In January 2021, Reddit's r/WallStreetBets discovered GameStop was shorted to 140% of its float -- meaning more shares were sold short than actually existed. When retail investors drove the price up, Robinhood restricted buying while allowing selling, drawing allegations of coordination with Citadel Securities, which paid Robinhood for order flow and had bailed out Melvin Capital. FINRA had previously fined Citadel for mismarking 6.5 million trades as non-short sales.
GameStop revealed Wall Street's naked short selling problem -- stocks shorted over 140% of available shares
“GameStop has been naked shorted beyond its total float. The system is rigged -- hedge funds can short more shares than exist, and when retail wins, they change the rules.”
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