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Full disclosure; I eat crayons. Here's a fun recap theory read. A certain mayo-loving he-who-must-not-be-named was utilizing his little high-frequency trading (HFT) operation to duplicate shares for the last several years for a basket we know and love called the meme stocks. 1/
This share duplication technique was creating actual phantom shares in the virtual trading environment nerve centers. It was driving price action down, he was making money, no one but him was happy, and it was very, very naked. It might not have even been illegal, because 2/
regulations might not have outlined the technique as being illegal. What our mayo-boy didn't know was that he was creating a de-facto share obligation ETF that would have a weighted movement causing magnetic price action for the foreseeable future across the memestonks. 3/
