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“Diamond Hands,” directed by Zackary Canepari and Drea Cooper, proves otherwise. Some said the traders suffered from mass delusion. Many financial journalists reported the WallStreetBets crowd was motivated by nostalgia for a brand they loved as teens. I called them “a marauding band of day-traders promis(ing) to bring vigilante justice to the stock market.” By purchasing the shares, the buyers were driving up the stock price of a company that hedge funds had bet billions against. And after hearing three of the meme stock investors speak at the South by Southwest Film Festival, I realized the whole story is not what I thought.
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Journalists try hard to get the facts right as news breaks, but the wisest among us remember writer Alan Barth, who observed that reporters write “only the first rough draft of history,” and only later do we learn the whole story.Īt the world premiere of the documentary “Diamond Hands: The Legend of WallStreetBets,” I learned there was much more to the fall, rise and subsequent gyrations of video game retailer GameStop’s stock. (Philip Cheung/The New York Times) PHILIP CHEUNG, STR / NYT Show More Show Less The Federal Reserve warned about financial stability risks emanating from frothy stocks and debt-laden hedge fund bets in its twice-annual report on potential vulnerabilities in the system, pointing to the rise of so-called meme stocks as one sign that risk-taking could be getting out of hand. (AP Photo/Patrick Sison, File) Patrick Sison, STF / Associated Press Show More Show Less 6 of6įILE - People shop at a GameStop location on Sunset Boulevard in Los Angeles, Jan. It could raise approximately $2.3 billion if shares are sold at the high end of the range. The company said in a regulatory filing on Monday, July 19, 2021, that it wanted to price the 55 million shares in its initial public offering in a range of $38 to $42 per share. Robinhood, the online brokerage that found itself embroiled in this year's meme stock phenomenon, will seek to go public with a market valuation of up to $35 billion. 17, 2020, photo shows the logo for the Robinhood app on a smartphone in New York. FINANCIAL SERVICES COMMITTEE, HO / NYT Show More Show Less 5 of6įILE - This Dec. (Financial Services Committee via The New York Times) - NO SALES FOR EDITORIAL USE ONLY WITH NYT STORY MASSMUTUAL-FINE BY MATT PHILLIPS FOR SEPT. The insurer MassMutual will pay a $4 million fine to Massachusetts securities regulators as part of a settlement involving the conduct of Keith Gill, a former employee and online trader known as “Roaring Kitty” whose relentless cheerleading for shares of GameStop was at the heart of the meme stock mania earlier this year.
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(Lori Van Buren/Times Union) Lori Van Buren, STAFF PHOTOGRAPHER / Albany Times Union Show More Show Less 4 of6Īn undated image from video provided by the House Financial Services Committee, shows Keith Gill, aka Roaring Kitty, during the GameStop hearing by the House Financial Services Committee. (Nicole Pereira/New York Stock Exchange via AP) Nicole Pereira, HONS / AP Show More Show Less 3 of6Įxterior of GameStop at the Northway Shopping Center on Thursday, Jan. market is down again, as the saga that's captivated and confused Wall Street ramps up the drama. GameStop's stock is back to the races Friday, and the overall U.S. In this photo provided by the New York Stock Exchange, trader Ashley Lara works on the floor, Friday, Jan. While no one expects another supernova like GameStop, the tools that smaller investors employed to supercharge its stock can be used again and again. The frenzy around GameStop’s stock may have quieted down, but the outsized influence small investors had in the saga is likely to stick around. 28, 2021 file photo, a customer checks on his cellphone as he walks to a GameStop store in Vernon Hills, Ill.