The entire situation is the result of a brilliant "short squeeze" by Porsche last year.

Details are here:

Porsche Purchase of Volkswagen Stake Causes Short Squeeze?the First of Many?

It resulted in Adolf Merckle throwing himself in front of a train, details here:

The short squeeze of death | D-I-Y Hedge Funds Online

The big difference between Europe and the US is that EU companies don't have to reveal their positions, which enabled Porsche to pull off the short squeeze, take control of VW financially and ultimately Merckle to meet his untimely death.

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