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I do not think anyone would claim that that price had any relationship to the intrinsic value of the company.” “In the frenzy during January, GameStop’s stock rose from $17 to a peak of $483. Gill faces a proposed class action lawsuit, alleging that he misrepresented himself as an amateur investor and manipulated the market for personal profit.“Absolutely none of Melvin’s short positions are part of any effort to artificially depress or manipulate downward the price of a stock” he said in written testimony. In a nod to the online community that has anointed him as the face of a movement, Gill snuck references to several popular memes into his testimony, from the backdrop of his video call and in his opening statement, saying "In short, I like the stock." Reddit chatter was alive in anticipation of the hearing.
ROARING KITTY CODE
They became known as meme stocks because of certain code phrases like "We like the stock" or "YOLO buys" accompanied by a rocket emoji, which were shared widely and would go viral. "A few weeks ago, we saw the power of community when the traders of WallStreetBets banded together at first to seize an investment opportunity not usually accessible to retail investors, but later more broadly to defend all retail investors against the criticism of the financial establishment."Īs an example of the mindset on WallStreetBets, Gill used to show off his trades with the acronym YOLO, for "you only live once." After GameStop, several other stocks like AMC also soared, mostly fueled by Reddit users. "The self-deprecating jokes, the memes, the crass-at-times language, all reflect this," Huffman said. Reddit CEO Steve Huffman described the WallStreetBets community as one that specializes in "higher risk, higher-reward investments" but also one with "significant depth," where members show "affection" towards each other. Bill Huizenga about Citadel Securities' business model, Griffin said that his market maker business "has saved retail investors billions of dollars" by setting better prices for stock order execution. A separate business Griffin also co-founded, Citadel Securities, drew scrutiny due to its role as a "market maker," an entity that stands to profit from increasing trading volatility and volume by earning tiny profits on millions of stock transactions. Citadel CEO Ken Griffin also testified at today's hearing. Robinhood has drawn criticism for making investing perhaps too easy and game-like, and allowing inexperienced investors access to leveraged tools like options trading.Īt the hearing, hedge funder Gabriel Plotkin said his firm, Melvin Capital, "played absolutely no role in those trading platforms' decisions." Melvin Capital lost more than 50% of its investments in January on losses from short selling, betting against stocks like GameStop and others.Īs Melvin's losses mounted, the investment firm Citadel LLC stepped in with a large cash investment in Melvin. The popular no-commission stock trading app has changed the industry, leading other retail brokerages to abandon their own trading fees, and spurring a huge influx of new retail stock investors attracted by the app's user-friendly design.
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Carolyn Maloney about whether the trading restrictions resulted in "wild speculation and confusion," Tenev apologized to customers. And today went in front of Congress to testify about his role in the saga. Gill soon became the face of a movement of small traders taking on Wall Street titans. It all started with the forum WallStreetBets and one particular user named Keith Gill, whose Reddit screen name contains an expletive-he goes by the alias RoaringKitty on YouTube. For several days, the little investors beat out the big ones and captured the imagination of investors and even people with no interest in the stock market. Goliath battle between small investors and powerful hedge fund professionals. The popular narrative was that the GameStop trade devolved into a David vs. In January, GameStop stock soared nearly 2,000%, and turned Wall Street upside down. Waters titled the hearing titled "Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide." "The market volatility surrounding GameStop has highlighted how many people feel that the cards are stacked against them," said Committee Chairwoman Maxine Waters.
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Planet Money After GameStop, A Better Way To Take On Wall Street?