DSP (Directed Share Program) to purchase Rivian IPO shares - now live via web portal

[Pherdnut]

Remember this IPO? I’ll wait for the Rivian dust to settle.

Robinhood screwed its own user base over and participated in the open mugging of millions of retail investors when it blocked purchases of Gamestop and other meme stocks on January 28th. Per the lawsuit which has tons of electronic communication as evidence, this was done at the request of Citadel, a conglomerate that is a market maker but also a hedge fund (which is a big WTF in its own right) with a massively overexposed short position in Gamestop. Originally dismissed as a glitch, even by us silly cult-stock people who don't believe it's possible to close 1-2.4 floats' worth of short positions WHILE dropping the price from 480 to 40-50 and then holding it there for a week, the lawsuit also established that $GME was legit 260% short in January at one point.

Also per the lawsuit, Citadel opened a new massive short position in GME just before the deed was done and IIRC there was some mention of people dropping their long positions on affected stocks at HOOD, so the whole thing was dirty AF.

What leverage did C have on RH you ask? Citadel accounts for most of RH's income via a payment for order flow scheme that allows Citadel to make a handsome profit front running trades and also do clever stuff like reroute buys they handle to dark pools while allowing all sells to happen on the open market to control price action, something their HF component no doubt finds very helpful.

I don't know how or why RH thought they were going to have a successful IPO without rebranding, replacing everybody responsible, and finding a much more ethical business partner/profit model, and then after all of that waiting at least another year. But they didn't.

It should have been a surprise to no one that $HOOD lost a ton of its user base in the first half of 2021.

So yes, IPOs are risky. They tend to dump at first as insiders sell and the shorts that anticipate that do their thing, but using $HOOD as your basis for comparison is like comparing anything to an explosive nuclear waste dumpster fire.

Sponsored

 

[RivianXpress]

Etrade is no longer offering shares or offers. Yesterday they were.

 

[888tom888]

Yep, I filled out my paperwork. How sad to be limited to 175 shares. I was so down to get much more than that. Rivian will be better than Tesla in my opinion. Hell their valuation at 65 billion is better than many fortune 500 companies. its going to be a home run

 

[rockdogz]

Etrade is no longer offering shares or offers. Yesterday they were.

They were earlier today too

 

[Bumble1978]

ACH Scheduled! Exciting times.

 

[Redline]

Yep, I transfered over $10k this morning!

 

[McRat]

Rats. I put $11k in a fresh Morgan Stanley acct, and this AM I found out that won't cover the 175 shares because they upped the target price and didn't notify the Distributed IPO buyers.

Will they cancel the buy, or just buy 11k worth? or wait until my additional monies I put in this AM clear? I don't understand how a direct transfer takes 2 full business days when there is surplus funds the account,

 

[wizard467]

Rats. I put $11k in a fresh Morgan Stanley acct, and this AM I found out that won't cover the 175 shares because they upped the target price and didn't notify the Distributed IPO buyers.

Will they cancel the buy, or just buy 11k worth? or wait until my additional monies I put in this AM clear? I don't understand how a direct transfer takes 2 full business days when there is surplus funds the account,

You have to login tomorrow Nov 9th around 6 EST (and before 11:59 EST) to confirm how many shares you actually want to purchase. You should be able to login today to the Directed Morgan Stanley url you originally used and it will tell you the coming next step.

 

[Bumble1978]

Rats. I put $11k in a fresh Morgan Stanley acct, and this AM I found out that won't cover the 175 shares because they upped the target price and didn't notify the Distributed IPO buyers.

Will they cancel the buy, or just buy 11k worth? or wait until my additional monies I put in this AM clear? I don't understand how a direct transfer takes 2 full business days when there is surplus funds the account,

I got an email from Morgan Stanley at 10:15am Pacific?!?

Regardless of how many shares you have requested no one is guaranteed that full amount. Though at over 1.3M available you'd think so. Guess we won't really know until tomorrow at 5pm Eastern. Or at least that's when the Confirmation window starts, once the price is locked in.

 

[kurtlikevonnegut]

I got the email this morning as well regarding the increased target price.

I thought you had 2 days from the purchase of the shares to fund the account before they get repo'd though. So if you set up the transfer today you should be fine.

 

[csun22]

For those of you purchasing via DSP, are you locked in for a certain period of time before you can sell your shares?

 

[DaveA]

So if it tanks on Wednesday we can back out, eh? lol Buy cheaper on the open market?

 

[Zoidz]

I got the email this morning as well regarding the increased target price.

I thought you had 2 days from the purchase of the shares to fund the account before they get repo'd though. So if you set up the transfer today you should be fine.

From a post on Reddit - I have no idea if this is an accurate statement!!!
"Had a friend call MS. You’ll have until the 15th to fund your account to pay for the shares."

 

[McRat]

I got an email from Morgan Stanley at 10:15am Pacific?!?

Regardless of how many shares you have requested no one is guaranteed that full amount. Though at over 1.3M available you'd think so. Guess we won't really know until tomorrow at 5pm Eastern. Or at least that's when the Confirmation window starts, once the price is locked in.

They finally sent my email 20 minutes ago. MS's online tech doesn't seem to be robust to put it in the nicest of terms.

 

[mwexler2]

For those of you purchasing via DSP, are you locked in for a certain period of time before you can sell your shares?

The DSP itself doesn’t lock people in, but some of the participants (employees, directors) do have lock-up periods.
YMMV.

Sponsored