Jonathan Ponciano, 13 June 2021
As the cryptocurrency market’s weeks-long rout continues, Tesla’s billionaire CEO Elon Musk took to Twitter Sunday afternoon to refute claims that he engaged in a bitcoin pump-and-dump scheme earlier this year and said the electric-vehicle company would once again invest in the world’s largest cryptocurrency once its mining operations constitute a “reasonable” amount of clean energy usage. Continue reading “Article: Musk Denies Bitcoin ‘Pump And Dump’—And Says Tesla Will Resume Transactions Once This Mining Goal Is Reached”
A Congressional hearing into the GameStop mania that triggered the largest weekly selloff since late October is underway, with some of the key players in the saga—billionaire Citadel CEO Kenneth Griffin, Robinhood CEO Vladimir Tenev, Reddit Cofounder Steve Huffman and the 34-year-old securities broker behind the Roaring Kitty online persona—all set to testify.
One of the most outspoken retail traders on Reddit’s WallStreetBets discussion board has been targeted in a proposed class-action lawsuit alleging the 34-year-old securities broker behind the widely followed “Roaring Kitty” persona committed securities fraud for misrepresenting himself as an amateur trader online while pumping up GameStop stock prices.
TOPLINE As calls heighten for regulators to investigate the retail trading frenzy–and resulting market madness–spurred by Reddit users this week, Sen. Elizabeth Warren (D-Mass.) is urging the Securities and Exchange Commission, which regulates the stock market, to provide specific details about its investigatory steps–hours after the agency issued a vague statement saying it was still “closely monitoring” the recent market volatility. 