reader of ours received the below email from Ameritrade about this issue. It stated the following:
"A GTC order does not necessarily stop TD Ameritrade from loaning out shares of the stock." (See image below)
Thus, the only way to prevent your shares from being borrowed is by putting them in a cash (non margin) account.
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