LIVE: The GameStop hearing has begun. Watch live video, and follow along with our live blog: https://on.mktw.net/3dr9qCe
Chairwoman Maxine Waters opened the proceeding, saying that the events of late January "reinforced" many retail investors' belief "the system is rigged against them." https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18?mod=home-page
Gabriel Plotkin of Melvin Capital says many posts on Reddit about his firm's investments included anti-Semitic messages.
Plotkin also says he is "humbled" by what happened in January and is taking steps to protect investors in the future. Follow live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18?mod=home-page
Plotkin also says he is "humbled" by what happened in January and is taking steps to protect investors in the future. Follow live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18?mod=home-page
Steve Huffman of Reddit now speaking about content moderation on the platform.
He said Reddit has "honed" its methods to prevent abuses and that hateful speech is "not tolerated." Watch live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
He said Reddit has "honed" its methods to prevent abuses and that hateful speech is "not tolerated." Watch live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
WallStreetBets is a "real community," Huffman says.
"You'll find a significant depth to this community."
Reddit increased its support for the community as it saw a surge in traffic, Huffman says. Watch live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
"You'll find a significant depth to this community."
Reddit increased its support for the community as it saw a surge in traffic, Huffman says. Watch live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
Investor Keith Gill says the current price of GameStop shares show he has been right about the community.
"I do not have clients," he says. "I am just an individual."
Follow live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
"I do not have clients," he says. "I am just an individual."
Follow live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
"I grew up playing video games and shopping at GameStop," Gill says.
"I believe GameStop has the potential to reinvent itself."
Follow live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
"I believe GameStop has the potential to reinvent itself."
Follow live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
We're continuing to cover the hearing live, as experts weigh in on the future of retail trading.
Follow along with our live blog: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
Follow along with our live blog: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
Chairwoman Waters grills Tenev over whether Robinhood's inability to meet its clearinghouse capital requirements without restricting purchases of meme stocks amounted to a "liquidity" problem.
Tenev declined to answer the question with a "yes" or "no." https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18?mod=home-page
Tenev declined to answer the question with a "yes" or "no." https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18?mod=home-page
The hearing continues.
Stay with us, live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18?mod=home-page
Stay with us, live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18?mod=home-page
Keith Gill says he still believes GameStop's current price of roughly $45 a share undervalues the company.
Watch live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18?mod=home-page
Watch live: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18?mod=home-page
Trying to understand "payment for order flow" during the hearing?
This story can help: https://www.marketwatch.com/story/the-sec-could-cripple-robinhoods-business-model-by-enforcing-existing-rules-experts-say-11612377651
This story can help: https://www.marketwatch.com/story/the-sec-could-cripple-robinhoods-business-model-by-enforcing-existing-rules-experts-say-11612377651
Reddit's CEO says if users were required to prove their identities, WallStreetBets wouldn't exist. https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
Reddit CEO Steve Huffman says financial advice on Reddit is better than what you see on TV, because Reddit posts have to be endorsed by "thousands" of people before the gain widespread visibility. https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
Melvin Capital's founder says the investment management industry will start paying closer attention to WallStreetBets.
"We have a data science team that will be looking at that."
His fund suffered losses as a result of the short squeeze in $GME. https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
"We have a data science team that will be looking at that."
His fund suffered losses as a result of the short squeeze in $GME. https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
Keith Gill may be confident that GameStop remains undervalued, but $GME shares slumped 11.4% in Thursday trade. They are down 87.5% month-to-date, according to FactSet. https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
"We don't believe in gamification. We know investing is serious." https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
Rep. Sean Casten (D-IL) says there's a fine line between democratizing finance and feeding fish to sharks. https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18
For everything $GME and Robinhood, follow along for more: https://www.marketwatch.com/story/gamestop-and-robinhood-face-dc-spotlight-in-house-hearing-live-blog-and-video-2021-02-18