Posts about eToro
Yoyoy eTorotards. I come to you bearing good news surrounding the recent eToro FUD and shilling drive. Today, I woke up to see the sub being pumped by shills and FUD surrounding the Tilray merger and the news article posted eToro team. https://www.etoro.com/posts/0__entry__19ed9016-5e15-4642-be20-64b8dc9bb89f "If an offered stock is acquired, the stock will be delisted and users will receive the notional amount of the acquisition terms.
As well, if the offered stock is the acquirer, nothing will happen and the stock will continue to be offered."
Shills are out in force telling people to transfer/sell on eToro and change to another broker ASAP before the squeeze. DO NOT SELL YOUR SHARES!!! As eToro does not allow transfers, shills know selling is the only way to get off the platform. And due to having over 1mil+ shareholders on eToro, this would be a huge gain for SHF if even 25% bought into the FUD and sold.
As stated above, this will not affect current holders of $GME as long as Gamestop is the acquirer. This is the most probable outcome of a merger. It would be downright silly for GME to merge into a new shell company after millions of people around the world have grown up to love the company Gamestop. Furthermore, in the last 6 months, Gamestop has received an unprecedented amount of free advertisement from both MSM and Apes(signs, billboards, airborne messages). Also, re amping all their stores with new Gamestop signs that shine brighter than the beacons of Gondor Why would they then suddenly change the company brand after all of this..? It doesn't make sense for them to do this.
IMO, a merger is highly probable considering all the clues and hints pointing towards this conclusion. However, I'm skeptical that a 'reverse merger' will be the exact method. Generally, a reverse merger happens when the public company(GME) is on the bring of bankruptcy and their most valuable assets is the shell ($GME) which its traded under. This is obviously not the case for Gamestop due to clearing all their debt and raising well over 500mil in capital to push their company evolution. Furthermore, generally in a reverse merger, the public comany dies(Gamestop) and the private company trades under their new shell. (https://finance.zacks.com/reverse-merger-mean-stocks-1096.html)
With all that said, I am just an Ape, swimming through the world of 'new' on r/superstonk, trying to dispell FUD on the weekend and help the MODS in their brilliant effort to keep this community excellent. Theres always the possibility I am dead wrong about this. I have sent an email to eToro for some classification surrounding this topic and will update this post astoundingly when get news back.
Lastly, due to eToro allowing apes to vote which went against what their T&Cs state. They are making a conscious effort to satisfy apes, and keep on their side. They know if they mess things up, they will lose millions of valuable customers, and be pooled into the same category as Robin Da Hood. It appears they are trying to avoid this happening at all costs with their upcoming IPO.
TL;DR - DO NOT SELL YOUR ETORO SHARES. Don't believe the shills telling you etoro will fuck you over and transfer out ASAP. Any form of urgency seen shall be taken as FUD until proven otherwise. Remember your training, we are all in this together(as independent retailers obviously) See you all on the MOOOOON!!!
Hello all! Sorry to beat the drum about this but I feel like it should be summed up one last time as I'm a stickler for accurate data and I have confirmation on some of the numbers that have been floating around the sub yesterday with regards to eToro.
Short version (TL;DR): I have confirmed by combing through the eToro APIs that there are exactly 96,660 GME holders on the eToro platform. Then, by applying lots of math and removing the top 10 GME institutional holders, as well as RC himself, it resulted that, on average, apes should be holding 6.22 shares each. However, we know from various other sources (Nordnet, Avanza, some private trader groups I'm a part of) that the average is SIGNIFICNATLY higher than that, anywhere between 14 and 19 shares per ape. Soooooo hedgies R fuk.
So if ape should be holding 6 shares, but ape actually holding 14 shares, what are the extra 8 shares made of? Fairy dust of course!
Seeing so many people post screenshots from eToro with various numbers of holders lead me to believe that this data should be hiding somewhere in the API calls (spoiler, IT IS).
The call we're most interested about is:
"https://www.etoro.com/sapi/insights/insights/uniques?client_request_id=<client_request_id>" (I removed my ID because, you know, it's mine)
So that call will give back data on ALL of the instruments within eToro, but we're only interested in instrument id 1699, because that's our boy.
And this is to verify that it's our boy:
So going back to the first screencap we have a few interesting fields
- API URL: /insights/uniques
- Percentage: 6.372391
- Total: 96,660
It doesn't take a rocket surgeon to figure out what these numbers are. Total of eToro accounts that hold GME: 96,660. Percentage of eToro accounts this represents: 6.372%.
So if we're to do a 96660 / 0.06372 = 1,516,949 eToro accounts.
Yeah, so what? Well let's do the same math for a different stock.... why not NVIDIA Corp since I have a GPU in my computer:
Let's find instrument 1137
154,056 eToro accounts hold NVIDIA stock, with a percentage of 10.15589, which means if I do the same math again:
154056 / 0.1015589 = 1,516,912
Would you look at this then! Almost identical number! Let's do it for one more, without screenshots so this post is not 10 miles long. Let's pick something completely random: "Imerys" - ID: 5768 - Total: 172 - Percentage: 0.011338825192232642
172 / 0.011338825192232642 = (guess what) 1,516,912
So we've established with a pretty high level of certainty that there are:
1,516,912 eToro users, but more importantly, that 96,660 of these users hold GME.
We also know, with a high level of certainty (information not yet 100% confirmed, currently taking eToro at face value with this), that 1.5% of all GME holders are on eToro. We know this from eToro themselves which know it from GameStop. So that means that the total number of GME holders is:
96,660 / 0.015 = 6,440,000 holders
So there are a total of almost 6.5 million GME shareholders. It's very important to note that BlackRock (with their 8.5 mill shares) probably also counts as only 1 shareholder. Same probably goes for RC and his 9.whatever million shares.
I'm almost done with the math just bare with me. According to yahoo finance, the marketcap of GME is 15.711Billion USD, and with a closing price of 222 USD last Friday this means that there should be around (15.711B / 222) = 70.7 Million shares in existence.
So 70.7M shares / 6,440,000 shareholders = 11 shares per holder on average.
Does that sound right? I mean at first glance it sound fairly reasonable but let's mull this data a little more! Let's start by removing the top 10 institutional shareholders, which total 21,434,968 shares between them:
(70.7M - 21.4M) / (6.44M - 10) = 7.655 shares per holder
This starts to not look right considering there are plenty of retail investors with xxxx, xxxxx, shares.
But there's more, we also know that RC owns around 13% of GS shares. So if we do a:
(70.7M * (1-0.13) - 21.4M) / (6.44M - (10 (Hedgefunds) + 1 (Ryan))) =
That is complete nonsense. We know for a fact from this post that, on average, there are 15.82 shares / ape. From some other Telegram investor groups that have done counts, they've reported back an average of 19 shares per person.
This thing is nakeder than a sphynx cat.
Okay I'm done, hope you found this useful. I've spent way too much time putting this post together... Please feel free to poke holes in this post, but I'm fairly confident in the accuracy of this data, especially since most of it is verifiable.
Hedgies
B
FUKKDSJAD:JSAKLDJSAKLDJLSAKDSA
EDIT: Considering that the average should be 6, but the average appears to actually be between 14 and 19, that means the stock is oversold between 230 % and 316%. OH SWEET NELLY THIS IS GOING TO HURT WHEN IT COMES UNDONE.
Edit 2: loads of people pointing out that the 1.5% number is from April 15th, while the rest of the data I used is from today. More people have been getting into GME side April 15th and more people have been increasing their positions. There's no evidence to suggest that the 1.5 has changed in any significant way since that time as there's no reason to believe that people's choices for trading platforms has shifted in any way. The only thing that has probably increased since then is the average number of shares held per ape which just raises the SI.
Based on the data above it's fairly safe to say we're living with at least 200%SI, but I feel like the exact number past this point is just morbid curiosity since it's not like the hedges can save themselves in this situation.
Hey Apes
What seems like a very long time ago now, I began pushing eToro to provide evidence that they have registered shares and allocated them to my name like they have advertised.
Since then, the AFCA has finally assigned my case to a worker. But also since then, I wised up, grew some wrinkles and bought a share from giveashare.com and decided to be brave and start my own transfer process out of eToro. (I have XX shares in eToro and X shares in CS, slowly getting across to the land of purple circles.)
But I have been contacted recently from the AFCA and the case has begun. eToros initial response to AFCA was to screen shot their final email to me stating they will not transfer shares nor will they provide evidence that shares are registered and allocated to my name.
I will add some part of the AFCA email to me (removing dates, and personal information, also anything that could affect my case in anyway). I will also add my email I have sent back, I’m too smooth to know how to add pics here so I’ve found away around it.
Please don’t put me down if what I’ve replied back is too smooth. I’m out here doing my best, trying to help any of those still stuck with eToro.
Partial email from AFCA:
This letter sets out:
• my understanding of the complaint and the issues I will investigate • the information you need to send me by - date -
• information we have received from eToro (separate attachments) If you cannot send me the information I am asking for by - date - please let me know straight away.
Because I will share the information you provide with eToro, only give me information that is relevant to the complaint.
I believe the complaint may resolve by negotiation. I will continue discussions with you and eToro to see if this is a possibility.
If the complaint is not resolved, I will continue with my review of the information provided by both parties. I will then provide a preliminary assessment about the merits of the complaint.
After this, if the complaint is still not resolved or if you or eToro do not accept the preliminary assessment, we will issue a final decision.
My understanding of the complaint You say you purchased shares in GameStop (GME). You say you are concerned about the current state of GME shares and believe it is shorted in the market.
You say: • eToro is unwilling to transfer your shares off platform. • eToro is unwilling to issue you a letter to confirm the number of shares you own.
You say you are seeking either a letter to confirm your allocation of shares or a transfer of your shares off platform as resolution of this complaint.
eToro says your shares are held on trust for you in a registered Managed Investment Scheme and you are the beneficial owner of the shares. eToro says a custodian is in control of the Scheme’s assets and this structure provides protection to clients of eToro. It further says the Scheme Constitution does not provide for transfer of individual securities from the Scheme to clients, however, it can sell proceeds.
End email.
My response:
Dear AFCA MAN
I appreciate eToros attempt to resolve this situation, unfortunately from my view, this issue still remains unresolved. As you can see from eToros response, the information I have requested has not been provided. There is also no reasons provided as to why transferring of shares or proof of registered shares can not be given.
I have read through the eToro terms and conditions, I have searched for information across the ASIC website. And I am yet to find any statement suggesting eToro/Gleneagle asset management, have rights to refuse cooperation in transferring shares, nor can I find any statement claiming eToro has the right to refuse evidence of shares being registered. Is it legal for eToro as a broker to refuse the option of transferring shares?
I have attempted to make contact with GAML through their website, I sent an enquiry with my email address given, regarding the issue of proof of registered shares. Although I did not get a response. Can we also engage in requesting information from Glenagle Asset Management ltd? What are the reasons they refuse transfer of shares? Is this illegal of Australian laws to refuse an investor the option to transfer from one broker to another? Will they provide evidence that GME shares have been registered and allocated?
I have researched GAML and it’s history as a company. Formerly trading as Trimcom investment management limited, I found articles with information explaining market manipulation by Trimcom. Although this is different circumstances, the issue remains the same that the trust of these companies is not there. And as a retail investor I have decided I will need evidence provided that all parties involved in this trade are being fair and honest.
Focusing on the issue of transferring shares, I want to attach an example of the type of feedback customers are getting when requesting share transfer. This was posted to eToros news feed in the eToro App: (I’ve added a link of the screenshot I used)
screenshot of eToros response to DRS
A major broker with a massive international customer base claims they have only recently heard of the DRS. That is a concern. Another major concern is the transparency not provided, eToro continues to refuse to offer any evidence that any shares have been registered and allocated. My positions have been closed due to ‘technical errors’ causing stop losses to be added to those positions, this is another concern.
Investors across the globe are constantly asking eToro the same questions and are being ignored.
I used this video to send screenshots of DRS requests
This is a small example of these requests being made via eToros news feed.
I believe these requests are very simple, and I believe I have the right to see these requests fulfilled.
Summary:
Do I have legal rights to obtain the information I have requested?
eToro states they have purchased the shares on my behalf:
There has been no proof provided that eToro has purchased the stock in my name.
What legal reasons does eToro/GAML have to refuse transferring shares from one broker to another or to the DRS? Do the laws in Australia state that brokers must allow retail investors the right to transfer shares from broker to broker?
References:
Name: GLENEAGLE ASSET MANAGEMENT LIMITED ACN: 103 162 278 ABN: 29 103 162 278 (External Link) Registration date: 13/12/2002 Next review date: 15/02/2022 Former name(s): GLENBRIDGE ASSET MANAGEMENT LIMITED, TRICOM INVESTMENT MANAGEMENT LIMITED
Status: Registered Type: Australian Public Company, Limited By Shares Locality of registered office: SYDNEY NSW 2000 Regulator: Australian Securities & Investments Commissio
Trimcom fined for market manipulation -
https://www.smh.com.au/business/record-fine-for-tricoms-manipulation-20090710-dg0q.html
eToro terms and conditions:
https://www.etoro.com/wp-content/uploads/2020/05/Combined-FSG-eToro-Capital-GAML-20.05.2020.pdf
Potentially relevant information:
CP 291 Reporting rules: Derivative retail client money. - https://asic.gov.au/media/4509276/rep546-published-10-october-2017.pdf
Complying with the ASIC Client Money Reporting Rules 2017 - https://asic.gov.au/regulatory-resources/financial-services/complying-with-the-asic-client-money-reporting-rules-2017/
Kind regards,
Ape man.
End of email.
Please bear in mind I wrote this up while I should have been working… If anyone can add to this positively, that would be much appreciated. Anyone else stuck on eToro looking for an out - my non financial advice would be, have a look at giveashare.com. Begin the process.