I know it's kinda fucked in light of this, but I do kinda wanna know what positions she took that led to some insane margin call... short memory before MU earnings?

Sell the SPY shares. It's not as bad as it looks

It's actually not that bad, really he's only on the hook for the difference between 733 and whatever SPY will be at when he's able to sell x 100 shares. That's probably like 400 USD. His brokerage should have automatically closed his position instead of letting him take assignment for $73k USD worth of shares.

1 contract is the obligation to buy 100 shares of SPY. Usually puts are sold when they are cash secured. So you must've had 70k portfolio or buying power value. If you didnt, you sold a naked put and need to deposit money to own 100 shares of spy.

You don't need 73k really. You need to buy 100 shares of spy at $733 as that's the contract you sold. What generally happens when you don't have the funds to cover, the broker will close out the option early to protect you. You'll have to buy 100 shares of SPY at 733 to fulfill the contract. Then you can immediately sell the shares of SPY to recover that 73k. Spy looks to be around 729 so you'd lose 400 in that case. You did get a premium of $348 for selling, so really as it stands you're only down $52. You could end up positive/negative based on how your broker handles it, and the price of SPY when they resolve it for you. Based on the text you probably now have 100 shares of spy in your account. You have to sell them to cover that deficit.

Meanwhile, most of these telecom companies supporting ASTS with their spectrums and definitive agreements

AMC. I'm glad I got out when I did. What a fucking joke that was

Lmao at that SPCX call

I had to have ChatGPT explain the situation with more concrete language for me. Imagine you make this agreement: "I promise that if someone wants to sell me 100 shares of SPY, I'll pay them $733 per share, no matter what the market price is." For making that promise, they pay you $348 immediately. A few days later, SPY is trading for $729. The other person says, "I want to use our agreement." Now you're required to buy: 100 shares x $733 = $73,300 Your brokerage buys those 100 shares for you at the agreed price. That's why your account suddenly shows you owe $73,300. It's because you just bought $73,300 worth of stock. But those shares didn't disappear. You now own 100 shares of SPY. Since SPY is only worth $729 per share, those 100 shares are worth: 100 x $729 = $72,900 If you immediately sell them at the current market price, you receive $72,900. Here's the math: You paid: $73,300 You sold them for: $72,900 Loss on the shares: $400 Money you were paid for making the promise: +$348 Final result: -$400 + $348 = -$52 So when people say, "He owes $73,300," it sounds catastrophic, but it's similar to buying a house with a mortgage. You owe a large amount because you just purchased an asset. Since you also own the asset, your actual gain or loss is based on the difference between what you paid and what it's currently worth, not the full purchase price.

Yeah honestly they are freaking out but come open Monday they will probably see huge returns. Today SPY walked back a couple days and you know they hate that. They are gonna drum something up Sunday night/Monday morning and homeboy is gonna be rich comparatively. Idk enough to know if they can hold till then but if so 100 SPY is gonna be fine of all the things we see here. Light bag to hold.