I’ve worked in the industry here people. It did not buy to short. State Street is merely a custodian bank, it holds these shares on behalf of superannuation funds and institutional investors for safeguarding cyber and general administration….. So the underlying owners are vast, and many are the superfunds you all have your retirement savings in.
These superfunds and institutional investors often then agree to securities lending programs via state street or other custodian banks holding their holdings like JP Morgan and HSBC. They do this to get a few bps % in fees for performance and adopt the opinion of perfect market theory so not manipulated by over shorting.
The conspiracy theories I see on HC regarding these sub notices is always amusing and totally wrong.
TWE Price at posting:
$7.95 Sentiment: Buy Disclosure: Held
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