Let the Apes Have Wall Street
Matt Taibbi, 10 June 2021
The much-publicized war over “meme stocks” drags a longstanding Wall Street ripoff out of the shadows, to hilarious results
On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. “Look, there are a lot of short sellers out there who have been borrowing stock they didn’t have,” Seymour said.
“Naked shorts, yeah,” said Lee.
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Young Koreans are echoing r/WallStreetBets in their war against short sellers
Max Kim, Rest of World, 03 March 2021
The Korean Stockholders’ Alliance is located in Yeouido, Seoul’s financial and political district, on the fifth floor of an officetel building mostly occupied by financial companies. Jung Eui-jung, the 62-year-old head of the Alliance and the sole resident of its office, points out the window to a large, bright-yellow bus parked outside on Eunhaengro (“bank street”), so named because it is home to South Korea’s two main state banks. The Alliance is an advocacy group that represents retail investors, with around 41,000 members. Its current mission statement is displayed in block letters on the side of the bus: “I hate short selling!”
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GameStop frenzy sparks fresh investment in stock-trading apps
Jane Lanhee Lee, 18 February 2021
OAKLAND, Calif. (Reuters) – The recent trading frenzy centered on GameStop Corp and other “meme” stocks is sparking a wave of investor interest in start-ups aiming to mimic the success of Robinhood Markets Inc, whose no-fee brokerage app has helped drive a trading boom.
Public.com, a direct competitor to Robinhood that boasts a host of blue-chip backers, said on Wednesday it had raised $220 million, valuing it at $1.2 billion on the private market. Another well-heeled rival, Stash, said earlier this month it had raised $125 million, while Webull Financial LLC, backed by Chinese investors, is also raising fresh funds after enjoying an influx of new users.
Robinhood, meanwhile, raised some $3.4 billion in the midst of the GameStop furor to assure its stability amid rapid growth and demands by its trading partners that it post more collateral. Continue reading “Article: GameStop frenzy sparks fresh investment in stock-trading apps”