Markets

ASIC has urged Australia’s flood of first-time stock traders to do their research, saying the GameStop saga ‘inflated people’s appetite for risk’

The Australian Securities and Investments Commission (ASIC) has explicitly warned first-time stock traders to be wary of investment advice gleaned on forums like Reddit, Facebook, and LinkedIn. In a new statement, ASIC said it held concerns for new investors with an “inflated” appetite for risk following the GameStop saga. Research […]
ASIC has urged Australia’s flood of first-time stock traders to do their research, saying the GameStop saga ‘inflated people’s appetite for risk’
Markets

Retail investors are flocking to Discord amid Reddit day-trader revolution

WallStreetBets captured the market’s attention for weeks as Reddit traders squared off with hedge funds, but retail investors are increasingly gathering on another platform. Discord has become a highly active hub for retail traders to discuss trading strategies, investing tips, and options alerts. Insider spoke with one user who said […]
Retail investors are flocking to Discord amid Reddit day-trader revolution
Tech

Robinhood protesters threw dog faeces and vandalised statue at the company’s headquarters over GameStop fiasco

Some protesters vandalised Robinhood’s headquarters in Menlo Park, California, according to police. Robinhood security said people threw dog faeces and harassed its guards, Menlo Park PD told Insider. The protests, earlier reported by CNBC, targeted Robinhood’s response to the recent trading frenzy. Visit the Business section of Insider for more […]
Robinhood protesters threw dog faeces and vandalised statue at the company’s headquarters over GameStop fiasco
Markets

The Reddit-fuelled GameStop rally is reportedly under federal investigation for possible market manipulation — and Robinhood has been subpoenaed

Federal regulators and prosecutors are probing the GameStop trading phenomenon, The Wall Street Journal reported. Authorities are investigating whether the army of Reddit traders partook in market manipulation. Robinhood and other brokers involved in the trend have been subpoenaed, according to the report. Sign up here for our daily newsletter, […]
The Reddit-fuelled GameStop rally is reportedly under federal investigation for possible market manipulation — and Robinhood has been subpoenaed
Markets

Cannabis stocks tumble from multi-year highs as Reddit-fuelled rally loses steam

Cannabis stocks plunged on Thursday as optimism around federal decriminalization and Reddit-trader bullishness faded to profit-taking. Tilray, Aphria, Aurora Cannabis, Cronos, and Canopy Growth all slid amid the broad sell-off. Members of the Wall Street Bets Reddit page had been cheering the stocks higher as they did with GameStop in […]
Cannabis stocks tumble from multi-year highs as Reddit-fuelled rally loses steam
Tech

Reddit’s CEO said r/WallStreetBets — the forum cheering GameStop’s unlikely rally — demonstrates the power of ‘everyday people’ over institutional investors

Reddit CEO Steve Huffman backed r/wallstreetbets in an interview with The Wall Street Journal. The Reddit forum cheered a trading frenzy over GameStop’s share price in late January. Huffman added the firm attracted new advertisers in the rally’s aftermath. Visit the Business section of Insider for more stories. Reddit CEO […]
Reddit’s CEO said r/WallStreetBets — the forum cheering GameStop’s unlikely rally — demonstrates the power of ‘everyday people’ over institutional investors
Markets

GameStop stock-trading star Keith Gill — also known as Roaring Kitty — is reportedly under investigation as regulators look at his previous financial-advisement job

Keith Gill, the trader known on Reddit for reaping hefty gains from GameStop’s recent stock spike, is under investigation, The New York Times reported. Gill rose to internet fame as pseudonyms Roaring Kitty and u/DeepFuckingValue when GameStop skyrocketed. Regulators are probing whether his investment broke rules associated with his job […]
GameStop stock-trading star Keith Gill — also known as Roaring Kitty — is reportedly under investigation as regulators look at his previous financial-advisement job
Markets

The CEOs of Robinhood, Reddit, Melvin Capital, and Citadel, as well as streamer Roaring Kitty, will testify at a House hearing on GameStop

The House Financial Services Committee is holding a hearing on the GameStop saga on Thursday. YouTube streamer Roaring Kitty, as well as executives from Robinhood, Melvin Capital, and Citadel, will testify. The hearing will focus on short selling, online trading platforms, and gamification. Visit Business Insider’s homepage for more stories. […]
The CEOs of Robinhood, Reddit, Melvin Capital, and Citadel, as well as streamer Roaring Kitty, will testify at a House hearing on GameStop
Markets

Siebert Financial spikes over 200% on record trading volume

Siebert Financial saw its share price rise as much as 395% from Thursday’s close on Friday before paring gains. While there was no clear reason for the move, some reports have suggested the company is yet another target of the WallStreetBets crowd. The company traded with a record volume on […]
Siebert Financial spikes over 200% on record trading volume
Markets

Wall Street Bets founder says the recent Reddit-fuelled Wall Street chaos is like watching a train wreck happen in real life — and the group is no longer what it used to be

WallStreetBets’ founder said the forum’s stock-market frenzy was like watching a train wreck happen. Jaime Rogozinski created the subreddit in 2012 while working as an IT consultant in Washington, DC. Now living in Mexico, he told WSJ the group is “no longer what it used to be.” Sign up here […]
Wall Street Bets founder says the recent Reddit-fuelled Wall Street chaos is like watching a train wreck happen in real life — and the group is no longer what it used to be
Markets

‘The trade of a lifetime’: Silver Lake and Mudrick have reaped huge gains from their AMC investments as Reddit traders send the stock soaring

Silver Lake Group made “the trade of a lifetime” on AMC Entertainment, according to one hedge fund manager. Another firm, Mudrick Capital, made a similarly successful wager earlier this month. The two firms were able to convert distressed debt into equity in AMC after Wednesday’s share-price jump. “The market did […]
‘The trade of a lifetime’: Silver Lake and Mudrick have reaped huge gains from their AMC investments as Reddit traders send the stock soaring
Markets

Dogecoin, a digital token that started as a joke, spikes 140% after traders in a crypto-themed Reddit forum trigger Wall Street Bets copycat rally

Day traders on a crypto-themed subreddit helped drive the price of Dogecoin up by as much as 140%. Members of the “SatoshiStreetBets” forum called on others to buy the meme-based cryptocurrency. The Wall Street Bets short-squeeze frenzy has stretched into the world of cryptocurrencies. Sign up here for our daily […]
Dogecoin, a digital token that started as a joke, spikes 140% after traders in a crypto-themed Reddit forum trigger Wall Street Bets copycat rally
Markets

Billionaire Mark Cuban says his 11-year-old son made money with WallStreetBets traders — and he ‘loves’ what’s going on with the Reddit forum

Mark Cuban’s 11-year-old-son made money trading with the WallStreetBets forum, the billionaire said. The subreddit went private for an hour on Wednesday after a deluge of new participants joined the group. The SEC said it is monitoring ongoing market volatility amid a surge in GameStop and other stocks. Sign up […]
Billionaire Mark Cuban says his 11-year-old son made money with WallStreetBets traders — and he ‘loves’ what’s going on with the Reddit forum