May 20, 2024

You are here: Home / 2021 / Archives for January 2021

Archives for January 2021

How a Reddit User and His Friends Helped Fuel the GameStop Frenzy

January 29, 2021 by Leave a Comment

“Your example has literally changed the lives of thousands of ordinary normal people,” a Reddit user named reality_czech wrote this week to Mr. Gill. “Seriously thank you.”

:not(:first-child){margin-left:5px;}.css-5gimkt{font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:0.8125rem;font-weight:700;-webkit-letter-spacing:0.03em;-moz-letter-spacing:0.03em;-ms-letter-spacing:0.03em;letter-spacing:0.03em;text-transform:uppercase;color:}.css-5gimkt:after{content:’Collapse’;}.css-rdoyk0{-webkit-transition:all 0.5s ease;transition:all 0.5s ease;-webkit-transform:rotate(180deg);-ms-transform:rotate(180deg);transform:rotate(180deg);}.css-eb027h{max-height:5000px;-webkit-transition:max-height 0.5s ease;transition:max-height 0.5s ease;}.css-6mllg9{-webkit-transition:all 0.5s ease;transition:all 0.5s ease;position:relative;opacity:0;}.css-6mllg9:before{content:”;background-image:linear-gradient(180deg,transparent,#ffffff);background-image:-webkit-linear-gradient(270deg,rgba(255,255,255,0),#ffffff);height:80px;width:100%;position:absolute;bottom:0px;pointer-events:none;}#masthead-bar-one{display:none;}#masthead-bar-one{display:none;}.css-1pd7fgo{background-color:white;border:1px solid width:calc(100% – 40px);max-width:600px;margin:1.5rem auto 1.9rem;padding:15px;box-sizing:border-box;}@media (min-width:740px){.css-1pd7fgo{padding:20px;width:100%;}}.css-1pd7fgo:focus{outline:1px solid }#NYT_BELOW_MAIN_CONTENT_REGION .css-1pd7fgo{border:none;padding:20px 0 0;border-top:1px solid }.css-1pd7fgo[data-truncated] .css-rdoyk0{-webkit-transform:rotate(0deg);-ms-transform:rotate(0deg);transform:rotate(0deg);}.css-1pd7fgo[data-truncated] .css-eb027h{max-height:300px;overflow:hidden;-webkit-transition:none;transition:none;}.css-1pd7fgo[data-truncated] .css-5gimkt:after{content:’See more’;}.css-1pd7fgo[data-truncated] .css-6mllg9{opacity:1;}.css-k9atqk{margin:0 auto;overflow:hidden;}.css-k9atqk strong{font-weight:700;}.css-k9atqk em{font-style:italic;}.css-k9atqk a{color:-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid }.css-k9atqk a:visited{color:-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid }.css-k9atqk a:hover{border-bottom:none;}]]>

Larry Tabb, the head of market structure research at Bloomberg Intelligence, said the rise of traders like Mr. Gill “would have been impossible even a few years ago” because every trade came with a fee and there was less focus on the markets on social media. But with people now stuck at home in the pandemic with easy access to free trading at online brokerages, “these guys saw an opportunity and they took it,” he said.

Mr. Gill did not respond to requests for comment. His online accounts and email addresses were tied to his old office in New Hampshire and his Massachusetts home. Mr. Gill’s mother, Elaine, confirmed in a brief phone call that her son was Roaring Kitty.

“I’m proud,” she said, before hanging up.

Mr. Gill’s life as Roaring Kitty began in 2014 when he started a limited liability company with that name. Before that, he was an All American runner in college who could cover a mile in 4 minutes 3 seconds, according to local newspapers. After graduating, he worked as a chartered financial analyst and a financial wellness educator, a recently deleted LinkedIn profile showed.

In August 2019, he began posting on Reddit. Like many other Reddit users, he showed familiarity with memes and internet expressions like YOLO (you only live once) and exhibited a love for profanity. The middle letter of the initials of his Reddit username, DFV, refers to an expletive. On YouTube, TikTok and Twitter, he went by Roaring Kitty.

Mr. Gill’s first posts on WallStreetBets showed the screenshot of his E-Trade portfolio with the options trades he had made on GameStop, all of them betting the stock would go up. In the comments, he explained that Wall Street did not appreciate how much GameStop would benefit as new video game consoles were released.

Shortly after Mr. Gill placed his trades, Michael Burry, an investor made famous by the Michael Lewis book “The Big Short,” also expressed interest in GameStop. On Reddit, Mr. Gill pointed to Mr. Burry’s post as validation. When others questioned the investment, Mr. Gill held firm.

Article source: https://www.nytimes.com/2021/01/29/technology/roaring-kitty-reddit-gamestop-markets.html

Filed Under: Economy News

A Broadway Theater Owner Rethinks Post-Pandemic Ticket Selling

January 29, 2021 by Leave a Comment

Some venues and sports teams have also used the pause to rethink their ticketing alliances; in November, for example, two Houston soccer teams, the Dynamo FC and its affiliated women’s club, the Dash, signed with SeatGeek.

When events return, many venues and ticket sellers say they expect extensive safety protocols that may even be embedded into the ticketing process. Late last year, Ticketmaster said it was considering implementing plans like confirming a patron’s vaccination status through a third-party smartphone app. A Ticketmaster spokeswoman said this week that the company was still awaiting federal and state guidance about reopening; Ticketmaster said on Friday it had no comment about losing Jujamcyn as a client.

Du Toit said that the slowdown of events gave SeatGeek the opportunity to develop the kinds of features that are part of its Jujamcyn deal.

“We’ve used this downtime to dig deeper into our technology,” she said.

“The Book of Mormon,” “Hadestown” and “Moulin Rouge!” were all selling strongly before the pandemic and plan to return once theaters can reopen. Two other musicals housed in Jujamcyn theaters, “Frozen” and “Mean Girls,” have announced that they will not resume performances post-pandemic, so the company has two vacant houses to fill.

SeatGeek becomes the third major ticketing services provider on Broadway; many theaters use Telecharge, which is owned by Broadway’s biggest landlord, the Shubert Organization; Jujamcyn had used Telecharge until switching to Ticketmaster in 2016. Ticketmaster continues to work with the Nederlander Organization, another major Broadway landlord. Of course, many consumers purchase tickets not through the primary ticket sellers, which handle direct sales online and at the box office, but also through brokers, resellers, or intermediaries like TKTS and TodayTix.

The average Broadway ticket cost $121 last season. It remains unclear whether prices will change when Broadway reopens, although many producers expect less premium pricing (those are the highest-priced tickets for the hottest shows; for example, before the pandemic “Hamilton” was regularly selling many of its seats at premium prices of $847 each), at least in the short-term, as the industry seeks to rebuild.

Article source: https://www.nytimes.com/2021/01/29/theater/broadway-tickets-jujamcyn-seatgeek-ticketmaster.html

Filed Under: Media Business

Occupy Wall Street 2.0: ‘This time, activists intend to DESTROY the system from within’ – Max Keiser explains GameStop frenzy

January 29, 2021 by Leave a Comment

“The fraud on Wall Street that’s been building for many years got so incredibly out of hand, and it got so obvious, that it caught the attention of social media day-traders, who pounced on a hedge fund’s vulnerability – from engaging in too much fraud – and they killed it,” Keiser says.

According to him, “This is Occupy Wall Street: Part 2. This time, the activists are inside the system, and they have the capital and the intention to destroy it from within.”

A former Wall Street stockbroker himself, Keiser explained that the short-squeezing of stocks has been around since the beginning of stock exchanges. There is nothing inherently wrong with shorting stocks or squeezing shorts, he said.

Also on rt.com Mega-investors punished with $70 BILLION LOSSES as GameStop and other shorted firms see stock surge – data analysts

“In this case, with GameStop, Melvin Capital had fraudulently shorted more of GameStop’s stock than exists – an illegal practice called ‘naked short selling.’ They didn’t count on getting caught. WallStreetBets spotted the fraud and pounced.”

What’s different this time around is the fact that these investors are working in tandem, using social media platforms, and particularly Reddit, to squeeze out the short sellers on Wall Street.

“All markets and all social media are based on the flow of information. All media, and all social media, influences prices on various markets, and market prices in turn influence all media outlets. The ecosystem of information and prices is at the heart of all market-based economies,” Keiser said, underlining that “these markets work best with full transparency and no censorship.”

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/514031-gamestop-frenzy-occupy-wall-street/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Robinhood CEO accused of ‘lying’ on CNN after claiming he halted stock purchases to adhere to vague ‘regulatory requirements’

January 29, 2021 by Leave a Comment

Tenev was interrogated by CNN’s Chris Cuomo on Thursday amid the Robinhood-GameStop stocks controversy, with the CEO claiming his decision was made to adhere to vague “regulatory requirements” and not to protect wealthy hedge funds that were shorting the stocks.

After Cuomo highlighted the irony of the company being called Robinhood – a legendary outlaw who stole from the rich to give to the poor – when the company of the same name appears to be “doing exactly the opposite,” Tenev insisted: “That’s not what it is at all… We had to make a very difficult decision to protect our customers and our firm.”

When Cuomo referenced Robinhood’s connections with Citadel Securities, a firm that facilitates trades on the app and that bailed out Melvin Capital, the hedge fund targeted by the Redditors, Tenev maintained its relationships with any other company had “nothing to do with” its decision to halt trading.

Also on rt.com GameStop controversy put AOC Trump Jr on SAME PAGE against Wall Street – but panicked MSM smears Reddit traders as ALT-RIGHT MOB

“Robinhood, as a brokerage, has lots of financial requirements, SEC [the US Securities and Exchange Commission] requirements,” Tenev said, though Cuomo shot back that the SEC “hasn’t said you had to do this.”

Tenev concluded by denying that Robinhood took action on the orders of any other market entity, and again blamed the decision on unspecified requirements.

Viewers were not convinced by Tenev’s excuses, however, lambasting the CEO in CNN’s YouTube comments, with some accusing him of “lying” and “dodging every single question.”

“Of course he did exactly what his corporate overlords wanted. He is no different than any other hedge fund douche,” one user suggested, while another called Tenev’s story about regulatory “requirements” a “BS answer.”

On Twitter, others asked Tenev to cite any regulation that required him to halt trading on the stocks. Another said he looked “unprepared” and mistakenly thought he could “word salad” his way out of it.

Robinhood prohibited its users this week from buying stocks in a number of companies, including GameStop, Nokia, and BlackBerry, after they had been invested in by a group of amateur traders, resulting in billions of dollars worth of losses for Wall Street hedge fund short-sellers.

Several members of Congress, including Sen. Ted Cruz (R-TX), Rep. Rashida Tlaib (D-MI 13th District), and Rep. Alexandria Ocasio-Cortez (D-NY 14th District), have publicly called for an official hearing over Robinhood’s actions.

Also on rt.com Reddit investors vs. Wall Street: The GameStop saga (so far) explained

If you like this story, share it with a friend!

Article source: https://www.rt.com/business/514032-robinhood-vlad-tenev-cnn/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

As Bitcoin’s Price Surges, Affluent Investors Start to Take a Look

January 29, 2021 by Leave a Comment

Several firms provide secure key storage — or custody services, as they’re known with other financial assets. Two Ocean’s system, Mr. Revill said, combines humans and algorithms to securely move cryptocurrencies from “cold” storage, when the device holding the keys is not connected to the internet, to “hot” storage, where the Bitcoin is connected to the internet so a transaction can take place.

Tom Jessop, the head of Fidelity Digital Assets, a part of the financial services firm Fidelity Investments that acts as a custodian for cryptocurrencies and operates funds that invest in the currencies, said the firm’s strategy is to manage operations behind the currencies so they were no different from stocks or bonds.

“It approximates the utility of any other asset you own,” Mr. Jessop said. “There’s an account number, an ability to measure and monitor it, and your financial adviser knows about it and is aware of it in terms of an estate plan.”

Part of most estate plans is a series of trusts, which hold various assets for future generations. The trustees charged with carrying out the directives in trust agreements have a couple of major concerns about the currencies. One involves the liability that comes with a breach or loss of a key, said Frazer Rice, Northeast regional director at the trust company Pendleton Square Trust. But another is prudently managing the asset itself, given its volatility, in the context of other assets in the trust.

“We’re used to dealing with stocks and bonds and illiquid assets,” he said. “Now, crypto is intersecting with estate planning and legal tools that are hundreds of years old. People are really going to have to think through and ask what does it mean for someone else to be responsible for their crypto when they’re dead.”

For trust planning, investors who keep their keys on a thumb drive and lock it in a safe could find themselves in the same tax situation as people who put real property in trust. Jurisdiction over disputes rests with the location of the property, not where the trust was set up.

For years the State of New York has tracked where valuable art hangs. Someone may officially be a resident of Florida, which has no state estate tax, but if a $100 million painting hangs in that person’s apartment on Park Avenue, New York will tax it. The same could be true for where a thumb drive is stored, Mr. Rice said.

Article source: https://www.nytimes.com/2021/01/29/your-money/bitcoin-wealth-investors.html

Filed Under: Your Money

Changes in FAFSA May Reduce College Aid for Some Families

January 29, 2021 by Leave a Comment

By comparison, a family with identical finances but two children separated in age by four years would have just one child in college at a time and a parent contribution of just over $12,000, Mr. Kantrowitz calculated.

The change to the formula, however, means each family would end up with a parent contribution of just over $12,000 per child. (Other, separate tweaks to the formula may further increase the parent contribution for both families.)

The elimination of the sibling break has a smaller impact on families with lower incomes, Mr. Kantrowitz said. Under the current formula, the family with twins but $50,000 in income and $25,000 in assets would have a parent contribution of $855; the second family, with children spaced apart, $980. Under the new formula, both families would have parent contributions of $435 per child.

So while there are “crosscurrents,” Mr. Kantrowitz said, the fact that the parent contribution is no longer divided by the number of children in college “has the biggest impact for middle- and high-income families with multiple children in college at the same time.”

Sandy Baum, a nonresident senior fellow at the Urban Institute, said she understood the financial strain that families might feel when multiple children were in college. But given that college costs are now paid by saving and borrowing over a decade or more, she said, it doesn’t make sense to give, essentially, a bonus to families just because they have two children attending college simultaneously.

“There’s no reason why a family with twins should get more money,” she said. “It’s not fair to families with different spacing” of children.

In the big picture, the changes to the formula increases access to college aid for low-income students who sorely need the help, said Justin Draeger, president and chief executive of the National Association of Student Financial Aid Administrators. For instance, he said, the updated formula greatly expands eligibility for federal Pell grants for low-income students, making them newly available to about half a million more people and giving more access to the maximum grant.

Article source: https://www.nytimes.com/2021/01/29/your-money/fafsa-changes-college-aid.html

Filed Under: Your Money

Robinhood, in Need of Cash, Raises $1 Billion From Its Investors

January 29, 2021 by Leave a Comment

Robinhood, which is based in Silicon Valley, has been key to empowering the online investors. Adoption of the app has soared in the pandemic as the stock market surged and people took up day trading in the void of other pastimes. The company has drawn in millions of young investors who have never traded before by offering no-fee trading and an app that critics have said makes buying stocks feel like an online game.

Without fees, Robinhood makes money by passing its customer trades along to bigger brokerage firms, like Citadel, who pay Robinhood for the chance to fulfill its customer stock orders.

In May, Robinhood said it had 13 million users. This week, it became the most-downloaded free app in Apple’s App Store, according to Apptopia, a data provider.

Critics have accused the company of encouraging people to gamble on stock market movements and risk big losses. Brokerages including T. Rowe Price, Schwab and Fidelity have imitated Robinhood by lowering their trading fees to zero. Many of them were also hit by the crush of trading this week.

Robinhood has had no trouble raising money over the last year, drawing $1.3 billion in venture capital backing and boosting its valuation to nearly $12 billion. Its other investors include the venture capital firm DST Capital, New Enterprise Associates, Index Ventures and Andreessen Horowitz.

Yet the company has faced many issues, including fines from regulators for misleading customers. Last March, it raised more money after its app went down and left customers stranded and nursing big losses, leading to a still ongoing lawsuit.

In recent weeks, many online investors have used Robinhood to make bets that pushed up the price of GameStop, AMC Entertainment and other stocks that had been widely shorted — or bet against — by hedge funds. That changed on Thursday after the company curbed customer trading in the most popular stocks.

Article source: https://www.nytimes.com/2021/01/29/technology/robinhood-fundraising.html

Filed Under: Economy News

Reddit investors vs. Wall Street: The GameStop saga (so far) explained

January 29, 2021 by Leave a Comment

Potentially the biggest thing to rock the US financial system since the 2008 meltdown, it all started with GameStop, a bricks-and-mortar video game retailer. Already under pressure from the competing digital-purchase model, the firm found itself really struggling last year, with the lockdowns and subsequent economic slowdown severely affecting its business. Smelling the blood in the water, the Wall Street sharks started circling and shorting the company stock.

Short squeeze

For those not familiar with financial market terms, shorting means betting that something traded in a market will fall in price and trying to capitalize on it. The speculator borrows the thing – GameStop shares, in this case – at an interest and sells it at the current price. When the price falls (naturally or with a bit of nudging from interested parties), they buy the thing and return it to whomever they borrowed it from, pocketing the difference.

However, if the gamble goes wrong and the price goes up, the speculator loses money. Since stock can be overshorted – with more shares borrowed by speculators than there exist on the market – any professional investor knows there is no limit to how much one can lose. If traders panic, they will try to cut losses and rush to buy at a raised price, fueling an even faster growth, which is called a short squeeze.

Also on rt.com Surprise BOOM: GameStop stock spikes as Reddit-based effort to spite short-sellers triumphs

GameStop shares experienced a short squeeze this month, largely thanks to a Reddit community called WallStreetBets, which, as of now, has more than 5,6 million subscribers. Members decided the company was not doomed at all, based on some positive news, such as Microsoft agreeing in November to share with GameStop part of its digital revenues, or e-tailer billionaire Ryan Cohen investing in the company and then joining its board. Redditers took a contrarian strategy, buying GameStop stock and, thanks to their sheer numbers, pushing up its price.

Manipulation by the wrong people?

The big losers in the big squeeze were the hedge fund Melvin Capital and the investment consultancy Citron, both of which shorted heavily against GameStop. Melvin even needed a $2.75 billion bailout to close its positions. Neither was happy about the loss, but one could argue that the reaction from them and other top players would not be as strong as it was if they had been had by some other large player and not a bunch of self-described “degenerates.”

Stylistically speaking, WallStreetBets is the polar opposite of those well-compensated market creatures wearing expensive suits and moving about billions of their rich clients’ wealth. The Redditers compare themselves to members of the anonymous online board 4chan but with “a Bloomberg terminal illness,” post memes, and use lingo an outsider might view as crazy, and insist that nothing in their community constitutes “investment advice” – a disclaimer to ward off regulatory attention of the US Securities Exchange Commission.

Also on rt.com NASDAQ temporarily shuts down stock trading after internet trolls destroy hedge fund with GameStop stock

Predictably, the American financial elites have rallied to fix the situation. As GameStop stock skyrocketed this week, Nasdaq paused trading, saying it was necessary to stop “manipulation” by the amateur traders. The bourse’s CEO, Adena Friedman, went to CNBC to discuss whether more regulation was necessary – a notion that critics say would be angrily rejected if it were a Wall Street fat cat doing the manipulation.

Banhammer!

The ire of the 1 percent seems to have materialized in a series of decisions limiting the ability of the WallStreetBets community to do their thing with GameStop stock and other assets they perceive as undervalued. Video messaging platform Discord banned the group for allegedly allowing “hateful and discriminatory content,” claiming the ouster had nothing to do with the short squeeze. It failed to convince many. The subreddit itself briefly became private, however, reportedly after being pressured by the website administration.

Also on rt.com Trading app Robinhood SHUTS DOWN GameStop stock, after Reddit traders embarrass Wall Street

More astoundingly, trading app Robinhood shut down the buying of those stocks earmarked by the Reddit investors. The app, which touts itself as an everyman’s gate to the financial markets and was one of the primary venues for the community’s trade, claimed it was necessary to curb volatility and save clients from losing their investments. But many commenters believe it’s nothing short of market manipulation meant to shield shorting corporate types from further harm.

Fingers were pointed at the brokerage Citadel Securities, to which Robinhood outsources its trading and from which it received tens of millions of dollars in investments in 2020, as possibly having a hand. The company denied the accusations. Nevertheless, the app landed in hot water, with politicians from both sides of the political aisle condemning the move and calling for an investigation and a class-action lawsuit filed against it.

Despite the pressure, the mood at WallStreetBets remains upbeat and dare-devilish. People there are posting memes and calling on others “to hold the line” and keep squeezing. Contrary to what the establishment seems to think, anger and frustration rather than greed and boredom may be the driving forces here. To cite another popular meme, “It’s not about money, it’s about sending a message.”

If you like this story, share it with a friend!

Article source: https://www.rt.com/business/513995-wallstreetbets-short-squeeze-explained/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Ray Dalio calls bitcoin ‘one hell of an invention,’ but a huge risk for investors

January 29, 2021 by Leave a Comment

“To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment,” Bridgewater Associates boss wrote in a note to clients published on the company’s website.

The American billionaire added that the entire world of big investments currently boasts few alternative gold-like assets, and said the need for such assets is rising dramatically.

Also on rt.com Why did bitcoin suddenly erase all of this year’s gains? RT’s Boom Bust has the answer

However, Dalio highlighted the double-edged sword of cryptocurrencies, as bitcoin is able to both make an investor “very rich” and yet “disrupt the existing monetary system” at the same time. Moreover, he said, digital assets are vulnerable to being hacked. 

According to the veteran investor, who calls bitcoin a “long-duration option on a highly unknown future,” investing in cryptocurrency means recognizing the potential to sustain losses of around 80 percent.

Also on rt.com Major Russian bank gets ready to launch its own cryptocurrency by spring

Dalio also noted that, since a limited number of bitcoins can be mined, there is nothing to stop new coins from being created.

“I assume that better ones will come along and displace this one,” he said.

The billionaire also said that the more restrictions are put on the usage of Bitcoin, the more chance “demand for it would plunge.”

“Rather than it being far-fetched that the government would invade the privacy or prevent the use of bitcoin and its competitors, it seems to me that the more successful it is, the more likely these possibilities would be,” Dalio said.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/513983-dalio-bitcoin-risk-investors/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

The ‘Roaring Kitty’ Rally: How a Reddit User and His Friends Roiled the Markets

January 29, 2021 by Leave a Comment

“Your example has literally changed the lives of thousands of ordinary normal people,” a Reddit user named reality_czech wrote this week to Mr. Gill. “Seriously thank you.”

Larry Tabb, the head of market structure research at Bloomberg Intelligence, said the rise of traders like Mr. Gill “would have been impossible even a few years ago” because every trade came with a fee and there was less focus on the markets on social media. But with people now stuck at home in the pandemic with easy access to free trading at online brokerages, “these guys saw an opportunity and they took it,” he said.

Mr. Gill did not respond to requests for comment. His online accounts and email addresses were tied to his old office in New Hampshire and his Massachusetts home. Mr. Gill’s mother, Elaine, confirmed in a brief phone call that her son was Roaring Kitty.

“I’m proud,” she said, before hanging up.

Mr. Gill’s life as Roaring Kitty began in 2014 when he started a limited liability company with that name. Before that, he was an All American runner in college who could cover a mile in 4 minutes 3 seconds, according to local newspapers. After graduating, he worked as a chartered financial accountant and a financial wellness educator, a recently deleted LinkedIn profile showed.

In August 2019, he began posting on Reddit. Like many other Reddit users, he showed familiarity with memes and internet expressions like YOLO (you only live once) and exhibited a love for profanity. The middle letter of the acronym of his Reddit username, DFV, refers to an expletive. On YouTube, TikTok and Twitter, he went by Roaring Kitty.

Mr. Gill’s first posts on WallStreetBets showed the screenshot of his E-Trade portfolio with the options trades he had made on GameStop, all of them betting the stock would go up. In the comments, he explained that Wall Street did not appreciate how much GameStop would benefit as new video game consoles were released.

Shortly after Mr. Gill placed his trades, Michael Burry, an investor made famous by the Michael Lewis book “The Big Short,” also expressed interest in GameStop. On Reddit, Mr. Gill pointed to Mr. Burry’s post as validation. When others questioned the investment, Mr. Gill held firm.

Article source: https://www.nytimes.com/2021/01/29/technology/roaring-kitty-reddit-gamestop-markets.html

Filed Under: Economy News
« Previous Page
Next Page »