The “meme stock” saga that began with wild swings in the price of GameStop stock last month opened a new chapter today: a House Financial Services Committee hearing with questioning of players involved in major aspects of the story.
“The market volatility surrounding GameStop has highlighted how many people feel that the cards are stacked against them,” said Committee Chairwoman Maxine Waters. Waters titled the hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.”
In January, GameStop stock soared nearly 2,000%, and turned Wall Street upside down. The popular narrative was that the GameStop trade devolved into a David vs. Goliath battle between small investors and powerful hedge fund professionals. 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. Read more…..
Chart of the Day
Icarus TV
Warren Buffett, Berkshire Hathaway chairman and CEO, discusses technology, big business and why it is a bad idea to borrow money on securities.
