New York mogul and Knicks owner James Dolan has announced he’ll be taking the New York Knicks public so fans can have a mutual interest in the business.
However it was discovered before it was even listed there was a 234% short interest from various institutions, leading retail investors to think it could cause the greatest short squeeze of all time.
One Knicks fan tweeted, “Man I know we suck, but Christ 234% short interest before we are even listed? Surely the company’s finances aren’t that bad.” he said.
This short interest has lead Robinhood to restrict buying of the stocks before it was even available to buy causing further outrage and confusion.