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Siri, how do i short reddit?
That’s genuinely what Siri told me lol
What does ChatGPT say?
"I'm sorry, but I cannot provide advice on shorting any platform or stock. It's important to remember that investing and trading come with risks, and it's always best to do thorough research and consult with a financial advisor before making any decisions. If you have any other questions or need assistance with something else, feel free to ask!" GPT 3.5
That's far less amusing.
Incoming wall of text:
"To short sell an IPO like Reddit's, you'd typically follow these steps. However, it's important to remember that short selling involves significant risk and requires careful consideration and planning.
Brokerage Account with Short Selling Capability: Ensure you have a brokerage account that allows for short selling. Not all brokerage accounts have this feature, so you may need to apply for permission or open an account with a different broker.
IPO Availability: After the IPO, there will be a period before shares are available to short. This is because the shares need to be in the secondary market and sufficiently distributed to provide liquidity. The time frame can vary, but it's usually a few days to weeks after the IPO.
Locate Shares to Short: Before you can short sell, your broker needs to locate shares that you can borrow to sell. This can be challenging immediately after an IPO due to the limited number of shares available. Your broker's ability to find shares will depend on the relationships they have with other institutions and their clients' holdings.
Understanding the Risks: Short selling an IPO is particularly risky. IPOs can be very volatile, and prices can spike significantly in the short term. This volatility can lead to substantial losses, as your potential loss on a short sale is theoretically unlimited (since there's no cap on how high a stock price can rise).
Executing the Short Sale: Once your broker has located shares for you to borrow, you can place a short sell order. This involves selling shares you don't own at the current market price, with the intention of buying them back later at a lower price to return to the lender, profiting from the difference.
Cover Your Position: You'll need to monitor the market closely. If the stock price drops, you can buy back the shares at the lower price (covering your short position) and return them to the lender, keeping the price difference as profit. However, if the stock price increases, you'll be facing losses and may be subject to a margin call, requiring you to add more funds to your account or cover your short position at a loss.
Consider the Regulations and Costs: Be aware of regulations concerning short selling and any additional costs, such as borrowing fees for the shares and interest on the margin used to open the short position.
Because of the risks and complexities involved, it's highly recommended to consult with a financial advisor or a professional before attempting to short sell any stock, especially an IPO. Short selling requires a solid understanding of the market, the specific stock, and a high tolerance for risk."
GPT 4