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Republican Rep. Marjorie Taylor Greene on Friday invested up to $50,000 in the SPAC stock linked to Donald Trump's planned social media platform. According to a public disclosure, Greene said she purchased a stake in Digital World Acquisition Corp., or DWAC, late last week. DWAC, which is a special purpose acquisition company, last week said it would merge with Trump's planned new social media company. Rep. Marjorie Taylor Greene has invested up to $50,000 in the SPAC stock linked to former President Donald Trump's planned social media platform. According to a public disclosure, Greene purchased a stake in Digital World...

Reddit’s army of retail traders might not have been only force behind the unprecedented GameStop rally that turned Wall Street upside down, new data show. GameStop was “notably absent” from the list of 10 stocks that retail investors bought the most in January despite the video-game retailer being at the forefront of a supposed market revolution, according to JP Morgan analysts. “Although retail buying was portrayed as the main driver of the extreme price rally experienced by some stocks, the actual picture may be much more nuanced,” Peng Cheng, the megabank’s head of machine learning strategies, wrote in a research...

The price of silver is rallying as the online trading movement fueling the rise of unloved shares like GameStop took a shine to the precious metal. Silver futures jumped more than 10 percent on Monday, the most in 11 years, after briefly rising above $30 an ounce in early trading, following strong gains over the weekend. On Twitter, #silversqueeze was trending as investors turned their attention to the latest market strategy to emerge from the “WallStreetBets” forum on Reddit. The online army of Reddit traders have over the past week rallied to defend out-of-favor companies such as GameStop and AMC,...

Matt Taibbi In the fall of 2008, America’s wealthiest companies were in a pickle. Short-selling hedge funds, smelling blood as the global economy cratered, loaded up with bets against finance stocks, pouring downward pressure on teetering, hyper-leveraged firms like Morgan Stanley and Citigroup. The free-market purists at the banks begged the government to stop the music, and when the S.E.C. complied with a ban on financial short sales, conventional wisdom let out a cheer. "This will absolutely make a difference," economist Peter Cardillo told CNN. "Now, if there is any good news, shorts will have to cover.” At the...

I remember despising the 2015 movie The Big Short for its cavalier representation of what was truly terrible carnage. Like many, the 2008 shorting of mortgage stock, and the pooling of solid mortgages with garbage ones, was devastating on the economy, and upended people’s lives. This is probably why what they have sought to do to us during the pandemic hasn’t completely taken me by surprise; I have already been chewed up by someone’s idea of gaming system.Between 2008-2010, my husband and I had lost two residences, our jobs, and our lives were reduced to our two dogs and what...

The astronomical rally in GameStop has imposed huge losses of nearly $20 billion for short sellers this month, but they are not budging. Short-selling hedge funds have suffered a mark-to-market loss of $19.75 billion year to date in the brick-and-mortar video game retailer, including a nearly $8 billion loss on Friday as the stock kept ripping higher, according to data from S3 Partners. Still, short sellers mostly are holding onto their bearish positions or they are being replaced by new hedge funds willing to bet against the stock. GameStop shares that have been borrowed and sold short have declined by...

Securities with trading restrictions We have placed some restrictions on the following securities. These restrictions will not prevent clients from making basic buy and sell transactions. This list is as of January 28, 2021, 4:00PM ET. AMC, CVM, EXPR, FOSL, GME, NOK, BB, BBBY, FIZZ, GSX, IRBT, NCMI, TR, UONE, VIR, NAK, NAKD, DDS, KOSS The following restrictions are in place: Stocks - 100% holding requirement (not marginable) Long calls and puts are allowed Covered call and short put orders may only be placed with a broker. Please be aware that wait times to speak with a broker may be...

Update: The Reddit subgroup WallStreetBets is back up this evening. What an amazing story! Reddit shut down its WallStreetBets subreddit page on Wednesday afternoon after rookie stock market investors in the general public joined together to purchase stock in targeted companies causing a major disruption in the stock market and resulting in several hedge funds to go bust. Of course, Reddit blamed “racism” and “hate speech” for removing the community. According to The Verge, Discord has banned the r/WallStreetBets server. Reddit’s WallStreetBets subreddit is the driver of an unprecedented rally of GameStop stock, and has received a great deal of...