GameStop saga continues

GameStop saga continues

The House Financial Services Committee is inspecting how people from Reddit were able to send GameStop to unprecedented highs, squeezing hedge funds like Melvin Capital that had bet against a ‘meme’ stock.

Executives from Robinhood, Melvin Capital and Citadel Securities will testify before a House panel at a February 18. They were at the center of all the stock fuss, that’s why they got into the top of the witness list for the hearing.  

Robinhood is a popular retail trading platform, which was blamed for suspending trading in GameStop and other viral stocks. Citadel Securities is a main source of revenue for Robinhood: 20% of all US stocks volume and 39% of all US-listed retail volume. Citadel claimed it “has not instructed or otherwise caused any brokerage firm to stop, suspend, or limit trading or otherwise refuse to do business.”

Melvin Capital was completely damaged by the GameStop increase. The hedge fund bet the ‘meme’ stock would drop, but, as you may know, that forecast was wrong. Melvin started the year with $12.5 billion in assets but lost over a half of that capital in January as retail traders ganged up on hedge funds like Melvin.

Similar

Tesla will be sold for bitcoins
Tesla will be sold for bitcoins

The BTC skyrocketed to $50 000 but dropped just below this level. The total crypto market cap has surpassed $1.5 trillion.

Latest news

Risk on is back on market
Risk on is back on market

The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera