A 17-year-old Wall Street Bets enthusiast poured nearly all of his savings into Chamath Palihapitiya-backed Clover Health — and now stands to lose it all as the stock struggles13 May, 19:59, Business Insider • Développer
Summary List Placement Billionaire investor Chamath Palihapitiya, dubbed as SPAC King by some, has dished out plenty of investing advice that has earned him a loyal following of retail traders. One of those is 17-year-old Arnav Naik who lives in Troy, Michigan. As Bloomberg reported, Naik got into SPACs, or special purpose acquisition companies, after his high school transitioned to remote learning during the pandemic. Naik said he starting reading through Reddit's famous Wall Street Bets forum where he picked up how to trade stock options. He then put in $5,000 from his savings, which grew to $35,000 in just six months thanks to an electric truck SPAC and GameStop. But when he saw Palihapitiya tweet about Clover Health Investments, an insurance startup, Naik doubled down. In January, he put almost all his money into Clover call options, telling himself that if the stock went up, his investment could balloon to $130,000. "When you slap a name like 'Chamath' on there, it has a lot of potential to rocket up, like how Tesla did with Elon," he told Bloomberg . "He's going to join the WallStreetBets meme god pantheon." The problem is, Clover wasn't doing very well.
GameStop Corporation (NYSE: GME ) has been silent … Full story available on Benzinga.com
They won't be cheap, but if you're looking for a PS5, this is your chance.
After recording huge losses following the GameStop Corp. (NYSE: GME ) trading frenzy earlier this year, hedge funds are now looking beyond equities to focus on junk- and investment-grade rated bonds for short bets. What Happened: Hedge funds have accumulated the biggest short position on junk bonds since 2008 amid fears of rising interest rates and warnings over bond valuations, according to a report by Bloomberg. Citing data from IHS Markit, the report noted global high-yield bonds worth as much as $55 billion are on loan to traders seeking to profit if prices fall. This is the largest balance since the fall of 2008. This compares to about $35 billion … Full story available on Benzinga.com
I've got a game plan that could make this once-fading brick-and-mortar video game business the only game in town….CHWY
Legendary investor Bill Gurley rejected Robinhood's pitch because it made him feel 'emotionally bad' and he thought the app mislead users↳ 13:20, Business Insider • Développer
Summary List Placement Venture capitalist Bill Gurley reportedly did not invest in Robinhood because it made him feel "emotionally bad." Gurley, a general partner at Benchmark who has invested in Uber, Zillow, and Stitch Fix , told The New Yorker's Sheelah Kolhatkar he did not invest in Robinhood because of oppositions to the app's business model. Robinhood gets money by using a third party to carry out individual buy or sell orders, called a " payment for order flow ." "It made me feel bad. Emotionally bad. Because I think it is misleading to people." Gurley told The New Yorker. "My issue with Robinhood is, I think their mission and what they say they stand for is not actually true." Robinhood is a commission-free trading app popular among first-time investors. The firm's website said it's aim is to "democratize finance for all." Read more: SCOOP: Boston fintech Capchase is in talks for new funding at about a $150 million valuation But the app has high profile critics like Warren Buffett and Charlie Munger , and some markets experts recently told Insider the app "gamifies" trading through flashy animation and incentivizes risky betting.
Summary List Placement Dogecoin is in the headlines thanks to Elon Musk's highly anticipated "Saturday Night Live" hosting gig over the weekend, which was followed by the cryptocurrency losing a third of its price. Launched in 2013, Dogecoin is a crypto based on an internet meme of a Japanese dog and started as a parody of Bitcoin. Like its cryptocurrency peers, Dogecoin can be used as a form of payment , although its prevailing use case has been as a tradeable asset on platforms like Robinhood and eToro. Dogecoin's boom is marred with confusion among financial analysts, while many retail investors just find it funny. The recent surge in retail cryptocurrency adoption combined with celebrity backing, most prominently from Musk, has sparked record demand for the joke crypto. But despite its rising adoption, financial analysts struggle to make heads or tails of the whole affair, as Dogecoin has very limited uses, even by cryptocurrency standards. The crypto lacks market infrastructure with no institutional Dogecoin custodians or brokers, and it sees no meaningful developer activity, per a Galaxy Digital Research report.
Legendary investor Jeremy Grantham called the dot-com bubble and the 2008 financial crisis. He told us how 4 indicators have lined up for what could be 'the biggest loss of perceived value from assets that we have ever seen.'10 May, 14:33, Business Insider • Développer
Summary List Placement When Jeremy Grantham declared in January that "the long, long bull market since 2009 has finally matured into a fully fledged epic bubble," he knew there would be "a substantial increase in crazy behavior" before it all came crashing down. The co-founder of Boston-based Grantham, Mayo & van Otterloo is famous for having made prescient calls about the bursting of the 1989 Japanese asset price bubble, the 2000 tech bubble, and the 2008 real estate bubble. "The thing about a bubble is if you can find more money and more crazy investors, it can keep going," he told Insider. As it played out, what Grantham saw in the fourth quarter as "extreme overvaluation, explosive price increases, frenzied issuance, and hysterically speculative investor behavior" escalated into even more remarkable events in the first quarter of this year. From the epic short squeeze in GameStop to the stratospheric rally of Dogecoin , the latest bout of market euphoria has even taken the spotlight away from special-purpose acquisition companies , which have raised $101.5 billion so far this year and $83.4 billion last year — more than the previous seven years combined. 'This is eerily like 2000' To Grantham, the tales of frenzy and mania today are eerily reminiscent of the tech bubble, but signs of cracks are already appearing in the SPAC market where a sentiment shift , a glut of oversupply, and regulatory scrutiny have led the IPOX SPAC index down 23% from its February peak.
Elon Musk calls the meme-crypto Dogecoin the 'future of currency,' predicts it will 'take over the world' on 'SNL'09 May, 04:59, Business Insider • Développer
Summary List Placement Elon Musk didn't miss a chance to hype the cryptocurrency Dogecoin as "Saturday Night Live" host on May 9. Multiple times during the show's "Weekend Update" sketch, "SNL" cast members asked Musk, "What is Dogecoin?" "It's the future of currency," Musk said in response. "It's an unstoppable financial vehicle that's going to take over the world." Musk added Dogecoin was "as real" as a dollar bill that cast member Michael Che pulled out of his pocket during the sketch. Dogecoin is a cryptocurrency created in 2013 as a joke and a cheaper alternative to Bitcoin, but it recently shot to fame after Musk, fellow billionaire Mark Cuban, and rapper Snoop Dogg expressed interest in it. Dogecoin jumped as high as 40% the week leading up to Musk's "SNL" appearance. Musk tweeted he was "The Dogefather" during the episode. Musk also referenced the popular catchphrase "To the moon," popularized by the Reddit group Wall Street Bets. Wall Street Bets was rooting for GameStop stock's unlikely rally earlier in the year.
On Friday, shares of GameStop (NYSE:GME) saw unusual options activity. After the option alert, the stock price moved down to $160.63. Sentiment: …
Businessinsider.co.za | Dogecoin's social media-driven 13,000% rally looks a lot like the GameStop saga. Experts explain why↳ 06:21, Business Insider South Africa • Développer
Dogecoin's rally is being driven by social media and celebrity buzz and is shocking much of the financial world. Sound familiar?
After driving Wall Street crazy with GameStop, Reddit users plan to compare an island (or several) to create their own nation and could be sponsored by Elon Musk.
The Federal Reserve said Thursday that financial system vulnerabilities increased over the last six months, pointing to the blow-up of family office Archegos Capital Management and the run-up in “meme stocks” like Gamestop.
In a hearing focused on the frenzied trading of GameStop stock, the new S.E.C. chairman suggests more disclosure is needed
New rules could tackle the 'gamification' of trading on popular apps following GameStop, SEC chief Gary Gensler says↳ 08:27, Business Insider • Développer
Summary List Placement New rules may be needed to tackle the "gamification" of trading on popular apps, which can prompt users to make bad investing decisions, according to the new head of the Securities and Exchange Commission. Gary Gensler said in written testimony to Congress on Wednesday that many of the US's regulations on trading were created before fast and commission-free apps started to dominate the retail investing landscape. In particular, Gensler expressed concern about the "gamification" of retail trading. Apps are increasingly using features like points, rewards, leaderboards, bonuses and competitions to boost user engagement, he said. Gensler is set to appear before the House Committee on Financial Services on Thursday, as part of its investigation into January's GameStop saga , which saw retail traders unite to pump up the video game store's stock. Some lawmakers have become concerned about the influence of Robinhood, the commission-free trading app that has boomed in popularity and was at the centre of January's volatility.
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