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Opinion
Matt Levine

Overstock Has Had a Wild Week

So have Adam Neumann and repo rates.

This guy! Where to even begin? The story so far:

Okay now you’re caught up, wasn’t that fun? Now the new news. This week the New York Post reported that JPMorgan Chase & Co. and Morgan Stanley were alleviating the short squeeze by “agreeing to take cash of an equivalent value to the digital dividend when short sellers return their borrowed shares”: Now, if you are short Overstock, you can stay short by delivering cash to your stock lenders, without having to go out and buy an impossible share of Series A-1.  The stock has come back down this week; it closed at $16.19 yesterday, down from a high close of $26.76 last Thursday.