Clover Health ($CLOV), a Medicare-backed insurance start-up, had a wild day of trading on Tuesday. CLOV skyrocketed over 100% at one point this morning, and closed up about 86% to $22.15 per share.
To make matters worse (or better; you decide), the short borrow fees on CLOV has gone up from 4% to 73%. A short squeeze looks to be in play for CLOV, just like the one we saw with other meme stocks like AMC and GME.
Conversations regarding the stock are along the lines of : -
“Retail owns the float”, “$40 by tomorrow”, “CLOV army to the moon”
Will be interesting to see how this one plays out. What are your thoughts?
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Crazy volatility! I read this morning that Chamath’s initial $16 Million investment in Clover Health is now worth a whopping $700 mil.
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Meme stock or another amateur Reddit rally? Whatever it is, it’s a 4000% paper profit for Palihapitiya in less than 24 hours.
So yes, it is a crazy mad world! @ayushkbhatia
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