Since 11 January, a group of users on the WallStreetBets online forum, a subforum on discussion platform Reddit, have bid the price of shares for video game retailer GameStop to stratospheric levels.
This type of activity may have started with GameStop, an old-school video game retailer listed on the New York Stock Exchange, but it won’t end there. The gamers are also dabbling in Blackberry and AMC shares and others will surely grab their attention. Ryan Cohen, a former CEO of Chewy, the online US pet-food retailer, started buying GameStop shares in August 2020. His investment company built an initial 13% holding in the company and earlier this year Cohen and two former Chewy colleagues were appointed to the GameStop board.
But, if Musica releases information that suggests its digital strategy is paying off, the share may jump to R15. Now the short seller has no choice but to buy the share back at R15.“Sellers took short positions in Steinhoff and released research reports questioning the integrity of its accounts. When Markus Jooste resigned as CEO, the share price fell off a cliff and kept on falling.”
The combined share-and-call-option buying frenzy shot GameStop’s price into the stratosphere and short-sellers were taken to the cleaners.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK 168: Collapse of business confidence: When there’s no honour among thievesSouth Africa is suffering from a crisis of confidence, which is also a crisis of trust. Until confidence is restored, the country will not attract investment, grow the economy or create jobs.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK 168: Partners, have that tricky, romantic chat about your financesIt’s hardly the most romantic thing to do on Valentine’s Day with your partner, but discussing your money situation as a couple could be the saving of your relationship. Think of it as bonding and building trust.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK 168: Wellbeing that makes ‘cents’A wellbeing economy is not a utopian ideal, it’s understanding the difference between how much you consume and how well you consume as a key to a healthier, happier life. Professor of political economy Lorenzo Fioramonti gets it.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK 168: Statistics show rhino poaching in South Africa plunged 33% in 2020Rhino poaching declined sharply in South Africa last year, according to the latest official data. In 2020, there were 394 known cases of rhino being killed for their horns, down 33% on the 594 that were killed in 2019. This is also well down from the peak of 1,215, a grim milestone reached in 2014. A surge in demand in newly affluent and fast-growing Asian economies such as Vietnam, where rhino horn is coveted for medicinal purposes as well as bling, is behind this dreadful state of affairs. Couple of months ago I came across a recommendation about DennisWilliam78 wealth how he helped investors to earn lots of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation I never believed I would trade and possibly start earning until I meant this man, Tonyfred42 made returns of all my investments, thanks so much there's nothing more greatful than this🙏🙏🙏
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK 168: Driving in times of Covid lockdown: Uber, Bolt and the pivot to surviveThe Covid-19 rebound – when it comes – is expected to create some momentum for small companies. But in the meantime, the focus is on survival.
Source: dailymaverick - 🏆 3. / 84 Read more »