this is chanos' position. agree with it if you want. i agree with some of it. the stock market has far many, many more touts than it does people attacking stocks. often if you don't have anybody giving the negative view, people will just think tesla, for example, is going to the moon forever and never has to improve its cars or its production. short sellers called tesla out on that and said they were close to bankrupt. tesla got its act together because of the amount of immense pressure by short sellers. and these are some of the arguments that chanos, from what i understand, is making to the white house economic team. i can't tell you if he's going the persuade them, persuade congress. he does have, from what i understand, he's making the same arguments as some selective people on the hill. he's also a making the argument that to if you change the settlement time, everybody's talking about why do we need two days to settle a stock. vlad tenev of robinhood who just had the famous argument with portnoy of barstool sports, if you have immediate settlement, you'll
tesla, jim chanos was short tesla. he said its finances were horrible, it wasn't producing good cars, and he was right. guess who agrees with him? liz: no, he -- >> yes, he was. liz: okay. we're not going to have this discussion. >> you know, look it up! look it up! elon musk said they were on the vernal of bankruptcy. he said it. you don't believe -- [laughter] google -- liz: that's because short sellers tried to kill it. rah. [laughter] >> no. shorts don't change the fundamentals of a company. the fundamentals were he had problems in production. he couldn't meet 'em. he said it. liz: would you concede, charlie, that some short sellers, not all, some, really don't have the best interests of a company in mind -- >> of course they don't. liz: -- or investors. >> would you just concede that the market is much more filled with touts than are trying to sell people -- liz: oh, no. i think short sell ors, absolutely -- >> by the way, you should talk to jordan belfort, one of the biggest pump and dumpers -- liz: he's been on.
so i don't think they go as far because of that chanos exposure. beating up on ken griffin before this is over. neil: i read the entire statement of ken griffin. we came in a little bit late to it, but, you know, far from slowing things down, griffin's strategy at citadel seems that we should speed things up. he's saying we must modernize this settlement process including short settlement cycles and transparent capital models. now, that's a lot of gobbledygook, i grant you. but what he's saying is don't slow it down, speed it up. i understand where he's coming from where you wouldn't get locked in the system doing that. but i do wonder how that's going to be received when various, you know, politicians start weighing in on that. >> well, look, neil, this is a classic talking your book. all four of us have been saying for the past hour if you take out the check and balance of short sellers by making settlement realtime, then you are going to be eliminating, if you will, a way to uncover fraud. and if that basic, general message is not driven home, t
and the biden white house should listen to jim chanos as we reported yesterday, now is not the right time. now is the time for more short selling, not less. we should point out one of the issues with reddit -- excuse me, gamestop, which i think is fascinating now is just how little short interest is involved now. shorts got crushed in that squeeze. no one's crying for them. their going to lose sometimes -- they're going to lose sometimes. they're out largely now. the short interest, as you know, more than 100% of float. by the way, you can short a single share of stock many times, just have to keep delivering it. it's nothing illegal, nothing weird about that. liz: ark mc's turned around too, charlie. amc was higher today and now it's down 11.7%. and if you look at the somewhere days of both amc and then gamestop, gamestop is still up, it has come well off its highs. >> yeah. that's what i'm saying with this stuff. it's playing with fire speculating on these message boards because smart money knows when to get out. we should point out that the short thesis was right about gamestop. i
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