Elon Musk had just wrapped up a wide-ranging 90-minute interview on the audio chat app Clubhouse early on Monday, when he threw the hosts a curveball. “Do you want to hear the real story from Vlad [from] Robinhood about what happened on the Street with GameStop?” Musk asked. He advised the moderators to click on Robinhood CEO Vladimir Tenev so he…
Tag: investors
How Reddit’s Co-Founder, Jim Cramer, and Wall Street Reacted to GameStop’s Surge
Friday afternoon CNBC reported that “heightened speculative trading by retail investors” (later referred to as “GameStop mania”) had “continued to unnerve the market.”
The Dow Jones Industrial average lost 620.74 points, or 2%, to 29,982.62, the first time the 30-stock gauge has closed below the 30,000 mark since Dec. 14…. The market also experienced the highest trading volume in years as the…
‘Meme Stock’ Rally Rescues AMC Theaters From $600 Million Debt
This week’s bizarre “meme stock” rally, which has delivered lottery-like windfalls for holders of GameStop stock, also wiped out $600 million in debt owed by the AMC theater chain. Polygon reports: That’s because, on Wednesday, a private equity firm named Silver Lake — and private equity firms are popularly considered the “bad guys” in this snobs-versus-slobs drama — elected to convert…
SEC To Review Brokers’ Restrictions on GameStop, AMC Trading
Securities regulators said Friday they plan to closely review the actions of some brokerage firms [Editor’s note: the link may be paywalled; alternative source] that restricted investors’ ability to trade volatile stocks such as GameStop this week. From a report: The Securities and Exchange Commission’s statement on Friday is the clearest indication yet that regulators are examining potential misconduct around the…
Microsoft Backs Direct Air Capture Player Climeworks
Microsoft this morning disclosed investments in more climate-related companies as part of efforts to make good on its year-old pledge to become “carbon negative” by 2030. From a report: One company the tech behemoth is staking is Climeworks, a firm looking to scale up deployment of direct air capture technology that removes CO2 already in the atmosphere. The size of the…
AOC, Ted Cruz Slam Robinhood for Freezing Some Trades Amid GameStop Volatility
With Reddit’s interest in sending some stocks soaring showing no sign of slowing down, the trading app Robinhood started restricting some transactions Thursday morning. Reddit wasn’t happy — and neither are some lawmakers. From a report:The incident apparently struck an unusual bipartisan chord, with Texas Republican Ted Cruz throwing his weight behind progressive Democrats who called out the company. Rep. Rashida…
GameStop, AMC Trading Now Being Restricted at TD Ameritrade, Schwab
Some major brokerage houses have begun to respond to a frenetic surge in the price of shares of companies that has been attributed to rabid buying by individual investors on social-media platforms. From a report: On Wednesday, TD Ameritrade said it was restricting trading for GameStop and AMC Entertainment Holdings, as well as other names, amid a triple-digit percentage surge in…
AMC Spikes 260% as Day Traders Ignite Shorted Stocks like GameStop, BlackBerry, and Bed Bath & Beyond
AMC shares skyrocketed as much as 260% in premarket trading on Wednesday as day traders piled into heavily shorted stocks for a third consecutive day. From a report: Frenzied buying also drove GameStop shares up as much as 147%, BlackBerry up 31%, and Bed Bath & Beyond up 27%. Amateur investors have gathered, most notably on Reddit forum r/wallstreet bets, to…
BP Slashes Its Oil Exploration Team by 85%, Starts Switching to Renewables
Reuters reports on big changes at BP (the company formerly known as British Petroleum):
Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told Reuters, part of a climate change-driven overhaul triggered last year by CEO Bernard Looney. “The winds have turned very chilly in the…
Plaid Pulled Plug on Visa Deal Over Price, Not Antitrust Concerns
Visa will no longer be buying fintech upstart Plaid, as the companies on Tuesday announced the “mutual termination” of the $5.3 billion agreement that was signed one year ago and opposed by U.S. antitrust regulators. From a report: This is more about the rising value of fintech companies than it is about the U.S. Justice Department. It also turns Plaid into…