Reddit WallStreetBets Founder Calls GameStop Stock Frenzy A ‘Symbolic Movement’

Reddit WallStreetBets Founder Calls GameStop Stock Frenzy A 'Symbolic Movement'

Jaime Rogozinski, a former moderator of the now-famous Reddit forum that sent GameStop stock soaring, saw the chaos coming. For too long, Wall Street has been “an invite-only club,” he says. High returns investment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. High returns investment Blogs, Comments and Archive News on Economictimes.com Skip to content Another big voice from the traditional financial world has spoken positively about cryptocurrencies. Payments giant Visa CEO Alfred Kelly said the firm can make cryptocurrencies safe and highlighted that stablecoins could be used for global commerce. Adding crypto to Visa’s network Speaking on the company’s fiscal first-quarter 2021 earnings call, the CEO pointed out that […] More News explorer – Search Regulatory news, RNS Search, via Company or code, Index, Industry Sector, Headline type, Release date and Source “Saturday Night Live” returned with its first new show of 2021 — and the Joe Biden presidency — this weekend.

Day traders on the Reddit community r/WallStreetBets, founded by Jaime Rogozinski, drove up the price of GameStop and other stocks, setting up a standoff with Wall Street.

Jaime Rogozinski says he saw the GameStop chaos coming.

“It’s fascinating to watch,” said the founder and former moderator of WallStreetBets, the now-famous Reddit online forum that recently sent shares of GameStop, AMC and other beleaguered companies soaring in a battle with hedge funds betting the shares would fall.

“This is a great conversation that the whole world is having right now,” he said in an interview with All Things Considered.

The amateur day traders who banded together to fuel a short squeeze on the video game retailer, inflicting enormous losses for hedge funds, are part of a “symbolic movement,” Rogozinski said.

GameStop Stock Mania: Why Everyone Is Talking About It And Many Are Worried

“It’s the democratization of financial markets. It’s giving a voice to the people that didn’t previously have one,” he added.

The rise in free online trading platforms like Robinhood and the instant connection afforded by Internet communities like WallStreetBets combined to create this moment.

Rogozinski, a 39-year-old who now lives in Mexico City, founded the Reddit community in 2012. Back then, while working as an IT consultant in Washington, D.C., he had a “decent disposable income” to play with in the stock market.

He said he was “was looking for a place where we could discuss high-risk, high-return trades with the market. In the absence of finding one, I decided to create it.”

Millions Turn To Stock Trading During Pandemic, But Some See Trouble For The Young

In the years following, the Robinhood app transformed the online brokerage industry. With zero trading fees and a game-like interface, the startup made the stock market more accessible to a young user base. By 2019, a wave of online brokerages — including E-Trade, Charles Schwab and TD Ameritrade — had followed Robinhood’s model in dropping commissions.

But regulators and Wall Street haven’t kept up with the times, Rogozinski said.

He said there are “absurdities” in the market and “a lot of systemic weaknesses.” Until now, he said, “nobody’s done anything to address it that’s been symbolic. And my way of protesting is to try and push it to the extreme.”

So What Is Short Selling? An Explainer

At the same time, he said he didn’t want these scenarios to happen on his watch.

“It’s a bit of bittersweet because if I were still moderator, this wouldn’t have happened,” said Rogozinski, who was removed as moderator last April (the reason is in dispute).

Rogozinski said he has watched members try to game the market en masse before. But, deeming it too much of a legal risk, he said he put a stop to it when questionable behavior arose.

“I had lawyers, I consulted with them, I said, ‘I don’t know is this legal, is it not legal.’ I’m not quite sure. They said, ‘Look, you could turn it illegal if you say certain things or do certain things, but it’s kind of a gray area, no precedent, ‘” Rogozinski said.

He chose the conservative route, he said, blocking “all subsequent efforts.”

“I didn’t want to risk the community,” he said.

He shut down a private offshoot forum on the Discord chat app and booted other moderators on the Reddit forum for allowing hate speech to go unchecked, according to The Wall Street Journal.

Game Back On: GameStop Stock Rebounds As SEC Warns Against Market Manipulation

While Rogozinski said that he’s enjoying “watching everything from the sidelines,” he doesn’t appear to be rooting for any one team.

“You have voices on one side — ‘let’s protect the little guys’ — and you have voices on the other side that said ‘the system is breaking,’ ” he said. “They’re both right.”

Day traders on Robinhood who drove up GameStop and other stocks exploited a weakness in an archaic financial system, Rogozinski said. Wall Street, initially started as a way to raise capital, has “been slowly creeping away from their original intention,” he said.

“Companies that used to go public to raise funds to be able to innovate, … now they raise funds before they go public and they go public just to pay back the investors,” he added.

From Elon Musk To AOC, Everybody Has A Tweet About GameStop

On the other hand, Rogozinski said, “For too long it’s been an invite-only club. And it’s been the elites on Wall Street and nobody on Main Street.”

What’s happening now, he said, invokes the same sentiments of the Occupy Wall Street protests against corporate greed: “It’s resurfacing in a kind of poetic justice.”

Will Jarvis and Tinbete Ermyas produced and edited this interview for broadcast.

Source: www.npr.org

Author: Emma Bowman

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High returns investment: Latest News & Videos, Photos about High returns investment

High returns investment: Latest News & Videos, Photos about High returns investment

With more equity mutual funds completing 20-year track records, their long-term return profile seems to be suggesting the same thing. If people had remained invested for this long, they would have amassed a princely sum. Even the worst-performing fund would have netted the patient investor a tidy corpus.

01 Feb, 2021, 06.30 AM IST

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  • Best dynamic bond funds to invest in 2021

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    Dynamic bond funds are a great way to navigate a fluctuating interest rate scenario. If you are looking to invest in these schemes, here are our recommended dynamic bond funds to invest in 2021.

    Follow these three basic investment strategies to maximise returns in the long-term

    19 Jan, 2021, 10.12 AM IST

    Investors who maximised their investment returns in 2020 were found to have followed three basic strategies— having the appropriate amount of fixed income in their portfolio, staying invested and continuing to buy throughout the year. While they may have had some uncomfortable moments while navigating the markets, they are reaping the rewards as we move into 2021.

    Best mid cap mutual funds to invest in 2021

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    If you are an aggressive retail investor, looking for good mid cap mutual fund schemes to invest for their long term financial goals, here’s list of consistent performers from the mid cap mutual fund category.

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Source: economictimes.indiatimes.com


Notable Friday Stock News: VAALCO Energy, Inc. (NYSE:EGY) – Article Update

Notable Friday Stock News: VAALCO Energy, Inc. (NYSE:EGY) – Article Update

VAALCO Energy, Inc. (NYSE:EGY), ended the day at $2.18, a fall of -1.8 per cent and a share price that brought its market capitalization to $123.65 million. When looking at performance, we see the stock demonstrating a weekly performance of -6.03% while keeping a monthly performance of 26.74%. Quarterly performance saw a rise of 159.52% and continued the negative trend with a yearly performance of -2.24% while showing YTD performance of 23.16% which was 87.93% for last six months. The 52-week range for the stock was 0.70 – 2.44 that put its current price at a premium of 211.43% to the 52-week low price whereas it is trading at a discount of -10.66% to the 52-week high price.

The Oil & Gas E&P company is currently upholding a gross margin of 58.3% while maintaining a net profit margin of -56.9%. Operating margin for the last 12 months remained -19.8%. The company’s EPS for trailing 12 months is -$0.75 and its annual dividend yield is 0% with a payout ratio of 0%. The Beta number showed the stock is subject to risk 154% more than the market as a whole.

In the trailing twelve months, its return on assets (ROA) is -26.3% while ROE for the same period is -60.6% and have seen an average of -2.5% return on investment (ROI). The outstanding share count is 57.46 million shares but the size of available float is 52.87 million shares.

The stock’s current price is trailing SMA-200 by 75.45% which is also 20.68% up from SMA-50. Reducing that period to a shorter term, we see the price is trailing 1.54% to the SMA-20. Volatility for the week was 7.83%, which was 7.25% in the previous month. The company closed the session with a trading volume of 207.04 thousand shares, below from its average daily trading volume of 699.67 thousand. It has been generating revenue of $76.5 million while net income posted by the company in last 12 months was -$43.5 million.

Source: articleupdate.com

Author: Courtney K Smith


Visa contemplating adding cryptocurrencies to its payment network, says CEO

Visa contemplating adding cryptocurrencies to its payment network, says CEO

visa-contemplating-adding-cryptocurrencies-to-its-payment-network,-says-ceo

Another big voice from the traditional financial world has spoken positively about cryptocurrencies.

Payments giant Visa CEO Alfred Kelly said the firm can make cryptocurrencies safe and highlighted that stablecoins could be used for global commerce.

Adding crypto to Visa’s network

Speaking on the company’s fiscal first-quarter 2021 earnings call, the CEO pointed out that cryptocurrencies such as Bitcoin are as good as “digital gold” but are “not used as a form of payment in a significant way at this point.”

He added that the company is well-positioned to make cryptocurrencies more “safe, useful and applicable” and hinted that Visa may add digital assets to its network.

This would be good for the young industry and would likely give it more legitimacy as a means of paying for goods and services.

Kelly said the firm is interested in working with wallets and exchanges dealing with cryptocurrencies.

“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” Kelly said. 

A case for stablecoins

Kelly made it clear that he wants the firm to take part in the development of stablecoins and central bank digital currencies.

He noted that 35 of the leading cryptocurrency firms – including Crypto.com, BlockFi, BitPanda and Fold – have chosen to work with Visa.

“These wallet relationships represent the potential for more than 50 million Visa credentials. The next leading network has a fraction of that,” said Kelly.

“And it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network, which already supports over 160 currencies today.”

Stablecoins to be integrated into the U.S. financial system

The Office of Comptroller of the Currency (OCC), the largest banking regulator in the U.S., set a new framework that paves way for the integration of stablecoins and blockchains into the financial system.

In November last year, Kelly said that “crypto is a developing part of payments in the world.

Visa’s competitor Mastercard has already signed cryptocurrency deals before while PayPal has added support for its users to buy cryptocurrencies with their account balances. 

The three firms – Visa, Mastercard and PayPal – are now softening their stance on crypto.

Source: www.financialnewsherald.com

Author: Written by FinancialNews

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News by ABERDEEN JAPAN INVESTMENT TRUST PLC Company or code - between 01 November 2020 and 01 February 2021 Time period News explorer

News by ABERDEEN JAPAN INVESTMENT TRUST PLC Company or code – between 01 November 2020 and 01 February 2021 Time period News explorer

25 January 2021

14:33:39

780.00

25 January 2021

10:09:50

780.00

22 January 2021

17:00:05

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18 January 2021

12:57:25

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14 January 2021

10:45:07

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13 January 2021

11:10:23

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11 January 2021

11:50:16

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05 January 2021

16:53:31

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04 January 2021

15:09:20

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30 December 2020

17:02:27

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14 December 2020

15:46:38

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Source: www.londonstockexchange.com


'SNL' mines for laughs social media, stock market, vaccine rollout

‘SNL’ mines for laughs social media, stock market, vaccine rollout

Jan. 31 (UPI) — Saturday Night Live returned with its first new show of 2021 — and the Joe Biden presidency — this weekend.

The show opened with Kate McKinnon interviewing Rep. Marjorie Taylor Greene (Cecily Strong), a GameStop investor (Pete Davidson), Twitter CEO Jack Dorsey (Mikey Day), Facebook founder Mark Zuckerberg (Alex Moffat) and former football great, accused murderer and coronavirus vaccine recipient O.J. Simpson (Kenan Thompson) about what still works in the United States.

After discussing the recent failures of each system with which these individuals are associated, McKinnon decided very little is working in the country these days.

But then Krasinski appeared as Tampa Bay Buccaneers quarterback Tom Brady.

“You went to historically one of the worst franchises in football and in your first year you took them all the way to the championship,” McKinnon said. “You still work.”

“Yeah,” Brady replied.

“You’re supposed to win football games and you just keep winning football games,” McKinnon said.

“Yeah,” Brady said.

“You might be the only thing in America that still works,” McKinnon said.

“Yeah,” Brady said.

“So, I guess everyone must be rooting for you, right?” McKinnon asked.

“Almost no one,” Brady replied.

“I’ll be rooting for you Tom Brady because you’re the only goddamn thing this country can rely on,” McKinnon said. “It’s not like you’re a weird Trump guy or anything, right?”

“Thanks for having me,” Brady said.

Krasinski said in his monologue that hosting SNL was “mind-blowing” because it has been his favorite show since he was 8 years old.

He was interrupted, however, by audience members wanting him to act out scenes from The Office and answer questions about his sitcom wife Pam (Jenna Fischer.)

Davidson arrived to save Krasinski from the barrage of Office comments.

“I think what’s happening here is everyone’s been stuck inside all year, watching The Office non-stop and Jim and Pam are like really real for them,” Davidson explained.

As the audience chanted: “Kiss Pam! Kiss Pam!” Krasinski and Davidson locked lips and the crowd cheered.

Source: www.upi.com

Author: Karen Butler


Reddit WallStreetBets Founder Calls GameStop Stock Frenzy A 'Symbolic Movement'

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