Reddit Merchants Made GameStop a $10 Billion Firm

A major concern is that this has turned into a brief revolt. According to S3, short sellers were down $ 91 billion over the month to yesterday. (Such investors lost $ 5 billion to GameStop alone.) While much of that was due to the general surge in stocks, stocks of other sharply shortened companies like headphone maker Koss have risen sharply. “I believe there is systematic targeting of stocks with high short-selling rates,” said Steve Sosnick of Interactive Brokers.

  • Is there anything else in play? Commentators are divided: Bloomberg Opinion’s Matt Levine suggests this could all be a game for the contestants, while colleague John Authers sees a populist uprising against established institutions

In any case, this is “an enforcement nightmare”. The Duke law professor James Cox told Bloomberg. Officials from the SEC and elsewhere watch Internet chat rooms closely for signs of possible market tampering, when there is only so much they can do without clear evidence of fraud. When a large group of traders simply chooses to simultaneously buy options on a stock outdoors, it can be difficult to prove wrongdoing. “It suggests that there is something systemically wrong with trading options on this stock,” William Galvin, Massachusetts securities commissioner, told Barron’s, citing the GameStop craze.

A growing battle for Covid-19 vaccine supplies. Faced with production delays, the EU threatened to restrict exports of Belgian-made gunshots to the UK and prompted UK lawmakers to blackmail their European counterparts. In the US, the Biden government said it was about to reach an agreement to improve vaccine supplies in the country.

Walgreens poaches Starbucks’ COO as the new boss. When she becomes CEO of the pharmacy giant in March, Roz Brewer will be the only black woman running a Fortune 500 business.

President Biden works to improve financial racial justice. He signed executive orders to strengthen anti-discrimination legislation on housing and pledged to press for funding for minority small businesses and historically black colleges and universities.

Details about the fire that killed Tony Hsieh emerge. Reports from authorities in New London, Connecticut, show that the former Zappos boss locked himself in a shed shortly before a fire broke out. It is not clear whether the fire started due to negligence or “willful act”.

“Socialism for the rich and capitalism for the rest.” In his most recent Times Opinion column, Tom Friedman argues that the federal government’s enormous economic stimulus effort has strengthened the fortunes of the rich and left everyone else behind. “When this virus is eliminated, we must ALL talk,” writes Tom.

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