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GameStop announced on Wednesday that it bought 4,710 Bitcoin, which is worth over $500 million at the time of the purchase. The video game retail chain has struggled to stay relevant in a time when digital gaming purchases are increasingly popular — plus, the company took on a new kind of notoriety when it unwittingly…
Social media changed everything from news consumption to shopping. Now, Dub thinks it can do the same for investing through an influencer-driven marketplace where users can follow the trades of top investors with a few taps. Think of it as TikTok meets Wall Street. Founded by 23-year-old Steven Wang — a Harvard drop-out who began…
“Bed Bath & Beyond exec Gustavo Arnal faced $1.2B suit before suicide” A Bed Bath & Beyond exec was facing a $1.2 billion “pump-and-dump” stock-fraud suit when he apparently leaped to his death from his swank 18th-floor apartment in Lower Manhattan last week. Gustavo Arnal, who was the chief financial officer of BBB, is among…
“Reality bites traders, memers and crypt-iots” Melvin Capital is maybe the first — but certainly won’t be the last — hedge fund hammered out of business as markets wean themselves off the heroin of cheap money that has propelled stocks and just about everything else for the past two-plus years. Hedge-fund investors, even those who…
“Melvin Capital clients fume at founder Gabe Plotkin” Melvin Capital said it is finally shutting down after getting clobbered by Reddit investors last year — and now clients are doubly angry because its founder Gabe Plotkin is still charging them fees, The Post has learned. Plotkin — whose massive short positions in “meme stocks” like…
“GameStop employee says these are the most cringe questions she gets” A TikToker is revealing some of the questions she gets asked as a female employee at a GameStop store. TikToker @ikissedsafiree said that a lot of shoppers are surprised that she works there and knows a lot about video games. Her TikTok was set to…
“Melvin Capital down 23.3% year to date as founder considers winding down fund” Embattled hedge fund Melvin Capital reported another down month — just weeks after founder Gabe Plotkin said he was considering winding down the fund. Melvin — still struggling to recover after a massive short squeeze on meme stock GameStop crushed his fund in January 2021…
“GameStop shares surge on first stock-split plan in 15 years” Shares of GameStop surged Friday after the video game retailer announced that it would attempt its first stock split in 15 years. The company said in a regulatory filing late Thursday that it wants to increase its share count to 1 billion, from 300 million,…
“Bed Bath & Beyond settles with activist investor Ryan Cohen” Bed Bath & Beyond blinked. The struggling home goods retailer agreed to add three directors in a settlement with Ryan Cohen, the GameStop chairman and “meme stock” icon who recently took a 9.8% stake in the company. Shares of the retailer soared more than 8%…
“#Robinhood gets ‘meme stock’ lawsuit dismissed in federal court” A federal judge has dismissed a lawsuit against the brokerage app Robinhood that was filed by retail traders who claimed they lost billions after they were stopped from selling so-called “meme stocks” that were artificially inflated by internet chat groups. Chief US District Judge Cecilia Altonaga…