Reddit day traders tried to beat Wall Street at its own game to prove that the system is rigged. Instead, brokerages locked them out and their holdings tanked, while some hedge funds still won big. Experts said Wall Street’s reaction showed just how stacked the deck is against small investors. Visit the Business section of … Read more
Michael Burry of “The Big Short” laid the groundwork for the GameStop short squeeze. The Scion Asset Management boss purchased a stake in the video-game retailer in 2019. He also pushed for changes in three letters to GameStop’s bosses. “The Big Short” investor Michael Burry unknowingly lit the spark that ultimately led to the GameStop … Read more
Late on Wednesday, a moderator of the popular Reddit message board WallStreetBets posted several screenshots on the chat app Discord. They showed that other moderators had quietly started talking among themselves about landing a movie deal. “What’s our cut?” one of the moderators had asked in a Discord chat, according to the screenshots. By Thursday … Read more
A social media-driven trading cooled on Wednesday as U.S. Treasury Secretary Janet Yellen called a meeting of top officials that could result in tougher markets regulation for hedge funds, small investors and stockbrokers. Mass buying by amateur traders over the past two weeks has driven wild price gyrations in companies that big U.S. fund managers … Read more
Reddit user u/DeepFuckingValue is a leading figure in Wall Street Bets’ clash with short-sellers. The value investor, who loves cat memes and reaction GIFs, claimed to have turned a $54,000 bet on GameStop into a $48 million fortune. Ten of his Wall Street Bets peers shared their views of him with Insider. Visit Business Insider’s … Read more