27 Jan, 2021 18:05 / Updated 13 hours ago
The NASDAQ has paused trading after internet “degenerates” spotted Wall Street gearing up to make a killing, beat the traders at their own game, and got filthy rich while destroying the US’ top hedge funds. Buckle up.
“We are actively monitoring social media chatter and will halt stock if we match chatter with unusual activity in stocks,” NASDAQ CEO Adena Friedman announced on Wednesday morning. Speaking to CNBC, Friedman demanded regulators intervene to stop the “manipulation” that’s seen amateur investors completely leave one of America’s top hedge funds, Melvin Capital, teetering on the edge of bankruptcy.
As trading opened, Friedman kept her word and the buying and selling of GameStop stock was halted intermittently throughout the morning, in a bid to stave off the “manipulation” she warned about. But what was it about one failing video games retail company that sparked such panic on Wall Street?
......
With short sellers down US$6 billion as of Tuesday, the self-described “degenerates” of WallStreetBets posted screenshots of their ballooning bank balances, reveling in their newfound wealth as Wall Street suffered. One poster reportedly turned US$55,000 into US$13 million, while another posted a screenshot of his US$64,000 gain, announcing“I can now write my mom a check and put my sister through lymes treatment. This has been a very rough year, but I’m so thankful for every single one of you.”
......
The titans of Wall Street seethed. Investor Michael Burry, who made a fortune on the 2008 subprime mortgage crisis, said in a now-deleted tweet on Tuesday that trading in GameStop is “unnatural, insane, and dangerous” and there should be “legal and regulatory repercussions.”
......
Amid the celeration, some WallStreetBets users predicted an impending regulatory crackdown, especially given the astronomical donations Wall Street gave to Joe Biden and the Democratic Party in the runup to last year’s election.
Full report at https://www.rt.com/usa/513819-gamestop-stock-trading-wall-street/
The NASDAQ has paused trading after internet “degenerates” spotted Wall Street gearing up to make a killing, beat the traders at their own game, and got filthy rich while destroying the US’ top hedge funds. Buckle up.
“We are actively monitoring social media chatter and will halt stock if we match chatter with unusual activity in stocks,” NASDAQ CEO Adena Friedman announced on Wednesday morning. Speaking to CNBC, Friedman demanded regulators intervene to stop the “manipulation” that’s seen amateur investors completely leave one of America’s top hedge funds, Melvin Capital, teetering on the edge of bankruptcy.
As trading opened, Friedman kept her word and the buying and selling of GameStop stock was halted intermittently throughout the morning, in a bid to stave off the “manipulation” she warned about. But what was it about one failing video games retail company that sparked such panic on Wall Street?
......
With short sellers down US$6 billion as of Tuesday, the self-described “degenerates” of WallStreetBets posted screenshots of their ballooning bank balances, reveling in their newfound wealth as Wall Street suffered. One poster reportedly turned US$55,000 into US$13 million, while another posted a screenshot of his US$64,000 gain, announcing“I can now write my mom a check and put my sister through lymes treatment. This has been a very rough year, but I’m so thankful for every single one of you.”
......
The titans of Wall Street seethed. Investor Michael Burry, who made a fortune on the 2008 subprime mortgage crisis, said in a now-deleted tweet on Tuesday that trading in GameStop is “unnatural, insane, and dangerous” and there should be “legal and regulatory repercussions.”
......
Amid the celeration, some WallStreetBets users predicted an impending regulatory crackdown, especially given the astronomical donations Wall Street gave to Joe Biden and the Democratic Party in the runup to last year’s election.
Full report at https://www.rt.com/usa/513819-gamestop-stock-trading-wall-street/
