37 Burst results for "Gamestop"
A highlight from All-In? We're Out: Why the All-In Podcast is Bad for America
"Welcome back everyone, I am Cas PNC, I'm joined as usual by my partner in crime, Mr. Bennett Tomlin. How are you today? Well I was just able to get out of a position in some unvested tokens I wasn't really a fan of anymore, so I'm feeling pretty good all things considered. That's awesome news man, I hope it wasn't Cas coin. We are, he's bringing up that topic because we're talking about possibly four of my least favorite people in the entire world today. We are talking about the hosts of the All In Podcast. Now if you're unfamiliar with the All In Podcast, god bless you. You probably just want to turn this off and skip it because you know what, you should never ever listen to them and just move on with your life. However I think a lot of people, especially people who listen to our show, are likely familiar with the All In Podcast and the hosts who are, let's go through them one by one, Chamath Palihapedia, Jason Calacanis, David Sacks, and David Friedberg. Now I decided that we needed to do an episode about these gentlemen because Chamath has been an asshole on Twitter a lot lately, and that's it. He basically, he triggered me to force Bennett to discuss these fellows. So I'm going to go ahead and just jump into that, which was he tweeted at this guy who said, hey man, I'm not using exacts here, but this guy basically said, hey man, how's it feel to be a billionaire after having made all this money off the backs of retail investors and scammed a bunch of people with your dumbass SPACs? SPACs are Special Purpose Acquisition Companies, that's what it stands for. It was this, I guess it's still going on kind of, but it was a bit of a fad over the time, onto stock exchanges, whether it was the, you know, New York Stock Exchange or NASDAQ or whatever. And Chamath was one of the people doing it all the time, and almost all of them had basically just done terrible. So this person asked Chamath this question and Chamath's response was, I'm in the arena, as though he's a goddamn gladiator in Roman times, which is just unreal. Like, we don't know at all, like comparing any of our existences to what it was like for gladiators in the arena, especially a billionaire who's just investing in shitcoins and fucking, and crappy investments, like what an unreal statement. You're not allowed to say you're a man in the arena until you lead the Rough Riders in the Spanish American War, everyone knows the rules. I even read a substack this past week where someone who notoriously sides with venture capitalists, like a journalist who basically writes for venture capitalists, even he was like, Chamath, what the fuck, man, like got to apologize for this. Like you, you are celebrating, you're celebrating shitting on retail investors. You're celebrating stealing money from the everyman and you're owning it. Like you're owning it, saying it's fine and suggesting that like you are the gladiator for destroying the common man. And it's just like such a weird flex. Well, and just to kind of add on to that, did you realize just how much money he made from some of his specs? Oh, it's almost a billion dollars. Yeah, like he sold his stake in Virgin Galactic for $213 million. It's now down like 95 percent from peak or something like that. Clover, he had an original $25 ,000 investment that he sold for $290 million. And it's also down like 94 percent from peak. He made a ton of money on these companies, which the market seems to have determined as soon as he dumped his stakes were effectively valueless. And I know he was involved in SoFi or whatever, too, which is doing better than these ones. But it struck me at just how massive those numbers are. Do you remember during the GameStop mess when Robinhood closed down their trading for a little bit, he sent a bunch of people over to SoFi saying like, Robinhood is selling your order flow to Citadel Securities. You should come trade it SoFi instead. And of course, SoFi was selling all their users order flow to market making firms. Anything for cash. So I fucking fly home from Italy. From Italy. Get back in the arena. At 35 ,000 feet, I decide to troll the mids. We'll talk about that later. But anyways, sipping a beautifully chilled white burgundy. So that was his first kind of strike recently, recent strike. But then he did something that really fucking pissed me off. And this is you got to go on this show. You got to join Joe Wiesenthal and Tracey Alloway, who host the Odd Lots podcast, which if you're not subscribed to, fantastic podcast, go listen to it. It's really like if you're interested in any random finance topic, they probably covered it and you should find that episode and listen to them because they're super informative and fantastic. Someone said, because Joe posted, Joe posted on Twitter and said, one of Chamath's SPACs had gone down 93 % since he had shilled it. And someone said, oh, and someone, yeah. And someone said, okay, so Chamath, are you going to go on the Odd Lots podcast? And he said, why would I go on a podcast no one listens to? Which is just like, dude, not only is it obviously not true, this is one of the most listened to financial podcasts in America, in the world, but also is just so cringe to have that as your response. It's so like, I'm rubber, you're glue kind of fucking kitty bullshit that it incensed me enough to be like, we got to talk about these guys. I fucking hate these guys. So that's where we are. Where do you want to start with these fellows? Because there's a lot, there's a lot here. It's almost overwhelming to go over some of the details about these things. So I think we kind of just need to start a little bit with some of their backgrounds, right? David Sacks and Jason Calacanis are both members of the PayPal mafia, right? They were executives involved in various ways with PayPal. And when that was initially bought out, this group, including Peter Thiel, Elon Musk, Reid Hoffman, and a bunch of these other folks became very important in Silicon Valley because they were rich. And that's how you become important in Silicon Valley. Since then, they have two varying degrees and slightly different depending on which member of the mafia you're talking about, grown in self -importance to an almost preposterous degree. And what I think is especially striking about many members of the PayPal mafia is they have not shied away from using their money to get involved in other things, especially politics and other societal issues. For David Sacks and Peter Thiel, this dates back to the book of rape apologia they wrote in college. For Jason Calacanis, he's involved in a variety of nonsense political movements. David Sacks is contributing to a bunch of idiots in various political races that he wants to support. And broadly, many of these individuals have shared opinions that range from the stupid to the abhorrent throughout their entire careers with extra consideration given to these meaningless thoughts because of their wealth. And I think that's kind of really the issue with them is that they are given consideration for stupid objectively things because they are objectively wealthy people. Yeah, it's kind of a double edged sword here, actually, because I think that in some sense, these guys represent to retail and, you know, plebes like us, these guys represent, you know, these are the wealthy, these are the wealthy people, they're speaking on behalf of the wealthy people. And then on the other end of that, I think it's funny because it's not like, not that I think venture capitalists in general kind of suck. But the truth is that not all venture capitalists suck, and not everyone in Silicon Valley sucks. However, these guys, by being the loudest, most obnoxious people coming out of venture capital and coming out of Silicon Valley, they become the voice of all the venture capitalists. And so now they represent those people, whether they like it or not. And so here it is, it's this double edged sword. On one hand, you have retail going, oh, these guys speak for all venture capitalists. And then on the other, you have venture capitalists going like, I wish these guys didn't speak for us, but they do. And I think the other thing is just how much of their shtick is like just so clearly a performance, right? Like we're talking about billionaires and centimillionaires. I'm not sure if they've all hit the billion mark, Friedberg especially. But these are incredibly wealthy individuals. And in their last podcast episode, I think it was the last one, they spent 40 minutes reacting to the song Rich Men North of Richmond. And because of this, the top 20 percent, the top 5 percent have acquired an outsized amount of the assets and outsized amount of the income, as we all know and have all benefited from. And the vast majority of Americans that have been working, I have a question for Friedberg. Friedberg, do you think that we should implement policies to change the lines on this graph? That's exactly what I was going to ask. Yeah, right. Which is them.
Fresh update on "gamestop" discussed on Bloomberg Businessweek
"A stock and talk about why I think it's interesting and that stock GameStop. is Retail traders hooked into GameStop. I think they think it's a good investment. It looks like there's one guy driving all the buying. Alright, well art imitating life once again this week. Opening nationally today. Dumb Money, the real life story brought to the big screen of the working class Redditors who became investors during the pandemic making and I'm guessing losing some money along the way as well. And perhaps even more Interestingly and shockingly, turning Wall Street upside down just we were living this day to day as it played out during the pandemic, especially when you think of GME for GameStop AMC all these names that come to mind that were just off in the beginning of 2021. Right out of nowhere. And like it was like, we got here fundamentals. Who cares? Alright, so let's get to it. Because Aaron Ryder is producer of Dumb Money, as this movie, opening nationally today, he joins us on zoom in Los Angeles, Aaron, no stranger to the big screen, other things. among He of course did producer Christopher Nolan's memento. So really good to have him here. Welcome. Welcome, Aaron. Big day, big movie, we all lived it. So we've all been talking about a big time in the newsroom looking at your trailer. There's a word in it that we sometimes say in the newsroom, but it was said a lot in the trailer, because it was a crazy time. What was the spark catalyst media headline conversation that got your attention made you want to do a movie about this? Well, first off, thanks I mean, good to talk to you guys. So I was in Montreal up in quarantine when this was all going down in January 2021. Back then it was before vaccines, the as you probably remember. And when you went from the United States of Canada, you had to do a 14 day state mandated quarantine. So I was pretty much glued to the internet, just hearing all these headlines and seeing everything that was going down and I could not escape all of this news about the store that I kind of knew about when you go to the mall and why its stock was going through the roof. And it was, you know, you guys recovering it, it was and everywhere so it was hard to ignore it. So how do you take something that, right, was in it our face and all of us were trying to make sense of it. So how do you say, wow, that's really interesting and it's a conversation with your buddies versus I want to do something more with it so take us there. Well, I got this great phone call from a guy named Kevin Orrick who happened to own the studio that I have a deal with or how to deal with at the time. And he basically was like, look, I think there's a movie here and the amazing thing about this, You know, not just because it was in the headlines, not every headline will make a great movie, but there was this great David versus Goliath theme throughout woven this and it wasn't just me or Kevin or anyone else that thought it could be a movie here. Half of Hollywood was chasing the story thinking that it could be a great idea for a film and so it became a real race to try to get the rights to a book or a podcast to serve as the basis for that story. You also, from what I understand, tracked down Ben Mezrich's book, Dumb Money, Adventures of a Day Trader, which is what the film is based on. I'm So just, get us there. Like how did that, did you reach out? It was kind of an amazing moment. You know, I'd heard this rumor that Ben, who had written, you know, he's covered so many of these things in his career. He's written books on so many great topics that have been turned into great movies, including Social Network. And so I heard that Ben had a book a proposal book and everyone was after it. So I kind of found my way into the heart of his agent and convinced him, get me a copy of the seven -page book proposal that he was currently writing on the phenomenon that we were all watching. So I heard about it and, you know, and did what us producers do. we We chase material and good ideas and got this book proposal. And, you know, it was all kind of there. could You feel how you could easily turn the story into a narrative for a film that would capture an audience. And so that was getting that thing and in working with Ben, who could not have been a better architect of a story like this. You know, thank you, Wall Street, right? It just kind of continues to give and give, whether it's the great financial crisis, whether it's tech bubbles, whether it's the creation of some incredible companies, like there's just unbelievable stories. Having said that, like when you look at something like what happened during this meme stock era, there's a lot of stories in it. There's just the trading element, there's the individuals who are involved who are not the normal people, Aaron, that we here at Bloomberg typically write about. No, you're 100 % right. It was like in this moment, as we were all trapped in our homes, maybe with a little bit more money from the stimulus check that you got. We did not have the connectivity to our friends or family. We began to form communities online, and I feel like this moment was like the moment that Wall Street was gamified and in some ways democratized, where people that normally hadn't been investing on Wall Street and paying attention to these sort of things, they gathered around this movement and an army gathered. And I feel like this was the first time that we saw that and Wall Street felt the impact of that army that gathered. How did you think about what the stories you wanted to tell specifically, right? Because it's fun really to look at the trailer and I was thinking about Ken Griffin and others that are certainly individuals that we talk about all the time here. Steve Cohen, Gabe Plotkin. So there's the establishment side of it, then there's the Redditors in terms of these people, their worlds were changing dramatically. So just as you approach this project, what were the stories you wanted to make sure you got out there? Well, it's a great question. You know, we really wanted to make this movie about it for those people that were on the Reddit boards, the people involved in this and got involved. And you know, it starts with Keith Gill, Roaring Kitty. He was in large part the face of this movement and the person that we all kind of identified with the GameStop phenomenon. So you knew he had to be the focal point of a lot of the story and very much is. he I mean, that's where it all kind of started. And then it was really Ben's book and the research that he did and Lauren and Rebecca are two screenwriters who were able to kind of do a bunch of research and find these real people who went through this experience. And there's so many, the hard part it was was kind of discerning the people that were involved with this and finding those really great stories that had a satisfying ending to them or had a little bit of tragedy to them with the things that would make a good movie. You know, we weren't making a documentary here. What we're trying to do is make something that shows this moment in time that we all lived through, but it was actually really a fun moment because we'd never seen anything like this before. I'm curious who you talk to. I remember talking to Oliver Stone Wall Street and then the sequel of like, who did you talk to you to get the feel in the same thing with Billions? Like we've done a panel here at Bloomberg and the guys like who did because they really did talk to, you know, folks on Wall Street really to kind of get the feel and make sure they were accurate. Who did you talk to in making this? Well, you know, look, there's so much stuff on that break now. Yeah, there's so much stuff that you can learn. There's so many things in the headlines because everybody was talking about this. When you go see the movie, it's a very easy film to understand. You do not have to be an investor to understand this movie, nor do you have to be some sort of economics major to understand what's going on here. It's a movie for the everyman and that's really important in the construction of it. We didn't want to be weighing this down with jargon about the economy or jargon about investing and that sort of thing.
A highlight from THE HASH: Binance Reportedly Almost Closed U.S. Arm; GameStop Says Goodbye to Crypto Wallets
"This is the hash podcast. Stay informed with the latest on Bitcoin, ETH, the metaverse, web3 and more. All on the hash for your ears. You're listening to the Coindesk podcast network. Welcome to the hash, everybody. You're watching Coindesk TV. I'm Zach Seward. We got Wendy O. We got Sam Kessler. We got the news of the day to get to, and it is going to be fun. Let's do this thing. I'm starting us off. We're doing a quick update on Binance. According to a report in the information, Binance nearly shuttered its U .S. operations to protect its global bread and butter. Now, Binance is a top dog when it comes to crypto volumes globally, and they decided maybe at one point to cut off the U .S. to preserve the breadwinner of the global brand. According to the information, at least that was not able to be decided upon, and the Binance U .S. continues to pace. We'll talk about that one first, and then we'll shift gears and talk about some really interesting data about Binance still being quite operational in China despite an alleged crypto ban over there. Let's talk about the U .S. thing first, and then we'll shift gears over to China. Wendy, what do you think about this report from the information and what's being alleged here? Smart move, bad move? I don't blame them. Why would you stay somewhere where you are not treated best? A really good friend of mine, Mark Moss, always says, go where you are treated best. And I remembered that, and I still remember that today. Why would any crypto company want to continue to stay in the United States of America? All they seem to be doing is just wasting their money. I want to say that Ripple has spent over $200 million approximately on their lawsuit against the SCC. And that money could have been used not only to hire more people to build, to expand, but I do know that they have a very extensive educational fund that they do send out to different colleges or different communities to help people actually understand what blockchain technology is and about, you know, whatever. So I feel like a lot of people are just kind of tired. They're getting fed up. We're seeing a lot of companies move over to the Middle East and over to Asia. There's a lot of money flowing over there in the United States, not so much. And we're also seeing a lot of other companies create shops, set up shops in other countries, I want to say. And please correct me if I'm wrong. I want to say A16Z created something elsewhere, Coinbase and Gemini and all these other companies are establishing branches overseas because that's a lot more regulatory friendly. And I feel like the U .S. is kind of shooting themselves in the foot. I want to say there's some other reports coming out about how overleveraged we are monetary wise. And it just is not looking too terribly great here. And I'm also considering relocating as well, because if I can't work here in the U .S., if I can't do my crypto stuff, then what am I going to do? That's no fun. And also, I like to be able to be a content creator. And I don't know if I could do that in the U .S. anymore because we don't have any clear types of guidelines. I mean, if I can maybe chime in on this, I think whether or not it's a good thing for crypto, it certainly it seems like the intended outcome or one of the intended outcomes of you know, Gensler's crackdown on the industry, whether or not any of these cases or most of these cases have been settled yet, clearly it's having the intended effect of chasing business out of the United States. And I agree with you. I don't know why they would stay in the United States, because not only is it a huge headache, but as you know, recent reporting about, for example, Binance's huge China market has underscored the U .S. is not a huge market for Binance or for many of these other exchanges that are not primarily based in the United States. So I don't know why they'd stay here for that reason alone. And then one more thing that I thought was crazy about a lot of the stuff with this whole is just around the board meeting itself, where there was division within the company around what to do here. It's not like they were kind of wavering and CZ decided, okay, we're not going to do this after thinking he would, this being pulling out from the United States. There was a board vote and the head of the U .S. exchange decided that he didn't want to leave who chairs that board. And that's kind of what happened. I'd love to have been a fly on the wall of that meeting. Wendy, what do you think? Just really quickly before giving it over to Zach, like, I feel like Binance did the best that they could, like they were operating in the U .S., they had all these products and services. The U .S. is like, hey, we don't really want you to have these here. You can't do that. So when they were told that, they went ahead and left. And that was due to no regulatory clarity by the SEC or other public service. And in response to them, you know, kind of closing off the U .S. market, because I remember Binance, I used to trade on Binance. I loved it. It was a really great exchange. And then I want to say it was summer of 2020. They're like, okay, you have to KYC and if you're a U .S. citizen, you can't use it anymore. So they gradually push people off, but they did it in a very ethical way. And in response to that action from the SEC or whomever, they created Binance U .S., which had like five different trading pairs, and you can basically just buy, sell, and do limit orders. They didn't have anything, you know, they had a very bare exchange there, which they wanted to become as compliant as they could. And again, that still wasn't good enough for the U .S., which again, it should be very problematic. And I know that's not how the law works, but I wish that it did and they could just see all of the horrible choices that the SEC has made and Binance and other crypto asset companies have been doing their best to accommodate non -existing regulation. Zach? Yeah. A good segue to the other piece of Binance news that came out today by way of the Wall Street Journal. Something like 20 % of global volumes come from China. Now this is a surprise to some observers in crypto who say, hey, wait a minute, China has a crypto ban. A lot of informed observers, especially Emily Parker, who works at Coindesk and been sounding this alarm for a while. This is not an ironclad ban by any means, right? This is a very porous ban and crypto activity has been taking place in China, despite this alleged ban for a number of years. Now we get some fresh data from some reporting by way of the Wall Street Journal, suggesting that China really is a big part of the mix when it comes to the total trading volume that Binance sees on a daily basis. It's pretty crazy to see this breakdown and really speaks to the continued activity, interest and excitement that crypto finds in Asia relative to a more dour and gloomy picture here in the US specifically. You're seeing trade volume by country, China, South Korea are the top two. Let's talk about this report as well. Sam, I'll throw this your way. What do you think? I mean, there were some crazy things in this report and I'm glad you flagged Emily Parker. She has been sounding the alarm bell or whatever you want to call it, bell, on this for a while. This ban is not really a ban as with many of the things that we hear coming out of China, there are ways to get through them, VPNs are ubiquitous in the country. But anyway, some of the crazy things in this report, I mean, it was not just the number of, or the amount rather of cryptocurrency or the value of cryptocurrency that's traded on the platform. It was the number of wallets as well, or the number of users that Binance apparently has recorded as it's transacting there. I think it was close to a million, 900 ,000, I think is the number that's coming to my mind. Don't quote me on that, but it's something massive. The other thing that I thought was crazy about this too, is that it really does just highlight the opaqueness of Binance as a company. The fact that not only did we not realize that China, we being the general public, realized that China was a big customer of this platform, which makes sense. They didn't want to show us this for reasons, but not only did we not realize that it was a big customer, but apparently the biggest. That's just crazy. And it just shows you how little we still understand about Binance, like it or not. Wendy, what do you think? I've got friends that are very active in crypto and our builders do all kinds of really great stuff. And they are in China. And for the last couple of years, they said, no, it's not that crypto is really banned here. People are still using it. So I just feel like there's a big disconnect from what's actually happening and the news that we're presented in the United States. And again, that has nothing to do with Coindesk reporters. It has to do with more mainstream media news and some of the reports that they're giving out talking about what's going on in China. I feel like a lot of these reports are not necessarily accurate. And again, the only thing I do want to pick on you for with the wallet creations or having more using that number of wallet creations as active users, I don't feel like that's ever accurate. Like I always have at least like two to three accounts on different exchanges for different opposite reasons, for different positions that I'm opening and different types of trading styles I'm doing. So that's the only thing I want to say. But I do believe China has been playing 4D chess with us the entire time. They've kind of been silently doing things. Yes, that they're very controlling over what their people can and can't do. But at the end of the day, they're not going to let the U .S. outdo them when it comes to tech. And I just feel like America just keeps looking like a bigger and bigger laughing stock of the world at this time. Just want to put a finer point on what Sam said about Binance being a black box. Right. And I think that's very true and very remarkable feature of the crypto space that these open ledgers which provide unprecedented transparency toward financial matters still are largely sort of administered through these centralized exchanges, centralized companies that are the opposite of transparent, are very opaque. And it takes reporting such as this to reveal some of those details that otherwise aren't on chain, aren't visible to anyone who wants to look into it. So anyway, I just thought that was a good point, Sam. Shout out to you. Sir, the banks, the banks, traditional finance, you can't track cash. Anyways, I could talk about this all day long. Also opaque. Also opaque. Are they KYC -ing all over China? I mean, that's another question, too. All the users in China, like, is there a database somewhere in Binance? Because that goes to the account thing as well. Like, I didn't read closely enough, but I don't know if those were Binance accounts or if those were addresses, the 900 ,000 figure that apparently was the right number. I don't even know what that corresponds to. But if there's any number, there's probably a list somewhere. And if it were really illegal, you know, we know who has it. Anyway, it's just a really interesting story. Tis indeed. In the report itself, I will say it's noted as active users, whether or not that is an accurate representation, one to one, wallet to person. Hard to say. It's a level of nuance that sometimes doesn't make it into the final cut. Anyway, Wendy, you got the next story. Wendy and her 80 ,000 wallet addresses, the most random things ever. My CPA absolutely hates me. And if you guys need a CPA, you can use my. Anyways, we got to talk about this story because I don't like Worldcoin. And yes, I'm funding it live on the show. Coin goodness TV. OK, so the Kenyan government suspends Worldcoin activity on financial security and privacy concerns. And you know what? I don't blame them for doing that. This is one time when I do think the government should step in and protect their people. For the most part, I can protect myself. I can handle myself. I'm from the streets. But when we're talking about something like this, that is directly infringing on your privacy, like they're literally giving you 50 dollars for all your biometric data, which is really scary. Like, I don't know who these people are. If somebody was to walk up to me like, hey, Wendy, can I have one of your socks? I'd be like, heck, no, you can't. I wouldn't even let somebody look into my wallet or my purse. But anyways, Kenya suspended Worldcoin operations due to concerns about public safety and the integrity of financial transactions. The country's financial security and data protection services will investigate the legitimacy and data protection of the project. And then Kenya Interior Cabinet Secretary said any individual or legal entity found involved supporting aiding or abetting Worldcoin activity will face appropriate actions. Oh, wait. The number went down. Registered users were entitled to 25 free Worldcoin tokens worth about two dollars. You can't even buy it. You can't even go to McDonald's and use the value menu anymore for under two dollars or two dollars. Come on, man. No, no. The token is like the token is. Oh, I read that wrong. Wait. No, it says no registered users were entitled to twenty five free world. Well, I don't whatever. I don't care. It's still not enough for me. Go ahead. It's OK. I just looked up the price. Coin market cap says two dollars fifty cents per Worldcoin. So yeah, that's a sweet, sweet fifty dollar airdrop for your retinal scan. Full disclosure. I did this last week in Japan. I offered up my eyeballs to Sam Altman to get a world I .D. and I'm glad I did it. So you guys can fund this project all you want. But I'm ready for the future. My unique stuff is encoded. It's all encrypted. I think that there's a lot of craziness about this story because it is and has always been rather absurd that this is the security mechanism for preventing civil attacks on this network. I will say it's crazy, but you know what? I did it. So are you an investor now? So now do you have to disclose I'm a Worldcoin investor? I'm a Worldcoin whale. I'm just a I just I'm a respecter of the order. You know, I go up to the orb and I just I just have my world I .D. So don't worry about me. But I did it. I did it. I lived to tell it. You expect me to fud it. I can't believe I said fud. I never said it. But you expected that for me. I'm not actually going to do that this time around. I actually think that Worldcoin, despite all of the insane privacy issues and things that are glazed over, is a in many ways honest attempt at finding an application for crypto. And we've been asking for applications for the longest time. I mean, we do KYC with Binance. We do KYC with Coinbase. We give our face scans to our iPhones and we use those scans to log. It's just I do think that a lot of what Worldcoin is trying to do is, yes, 100 percent antithetical to the founding ethos of Bitcoin and Ethereum and a lot of these ecosystems. But that being said, I do think that it might be in a world where we're willing to give our identity to even a centralized platform in a lot of ways. I think it is kind of an iterative improvement on our existing identity apparatus. That being said, I do think it's fraught with a ton of issues. I think that the fact that they have this Worldcoin leads to this really weird, cynical incentive game where people not in the United States and not in the West are encouraged to give their eyeballs for $50. Even if it was $2, it can buy you a lot more in some places than it can in the United States. I think that's really cynical. I also think that they haven't thought about a lot of the potential abuses, not just in terms of the privacy, putting that all aside, but in terms of people buying your KYC or people pretending to be Worldcoin and scanning your retinas and using those for who knows what. I think there are a ton of things around the edges, but I don't think that Sam Altman is trying to harvest our eyeballs to make money because he's got a million other ways to make money off of AI, even though he apparently doesn't own much of it. This type of data is worth a lot. That's not something that is spoken about or talked about, but people's data like our search history, the biometric data, all of this stuff, anything that you can extract from a human is worth money and there's companies that are willing to buy this for a lot of money. So I would love to see the disclosures. Are they encrypted? I mean, yeah, that's the idea. They're using proofs and they're encrypting these things on device. So it's no less encrypted. I can't believe I'm defending anything in general. I'm going to save this and then when I see you, I'm going to be like, this is what you said.
Fresh "Gamestop" from Bloomberg Businessweek
"Dad. All he had to say was, Hey, you got this. Just breathe. Hey, we're pretty good. Might have to start a band. I got it. Learn about adopting a team from foster care. You can't imagine the reward. Visit AdoptUSKids to find out more. This message is brought to you by AdoptUSKids, the US Department of Health and Human Services, and the Ad Council. Markets, headlines, and breaking news 24 hours a day at Bloomberg dot com on Bloomberg television and the Bloomberg Business app. This is a Bloomberg Business Flash. It's 521 on Wall Street. We do check markets all day long at Bloomberg. Treasuries rebounded. Stocks struggled at the end of a literary week that saw investors positioning for a higher for longer Federal Reserve stance. Ten -year holds dropped after briefly topping 4 .5 % for the first time since 2007. S &P 500 notched its worst week since March. Tech, which bore the brunt of the recent rout, outperformed. Apple shares declined today by about five tenths of one percent as the latest iPhones and watches went on sale. Bottom line though was a down week with the S &P falling 2 .9 % on the week. Today the S &P was down nine points, a drop there of two tenths of one percent. The Dow down 106 lower by three tenths of one percent and Nasdaq fell 12 points, a drop there of just about one tenth of one percent. I'm Charlie Pallet, that is a Bloomberg Business Flash. Yo what up everybody, Roaring Kitty here. I'm gonna pick a stock and talk about why I think it's interesting and that stock GameStop. is Retail traders hooked into GameStop.
AMC Stock Tumbles After Retailer Announces Plan to Sell 15 Million Shares
"And now and said it was going to sell 11 million shares. The stock had soared yesterday after getting attention on Reddit and Twitter by young investors similar to the Gamestop stock from earlier this year time for the WTMJ drinking Associates. Market updates
GameStop Announces Plan To Sell Up to $1bn in Stock
"Game stop is going to sell up to three three and a half million new shares and they say they'll they'll sell no more than three and a half million shares and they will raise no more than one billion dollars. And i can understand the limit three and a half million shares. They've got sixty five million roughly outstanding. So it's like just called five percent. Maximum dilution which is not too terrible. But the amazing thing here is this is a good lesson for investors and something. I learned from marty whitman. Who has like one of the old school value investors and he. He passed away a few years ago but he. He's a really brilliant guy. And i recommend his books. I've read a couple of his books. And what whitman wittman was. He told the story of one of his books. He was working with the ceo of a company called neighbors. I think it was neighbors. Industries an oil and gas company and. He finally convinced the ceo. He's you don't raise money when you need it. You raise money when you can when the market is offering such good terms that you just can't say no and that's what's happening with game stop now it just so happens that they need it right there. Revenue in the past. Three years is down almost half its down like forty five percent it was nine point two billion i think like five point one billion now and you know like maybe a billion five may not even a third of it is online sales saw the rest of his coming through their stores and of course in twenty eighteen they got rid of. They sold their their. At stores they had something like thirteen hundred. At t. stores and they sold that business. They sold his assets. So they're all they're left with this game stop stores
GameStop Appoints Ryan Cohen As Chairman
"Investor Ryan Colin is chairman. To succeed Curtis Wolf, who resigned effective Monday. Cone will stand for election at the annual meeting on June 9th. He's Gamestop second largest shareholder, and he's leading a transformation in the company toward more. Commerce. A couple of ARNs reports out Constellation brands is one of them. It's down
Microsoft in Talks to Buy Discord for More Than $10 Billion
"Paul. Wb the prophet of east sports. We'll be bringing you my hottest takes from the week. Basically everything you need to know about the business of sports all in about one minute. Let's go according to a report by bloomberg news. That came out on monday. Microsoft is currently in talks to buy messaging app discord for ten billion dollars. This news comes after venturebeat said the discord is exploring its options for sale in the wake of interest for multiple parties at ten billion dollars. This would be a steal. From microsoft discords growth has been meteoric however. This rumor creates a lot of questions. Why would discord self for ten billion dollars in the context of peers going public much. Greater valuations could discord have planted this story to create a bidding war. And why would microsoft spend almost twenty
Stock trading app company Robinhood files plan to go public
"Trading at Robin Hood is planning to go public later this year. The company's at the center of a fight between online activist investors and institutional investors over companies such as Gamestop and AMC Entertainment. Robin Hood is under congressional investigation after restricting trading of those companies earlier in the year. The APP allows users to by fractions of a share in a
GameStop Appoints New Chief Operating Officer
"Way from Intel, as well, we flip up the board and well we go cross asset, Gamestop. I mentioned it yesterday. Big news after the closing bell yesterday, hitting made missing. I should say that sales and profit but they're bringing in a new C O. A veteran from Amazon and Google, trying to get those digital sales which were 175% up, year over year.
GameStop announces another executive departure
"Announced its chief. Customer officer is leading the company. This comes at the same time or in same day that the company will be announcing its quarterly results for its fourth quarter and fiscal year. Twenty twenty this is yet another major move after activists investor ryan. Cohen joined the board of the company back in january. It's also been the focus of a short squeeze. Shares today are around one hundred and eighty five dollars each remember that shares back in january were up at four hundred eighty three dollars of an intraday high on january twenty eighth. It's been quite a run for game. Stop and analysts are saying that the stock is trading detached from fundamentals
GameStop to Release First Earnings Report Since Trading Frenzy
"Game stop is set to report earnings later today. It'll be video game sellers. I report since retail investors caused. Its share price to skyrocket earlier this year. We're expecting a strong showing game stops. I in years but even so questions remain about whether the struggling company can live up to its lofty new
GameStop Shares Swing Sharply in Volatile Session
"Shares of the Texas based company ended yesterday's session of more than 7% rising for a six day that's its longest winning streak since September. However, the session was anything but a smooth ride at one point shares whiplash violently bouncing between $348.172 dollars in about 22 minutes. And there may be another sign of a return to social lives. Texas
GameStop Shares Jump After Retailer Taps Chewy Co-Founder Ryan Cohen To Lead E-Commerce Shift
"Shares of games Doc stop up nearly 12% in pre market trading after Bloomberg reported that the company tapped board member Ryan Cohen to guide the video game Retailers transition to an E commerce business. Going. A major Gamestop investor and founder of the online pet retailer Chui will lead a board task force on digital changes.
Verizon is the top bidder on 5G spectrum, committing more than $45 billion
"The fcc has announced the winners of wireless airwave auction. It conducted over the past few months which racked up a record. Eighty one billion in bids the mid band spectrum sometimes called the goldilocks band is well suited for five g networks because it is able to transmit large amounts of data on a wavelength that can travel long distances. The two hundred and eighty megahertz spectrum is also especially important to wireless giants who've been trying to fill out their spectrum. Portfolios the big winners verizon via itsel co partnership subsidiary bid nearly forty five point five billion on the airwaves. at and t. through atp spectrum. Frontiers bid twenty three point. Four billion while t mobile bid nine point three billion it already acquired amid band through its merger with sprint. The results were in line with industry expectations and reflect. How important securing licenses for the airwaves is for the carriers.
GameStop Is Happening Again
"May be watching game stop again. today it shares skyrocketed in the final hour of trading. What prompted this late rally. We're going to bring in markets reporter caitlin austr- off into the conversation. She's covered game. Stop a lot lately caitlyn. Hey mark so kayla. Shares of game stop finished one hundred four percent higher to close more than ninety one dollars. It was hovering below fifty dollars for most of the day. What's the explanation behind this. So it's hard to say what caused game. Stop sheriffs to take off so much in the last hour of trading. What we do know is that you know you had keith. Gill saying that. He was going to double down on his game. Stop bets over the last couple of days. He's still really optimistic on the company. And that's what other people on wall street beds to say that they also are optimistic. You also had games top. Say that it's chief. Financial officer would resign next month. And so maybe that was. Also another case for people to maybe. You know think about the company's future could be different than what it had been a week ago but we don't really know exactly what causes it. You had a lot of people on wall street bat to were saying you know. They were caught off guard by sudden rise in shares and you can have big institutional players with deep pockets who can more easily move the share price who may be just doubled down on their bets that we could see games top perform
The story of Australia and the internet
"So just to recap long tawdry story of australia and the internet so rupert murdoch who is of course australian and i you know kind of coincidentally also six hundred. He is the Well he's pretty is pretty burs very close very close. Who's love journalism refusal. He started it was his first newspaper. Australian i know he is yes yes he inherited from his father. Oh okay from kevin murdoch. And then he bought sun in brittany brought. Some venture eventually ended up in a battle with with robert maxwell and one that the sun but he built his empire first austrailia and of course now the wall street journal fox He is your post. The times of london does on a media. Baron and apparently has quite a bit of clinton loss in australia. Because he yeah. He convinced the australian parliament to consider a bill which was likely by the way to be Voted on this week and pass that would essentially Establish a link tax to companies like google and facebook co published news snippets. They would not the the value. The sent to newspapers and magazines would not be a compensated. Any way it merely the fact that they're using the content some small amount of that content in their search results or in their links That the parliament said well. We're going to say you got pay for that. Google is the first to capitulate first threatening. We're gonna we're gonna retract search. We're gonna if this passes. We're going to leave australia. Apparently they didn't either didn't work or they didn't. They lost their nerve. Because shortly thereafter they made a deal for paying some unnamed some to murdoch and other publishers thought to be fairly hefty amount of money tens of millions of dollars to the benjamins tens not hundreds tents. All right well but a two platforms times ten times five years or something. It adds up. Buddy was one of those deals where there's a face-saving going on as well because oh we're going to work together we're gonna create stuff. It's going to be a joint venture that kind of thing that i've just here go away. Take some money which is what it really probably is
House Financial Services Held Hearing on the Buying and Selling of GameStop Stock
"Services Committee had a hearing on the buying and selling a Gamestop stock of the social media website. Reddit Jaime Roldos Inskeep, the founder of Red. It's Wall Street bets form, says he doesn't expect the trend of short term Trading to stop any time soon because of the success that was seen with Gamestop. Now that these retail traders have gotten the teeth for it, it's gonna be really difficult to put the cat back in on that bottle. Especially now that there's such a huge, huge collective number of them. Answer says It shouldn't be a lot of new regulation when it comes to the stock market in the future. With the
Sharp Questions Fly at GameStop Hearing; Citadel CEO Testifies
"Online brokerage firm Robin Hood and read it facing probes by the Departments of Justice, the Commodity Futures Trading Commission and both chambers of Congress. That investigation and some sharp questions on display today's congressional hearing. The Wall Street Journal is reporting that the stock of the video game retailer shares soaring this last month to above $480 a share. Keep in mind that was up from just $18.84 on January 2nd of 2021 the surge fueled in part by an army of an individual traders, they were buying shares and options and trying to squeeze out the hedge funds who were shorting the stock. Now, the episode has led to questions about the markets integrity. It's also set up a zoo said Just a moment ago, US. There is a federal investigations into market manipulation. Prosecutors have subpoenaed information from brokers like Robin Hood, then the online brokerage company that many individual investors used to trade. Gamestop is one of a zealous other stocks among those testifying Keith Gil. He is with the Chicago based hedge Fund Citadel LLC. I'm happy to discuss with the committee my purchases of Gamestop shares in my discussions of their fair value on social media. It is true that my investment in that company multiplied in value many times for that. I feel enormously fortunate. I also believe the current price of the shares demonstrates that I've been right about the company. A few things I am not. I'm not a cat. I'm not an institutional investor, nor hedge fun. I do not have clients and I do not provide personalized investment advice for fees or commissions. I'm just an individual whose investment in Gamestop and post on social Media were based upon my own research and analysis. I grew up in Brockton, Massachusetts. My family was not wealthy. My father was a truck driver in my
Robinhood and Reddit in the spotlight during GameStop congressional hearing
"The CEOs of Robin Hood's Citadel and read it are going to be on Capitol Hill today. To answer the for the massive swings and MIM stocks before the House Financial Services Committee. New York Democrat Gregory Meeks sits on the panel. He tells Bloomberg. He wants to know if retail investors were taken advantage of Basically that you know, the name of the subcommittee that's in charge is invested protection. Make sure that the average everyday investor is protect that hearing gets under way at noon. Wall Street Time stay with Bloomberg Radio for
"gamestop" Discussed on Everyday Talkies
"By others out. I would agree with him. Chris like i would like to be making different points of going like spiderman. What spiderman is with great our. Come alone what he did. A least in this situation is that you don't exactly what his word he redid. Game stocks not game stop so is like a funny rail seeing stocks because stock breeding stock otherwise has become very popular into In in tiktok and one of the doctors they said stones instead of stocks In one of the video kind of of either. So whenever you of the the the stocks come up to add stunk stalks. Bright in my Local for this episode. Christoph has become this. This mean kind. Work alone. Don't give a stock and what he also did is that he linked the rabbit forum in history so what he did is that ilan hates and hate the idea of shot at a few readers street. He he's especially communicated his part thing that should not be allowed and short of market manipulation and ultimate hedge fund kind of the market by sharply by own fate of me. What i have a problem with is that not like a big thing. Many people believe what he musk rice. Thinking that that i think is logical and if product usually elon. Musk does north right pot out on. He says what he says what. He's feeling on that one point in time he's washing when it comes to the unites a lot of stuff which is actually not very when people fee i think games they in headingley go or at least you know be attracted devoted to these places with gives them exposure and give them these ideas of making millions of dollars by investing in jane stop and then they invest in game. Stop by by taking that. I can make a million dollars by investing in one and also Is giving us the approval. That great man. We don't have to do our own.
"gamestop" Discussed on Everyday Talkies
"Start making everyone panics at eight so if these is the influence that these people have on the market that kind of grove to kind of behind these groups at all been kind of portrayed restrictions so that he could only you know fell the stock in the in the market. And not by it. But you know if you know about this And you don't know about this on the twenty eighth of january open. Go along with other leading applications being this market. I'm the loss of hedge funds. Were making they decided to put trading restrictions on stocks game stock and other were kind of facing the same and they decided that you could league the stock in the market and they could no longer be pleased by order so just imagine the kind of gap could only go down from there so this is the kind of market manipulation happen. Yes exactly know the point. Is that the sec. Or they're board. Should you make a call on this that you know whether the should be solved it as in india could see that assad gets his way if talk too much. Trading trump artifact falls too much. Stop whatever so. This is taking art with brokers themselves. But by savvy by the organizers right. So take these calls but do you think it's modern right. What is private entities. Like which could even happen in india. I'm not i'm show. It is legal or not because it has enough of losses vile again the brokerage comes who kind of manipulated all away at on. I think it is. He has some point villian debbie. I'm not sure that judgments and had already know with the. Fcc has already after october. Note kind of you know stocks dairy the incoming commission They did come up with a statement thing that the commercial of you actions taken by entities that had wanted investors or otherwise on trade aussie that they will look into this matter. That happened. okay again. We have to see that problem here again. Everything comes back to one. One single point of failure is that these are these issues who become too powerful for the particular market to function and when these should become too powerful. They have the power to manipulate the market. That's where the then be saw the problem here again. The problem of of bend a huge amount of power in the hands of these same licensed issues even if they had good intentions when they were starting off. Once you have too much you have eventually eventually our to manipulate or bring hindrances into the market actually so If definitely influenced by these knock games. Tissue investors is definitely influenced by what happened in the market and definitely experienced by people. Who who made this huge amount of losses and showed the now knowingly or unknowingly for the for the for the best of intentions or for the worst of tension did what they did and now i completely disagree with want did because they kind of by particular foot into the market and the come home and the market was acting out on its own. The prices shot up so high was because of the short like because these hedge fund had to buy it come into the market and buy shared these high prices. Driving the by higher is because of the base. They showed the more that than that. So the The market was just playing if they would have liked the marketplace. The shot all the shot positions would have been used at some point in the future the prices would have given who whatever level and then the market correct back again and bring back to might not like happen and i why this should be investigated makes sense. Now w the other point. Which i don't know but i'll be convinced that this because i'm going to take some names which he may or may not like now vix mississippi to your these bitten given these populous figures that we that i'm dead and be can access them to social media elon. Musk won his tweets can be very detrimental look at the stock market or anything lives. He said this level stock is overvalued it fell he talks about bitcoin. Bitcoin says he knocks over signals. Signal gets a boost. And you talked about this. So what do you feel when people and alana's not seeing that he has bought something it used does just which one word makes no sense. What do you understand from this league. This should as illegal or not. Or what is the morality and also like i personally What he wanted to know if is elon. Musk leading bleeding the stock market. I think that is not yet that is about in one kid obvious. Have that mckee's not doing anything. But given that his opinions be. Rv of thinking made because are in hadn't with said that has a following quality amongst mosses bed if even if let's talk about any of the populist and got renowned let's say if in a mood is under tweets that he's gonna miss something. I'm sure they're not though nobody. Even who knows what. The medical will open new accounts. And we'll start investing in detroit's so what do you think about people expressing their interest or disinterest on social media back from likeness but influences. The most what happened like has entrepreneurs who either jewish following. I think hardly any entrepreneur who is such a huge on any little is behind it so the thing that people have confidence in He has a established so many companies So when he say that he believes in something or listen or like something people -delity his what the opinion that that particular going all. It is going to you know. Look good in the future So that is what and twins act on. Today's anything wrong in that. If you mention you should be financially illiterate too. In a certain way to invest in the stars talk and either way to get out of the market awarded the things you want from the marketing with one that had another shadow. You one dividends on the mcdonald's your deep on on something and you start believing that you you know unconsciously have confidence that that did not feel was even if it does happen happening so you though the nation.
"gamestop" Discussed on Biz Talk Radio
"Do appreciate it. We mean that. And I want to start off with Just a word to the wise. A word to the wise. As you know, we have had this thought process that ultimately this bubble will burst. That's the thought process. We're not predicting it were outlining it based on precedent, and we started on it. Six months and so far. Ah, lot of the things that we have. Thought would happen that happening. Froth and speculation. The penny stocks the margin leverage. The secondary is the I pose the valuations I could go on and on. But there is no better example. There is not even close to a better example. That if if Yeah. We are in what we think there was a chance we are in. There's no better example than Gamestop which, as I speak is down another $11. $49 Down from $483. On January 28th. And just to refresh your memory. And this is of import. You had celebrities coming out and telling you don't sell. Let's band together. And then we find out after the fact they sold You had these red. It's people. Yelling and screaming, Don't sell. This thinking goal 1000. 10,000 There's no price too.
"gamestop" Discussed on Everyday Talkies
"gamestop" Discussed on Joey's Totally Tech
"Alright. So for two hundred points. Retro tech this piece of retro tech was introduced in the nineteen sixties and was an option in three or four models in nineteen sixty six the mustang thunderbird in the lincoln it was best. It was the best we listened to fill the underground on the go. Oh gosh zinc the sixties or the people's sixties cars palm. Let's see probably eight cracks. Here you go last minute. I didn't know you're gonna go back. Rats that i know you're going that roger that surprised me. I was thinking like eighties retro. But yeah you have very retro eight. Ever know what you're gonna sign on Totally texas via right. that's right so totally tech trivia. What do you think is a winner. It's a winner. I like playing at the winter again also while prize or anything for you. Yeah yeah. I have to challenge some of this Trivia staff to a trivia contest weeks. Feel free yeah definitely so on to Our main story for the day game stop and the stock situation. Yeah so before I typed a story up. Have you heard much about this. Yeah i know about it. I've actually been posted into my personal facebook about it Some of the political side of things and You know how Seems like a lot of the poor people like us are catta scoring over the hedge fund managers. Right now you know. Yeah i guess i guess the consensus among you know my section internet is kind of like a. You guys have been manipulating the market for decades. Trying get us a slice. What's what's going on now. You got robinhood doing their saying so yeah so so yeah so it is this kind of piqued my interest. Oh yeah. I got interested in stocks actually down a couple apps trade since then. So you know. Actually i bought robin hood the other day and it went up forty percent. Oh wow dropped down to like twelve but you know they say diamond hands the paper hands so he got hold onto your definitely right so So basically odd give us a quick rundown of the earlier against opposite company. And then we're going to of go into kind of their downfall and then kind of what led into the whole la happened last of elites. Okay all right..
"gamestop" Discussed on Everyday Talkies
"Or august are pretty Particular member of the group. He pointed out that this chad game. Stop be shorted. Every i there will come a point in the future who made the people who have shorted the to buy back the so. It's a good time to enter into the stock because advocating the point when these people go down that position the those that you normally market dynamics reputed to feel Shot position data go into the market in the back give. Obviously they are better okay. This be shorted three. Let's get into the share and let's drive devices prices by diving on the kind of forcing the short films. Do you know that when they go their positions they go and buy it from the market and then they go to by phone market price agrees with which again in other short telescope bite because they have to grow without position which again increases the thanks. Gene keeps on increasing and this cascading effect is another short. Squeeze okay so this is also very technical. Competence be shorted around. He's a short squeeze. Ben i particularly stock which has been shorted it stock increasing and as the prices increase new to have to go that position and is that good or the condition the price increase again. And i'll be the again. This keeps on happening and the stock. But i shoot up in a very small period of time. This is kind of what happened. In case of games on now just to give a different flavor to the story anthem in which i have been falling from twitter and reddit skied called cook. I don't know what they need to an evening skirt. Okay let's skip that Was this guy not the other guy that got so so there was this other guy who was actually following this stupid for a quite a long time the original guy who came up with this idea also. The hero of the gas go now is that he was probably you it. He was a sports thing that you must monster t by the shadow. Nobody will understanding that was he was mentioning that. Got as you said that Game stop the stock has heavily short and more stocks soared that that that is in the market so chart. There isn't the bucket. So which makes no sense. so he's authored by andy also mentioned the. Ceo of the company was doing rounds. He was you know making speeches that he wants the company. Yuck the company was making bosses. Don had it been pretty hot but it's not like they were in a computer. Down warriors without a blockbusters blockbuster netflix with what it would still have people going in because of discarded chris for concern xbox and ps fight people up in the store so it was not like it was just empty stores. So he's not by back and after some people when they go to know this and we understood what he was trying to stay in a whole beam styled crease. People start buying it at as you know as you mentioned the price increasing and when the losses were getting too high the heads wants wanted to close out their positions. They had to buy stocks to now. The demand is too high so prices goes up. The price keeps rising and they keep on losing money. And the biggest. I would say austin her. I don't know yet. Maybe disaster was one of the hedge. Funds gold-medal capital. They almost went bankrupt. What the hedge for tattoos locked up over two billion dollars just to save them. No hold on. Hold on hold on. I know pepper sort ends. No but the story does not end here. This conversation was so amazing that i thought let's break into three parts that you know it's easy to digest this phone spot we learned about you know what the shorting and how you know. The hedge funds lose money because of that in the next episode. We will discuss the other reason. Why hedge losing money. And that's our options. It's coming out on. Wednesday stood for that at the special episode where everybody was following this new story and melinda a next week we will have the final episode for game. Stop bad we will discuss the philosophical implications. The model of what is happening in terms of media in terms of editors making these sales are in terms of hedge funds shorting shares which are not even dead in the market. So yeah we'll just aspects of the nasdaq mazzone so stay tuned for that and if you have any more updates on if you guys worn us to govern any such interesting topics let us. Nope i've drive to bring in experts. Who can tell us about it. Then state bye-bye..
"gamestop" Discussed on Everyday Talkies
"This dossier yup definitely so. I think it's best to give up a bag. It on the boardwalk games talk to the use of the company and white game into the headline and so game. I played on owned in nine hundred. Eighty four eight thirty present. The united states business models that business model is back they sell video games and gaming it out of that physical retail store and it is sort of common theme the united states using the so this business model like that of having physical retail store where people can go and buy these given group in games it begin kind of that now games an important online and nowadays down directly into the sordo major demographic that they had no longer bent into that he gets to so they would have e revenues gop life teen onwards and in eighteen nineteen the saw the negative numbers in there if they did it losses in twenty nine ninety and then came forward and which made peace even both and white federal down stick with additional strains on the revenue and the ordinal lease payments on the places that hide the company into bankruptcy. And that wants to pedophile united when the company so understood. But i could see it almost read all three point. Five in march of twenty. But you see the company would not read and this is abc. The hedge funds enduring game is because like we discussed night short-selling when you expect a particular compete to do by you bet against that company to make these hedge fund the soul that game still. The company has a business model was not working out and so they had a lot of huge amounts of against the company. So i enjoyed his bed of any technically An interesting thing happened in the sense that particular point in time Approximately november twenty nine deepfake game had a particular number of shares which are be stilted in democracy. Total number of share which be buying step will die quebec among with approximately sixty million shares which can be the water sort in the market. Now act ultimately see towards the end of ninety nine beginning of the sharks. The people who shot soared the shave. What actually more than the number of shares available in the market in the same. That the shot tiller these hedge fund and big big in institutional investor. Who had the opportunity to shot. The sheriff of give stock and company in the market ballgame. Game stop what is that the actually shots toward more shed than available in the mark. It's a bit of a financial house possible. They i i can give you a Suppose therefore i on the the. So i was the libor the chance on me and you sold it to which you bought it from minnesota legit out now them both the flute person barshop unfolded back to me. The same shift like a because you have the shea on the full personnel also bought. The same shift didn't the same ship. Boo okay so it's the same thing going out that happened. When tonight yorkers wonder what usually happens people can in these financial financial domain back. How many shares are down particular. And how many shares shot a particular stock. So this is a big knowledge. Everyone can in bloomberg and reuters. Okay so now. This is the situation die. There's a company which is going on or is it any forty and market situation the environment. Everything is going against the dumping. People are betting against the company very hard so hard and the sharp that has more than the total market stocks. Right now what happens. Is that now group. That is no known off. It's a huge group with over three million people in a bad you the to give advice on rich doctor by witchdoctor sell and how the market is going to perform. There are no exports Experts in the who kind of give advices and the photo for these expert of in that group Like i think it was in september. Nineteen.
"gamestop" Discussed on Everyday Talkies
"You agree okay so just adding onto that. So let's say settled has an image. People'll since it's an olympic well it's appropriate for now when you see that you have to borrow sheriff's made for shorting from the so miniature you borrow hairs from the zero. Two shocked share in the market. Now is it a minor did was the have this. Headwaters ought not mention. How does that work is classic and of the has to have all. This makes not stupid thing that okay. So you're putting so number. One walk through falsely established. Is that not. Everyone can shots jay. Okay usually when we investing so off the normal investor the investor the small kill investors. They have the usually limited to buy shares sending the ordinary half. The concept of shouting is kind of the privilege of the rich independent back. You have enough exposure in the market enough capital in your bank and enough margin with your brokers who be eligible eligible Do short particularly because shopping. Very risky concept right. So if you for example like been you are borrowing someone share from in the market and you have lake time bomb bridge dot right so like give an example back. You are boarding. Shut shit or water. You don't want in night one year old you. What assuming that the price of this dog that you go to fall. And you're ready to buy that shed at the depressed and the figment opens. What indict one one year is a lot can happen company fundamentals in change. They can use the yoga appointed and the ability to turn around the company. Or there is some you. Don't some other fundamental taxes. Which kind of can the so again. Maybe buying your shed though. Maximum loss you can. Suffer is your initial investment because a shack and legal deal in our own further but on the other hand when you're shopping your losses artist potentially infinite because the sheriff price can technically go like. This guy is elimidate. So one of the main reasons by shutting sore dangerous like we saw in stock. Is that if the chat bikes keeps increasing. Your lost don't stop okay. You'll losses also keep on increasing because you have to buy the share and give it back to the lenders at particular point in time because that's the share which you don't own no mike and watershed aga- particular point in time in the future. You have to buy it at that point. And that's the problem. I deal what happened. That mentioned that the dealing whistles concert says from what i'm aware of dealing with us can't short shaven andy locker but you have to lose your position by the end of the any by the end zone for this. I renew aiming for buying a short. Honestly if you're having a shock vision you need to close at the end of the so basically for selling hair in the morning you have to buy back the shares of the but like ordering when the work was less expo the stock market's investing my saving the not on out how the market actually was one little experience. You can understand what people thinking are the point of view. So what happens is i Short initiated in the morning and what happened was the biting fees. So i started having. Y'all sunday's matchup. By the end of the day the shade address its high aswin. A high located speech but reading list shared his stock. So i was not able to buy the ship and i didn't know they. Losses actually will be not to auditing wanted all of this time What the law stated that. If i have a shape i did. I don't share with me Then i'd have to buy the stadium from the league also market but you market way you know invested with deposition. They'll have to give them the share tweet at a twenty percent high beam. As if i had to do that like my own are running windows person. Awfully actually initial investment so. That is why. I like the position in various keith ordered in with it and the government of the more do much in that so one last question before you know the short and then will jeopardize action story of game stop is what if when you're shorting right and to somebody a shouted at the assumption that the price will go down and then you would buy back shares. What if that the company that you're shortening was bankrupt basically the hsieh bracelets rosetto so then. How do you like the chase. Like what what happens to the says what you're describing is the opportunity for the shot. That is kind of your a point of view. I dump time. You're taking that. The company becoming bankrupt and the shares are potentially going almost. Go by so you you have havoc on track with belong. Does that you give them back. The sheriff i particular you give them at this point in time in the future. Are you seeing that morning here in baltimore for the year. And you see that. The six months company almost reaching bankruptcy no bankruptcy dig- long for a long long time in the chat price for with a lot in koo thing. Maybe you can go back to double digits again. They'll be some good news. Bad news is upon you either short download who determine a particular point in time in the future bad. You see that okay. This is bad. I wanna maximize my coffee. But he's not for. This chef broke from five. I i quite tight okay. Though they like. I want to take any. Because they'll champagne become voided. I'd be situations that i saw that. Usually the short seller will do that. I want to maximize my by by repeatedly with me on the back on this. And i'm i'm i'm out of the market. Okay given that nabi. Abusive understanding over sorting is and. I'm sure we'll understand what about it. So you know who wants to take who is available at Game stop docile. Ready does over one. St can both that i can. I can give a brief description games and what wall street i just. I just go to notification onto the is just i wanted also it is honda's name denigrating So they have to that. I mean if long must likes brought you by your probably in good hands but just work so. I think that That for happen to this and you know. I think that is a big piece of.
"gamestop" Discussed on KCRW
"What is going on with Gamestop, But before too long, the rocket ship ran at a fuel. Gamestop shares get killed, plummeting lower at lightning speed, the huge pop the sudden crash. It was dramatic and weird. And that's also why it's unlikely to happen again. Any time soon. Call this tip number two market seemed to operate almost as a learning machine. You have human beings trading some smart hedge fund investors got burned here being in a vulnerable situation, they learn the market learns markets are highly adaptable. And can not to see the same mistake happened frequently. Okay, So if riding the next Reddit group rocket ship is probably not going to work, what's a better strategy number three. Don't try to pick individual stocks. It's too difficult to pick winners and trying to get in and out of stocks quickly day trading or buying options, which could be much riskier than just buying regular stocks. That gets even harder as an everyday investor. You're just out guns. The Super Bowl's coming up. I don't want to get on the field with those guys. They're bigger, faster, stronger, tougher than me out. I would need three stretchers for them to carry my body pieces off if I played football with them. When you are buying and selling against high frequency traders and Mo mentum hedge funds. That's the plan against Super Bowl level people. This gets us to tip number four. You beat Wall Street by not playing that game you by broad based index funds that lets you own the entire stock market, basically, and a mix of other types of investments, too, at a very low cost. History shows that approach gives you the best returns, Riddled says. That's the best bet for most people, he says. If you just really want to buy some individual stocks just make that a very small part of your portfolio. And listen. I'd like to buy and sell stocks occasionally. I don't mind occasionally taking a flyer on something, but I do it with money that I can afford to lose. And I'm gonna assume that is going to go to zero. There are riskier bets that you could make to some that only pay off of a stock like Gamestop goes through the roof Riddled says That's more like gambling than investing, he says. If you want to put 100 bucks on a number on a roulette wheel, okay, but the odds are very high that you're gonna lose. Chris.
"gamestop" Discussed on W-Key Podcast
"Every game. That's been coming out as year. Labs grade so and like if figuring you know and i always go back to it like like animals major slap in the face to like game developers like hey like earth. We'd better have our game like more polish ready to go. And i you know. I think for a little while game developers kind of really you know followed out that creed that rule and then cyberpunk came out and you know. It's just another rude awakening. That like you need to have it done. You need to have it polished and functioning and with the next couple years they're gonna be support for both systems that that the old gen and current gen you gotta. You can't put all your eggs in the new gen. You have to keep the old gen. The previous happy to and especially with the shortages that are happening like just has to happen and and cyberpunk really highlighted that. So you know. It's i think they need to give you know if they're doing this. They probably need to give their their development window or room to make things happen. Which i'm okay with you know okay with. I was okay with waiting for cyberpunk in i have. We both play. We you have dump. Ti would get it on pc. If i if i were to get it we'd we'd be okay playing it but even if i was playing planning on getting from xbox i'm i'm still always okay with longer development time to make sure the game runs better i to work also and something else harry potter related. Apparently they're working on series harry potter series at hbo. Max v harry potter like harry potter and on her miami. They're just working on a series. Based in the harry potter world. Around hogwarts yada yada yada for hbo. Max so i honestly. I'm pretty excited about that. 'cause interests a little bit. Hbo makes good shows. They're like we just finished watching his dark materials a ceo. I did a long time like a while ago. I just barely finished washing season to season. One was okay. Have you watched us at all. So it's based on the golden compass about adding it to our yeah remember. Do you remember the the movie. Golden compass back in the day with the polar bear. The bear and everything. I know you're talking about. Yeah so it's so. Those are based that movie in his dark materials are based off a series of books and so they basically did it into into series and yasser season to just finished and season. One was all right. It was good season two as much better. So i mean you know with everything. Hbo does the series that they make are usually top notch. So i'm. I'm pretty pretty stoked for the harry potter series. They don't hbo's aid prime to listen if anyone's looking for a great like very true to science and just really enjoyable. Like sci fi space exploration show. The expanse on amazon prime prime video is so good so good during their fifth season. Right now i think My only problem with them now is like what they did with the boys for some reason you know internet shows went from you know it went from having to watch way every week to getting a massive dump a season binging at all and now they're going back to like they'll dump three episodes right when it premieres and that its weekly after that. So i'm like fuck. Just i wanna watch it all in one go like i'll go but i want to have all the episodes there because it's like you get caught up and you're like i'm gonna win a week like damn it so I kinda hate that. They're doing that with some shows. Special names on prime with extra steps. I know exactly so anyways yet. Check the expanse..
"gamestop" Discussed on W-Key Podcast
"Your bill is super high one month. They'll throw you a bone and you have like two months. I think there's over you get a the wash. It we know is going to get us. Go over we'll cover you for these two months. So they're kind of being nice. Nice nice i. I look back on my emails. They say again back in november. We know you that this was happening. I don't really remember seeing anything from them november so this kind of seemed like it came out of nowhere so i'll come january. We have a cat now so they probably emailed your comcast email account when you sign up for a triple quality comcast email account and they they all know that. No one uses that email account so like we told you about it back in november. Yeah they sent you to like fucking black hole is the comcast email. So yeah either way. They're snakes. It is check your usage because i i remember looking january sixteenth. Halfway through a month was over the limit already. Yeah so. I mean you do stream you know. There's some extenuating circumstances there but that uses your upload speeds. Alex gave a cap on your data down. Yeah so either way. It's two of us here at home in three days extra but like you have a mom dad. Two kids i mean. If you're major binging content that yeah yeah we use. You're going way over that. There's no chance that it's only five percent goule crap. Yeah so either way. They're pretty they're pretty coming in and you know they're smother we're gonna transition into a little bit of a step away from video game the proper what i would call view game proper like video games proper world and we're gonna step a little bit into the world of stunks auks dude stocks bra. So have you been living under a rock. You may not know that. Currently the the price of a game stop share. Actually i don't know i i should have looked it up. I can get a quick one. Eighty eight last checked. It's the took a dive day. Started like three hundreds at one eighty nine right now. So but i mean last thursday at one point the fifty two week. Low so yeah. It's three to fifty seven at some point too long ago and Say last last thursday. Last friday was about four hundred bucks so we asked game. Stop like it's a meam of a company like there are so many meet like it's a it's it's an outdated business model When it comes to video games video game world under i mean they..
"gamestop" Discussed on W-Key Podcast
"You know in news because it was ice. Storms was during the winter so it would be dark at like four o'clock in the afternoon like up. We're going to bed so yeah so So i don't know man it's just like yeah. I don't know what else they expect you to do. During the sole quarantine kids i mean there's only so much. Tv you can watch. And that's you know just as as much of an issue. I think in some situations you have less control over what they can watch. Shimon you new york times. You're better there's no not really but you know we'll say they are. Yeah you know. Who is who i would say. They're better than this but they are trying to prove that they're not and that is microsoft for anyone who didn't catch it because this is a very very short time like they talk about the twenty four hour news cycle. This was like maybe eighteen hours like microsoft. This is what a week ago. I think you send me your two weeks. It was sometime between the last episode two weeks as a day or two after that. Okay might have been. Yeah this crap. I look at this shit so microsoft came out and they were like. Hey guys. guess what we're going to double the price. Xbox live from sixty bucks a year. Two hundred twenty dollars a year and they're like cool right and that literally and literally. The internet mobs on twitter just started getting their pitch works in their flaming sticks together and they were ready to like beat down microsoft's door and yeah like literally probably eighteen hours later. Mike like a right here. We're not be fucked up. It's going to stay sixty. It's like jesus admitted realize oh shit. We can't do this pretty quickly. It like stuck to it staying. We don't care what you guys say. At least listen to the community was like all right. And i think if they had not flopped so hard with the xbox one like so they eventually changed their tone on on what the xbox one was going to be but for the longest time they held firm on what the xbox one was going to be in the features it was going to have in the required like the required connect all that shit for longtime in the and people fans were beaten down their door. Like no no like. We don't want that shit we don't want to. And they just held held held held held until they. I mean they finally broke but like it took a lot longer. You know and if they didn't have that experience in their hand with the situation they probably would have tried to steer the course and kept at one hundred and twenty But i they. I think they learned that trying to stay. The course against massive backlash is only going to hurt your product in the long-run kind of like it did with the xbox one. So yeah i just i i thought it was. I saw that and then you said that to me and i was. Are you fucking kidding. That's crazy and then literally the next thing like. Oh yeah we're kind of fucked up guys. We're sorry i'm wondering so. I just did some quick math. No because aaron does this. I know law people you can buy. Xbox game pass. An xbox live gold subscription together so instead of having like one of the other is fifteen bucks so that years one eighty..
"gamestop" Discussed on W-Key Podcast
"He created a game company. So well i'll take two steps back for anyone who doesn't occur schilling. A famous pitcher notorious for being on the red sox pitching with bloody sock winning us. The socks you know the first world series since like fucking nineteen eighteen or something like that it was it was a buck and long estrogen away broke the curse of the bambino. Whatever you wanna call it Fun fact i also coached him and his family at axe throwing. He came in. Yeah so he came. He signed signed the board. And i coached him and his family for like two hours. Dude is passive like much better than i ever thought like. You know i'm like okay. Athletes short use a pitcher. But he's like taller niamh broader like holy man. Big like noah's been. He may have more of a you. Didn't i didn't notice much too much of a gut. But he had just he was he was just a stocky guy anyways he after his whole baseball career you know. He got into game development. The funny thing was when he was there. His grandfather organized grandfather. Who was his father in law. I think actually was wearing a shirt with his studio on it. I just kind of laughed a little bit like i. don't you know. obviously. I don't think he thinks too. Many people would know but like you just happened to get the one coach. That's the video games. I should've yeah s. You know he started the development company somehow got like the rhode island to like back the game back. The company made a made a promises made the game it kind of flop huge and like almost bankrupt the whole state from like funding the development of this game and the game was like pretty pretty good like i thought it was okay It wasn't anything like too crazy. But i mean it kind of it it. It took elements from fable and it took elements from like some of those other types of games and and it was enjoyable. I just i just admitted. I saw it. I was like oh my god. I can't believe it's been nine years. Since curt schilling basically rough the stanford island for some reason it just feels like a year ago. I.
"gamestop" Discussed on WNYC 93.9 FM
"Hot chocolate for me and maybe a bag of chips 99. And it's back outside. I'm a couple of plow mountains. For a couple of slush rivers. I'm home again. Amy Pearl W N. Y C news Game Stop is returning from the stratosphere. Shares of the video game retailer dropped today. But they are still worth more than $90. Compared to $4 a year ago. An outpouring of love from individual investors on Reddit has changed very little at the company itself. It's still in dire need of its own turbo charge as NPR's Alina cell yuk reports. While Gamestop shares soared among the stars back on Earth, things were much more ordinary classic location. I went on a cold pandemic day to a strip mall in Virginia, where a Gamestop sits next to a.
"gamestop" Discussed on LAN Parties: A Video Gaming and Esports Podcast
"Shouldn't even talk because you know the so much about. No no no understandable language in this game but works to sell the concept as well that like you also altered by this world and the creatures that live the. You can't help but feel alone. You know you you buy feet small dwarf. You don't even get to togo onto stunned. What people say in. It's just primal fair survive. Just just get through at syria. It was let play play but also plays thing because while again like like you had mentioned elliott. We weren't expecting people to jump the chances in the way they did the videos. The essays that we've read the paper people still discussing there now. I i think it's decent. If you look all these different things you know in the background. This makes sense. That does us crazy that you thinking about it so deeply. it's it's a spell. None of them that will put a hopeful homeland. You know given the response from that first game does that. I think it you know in any sequel or any next installment. There's always that danger that that first game players are coming to it into a world for the first time and you know there's that magic of experience in that universe. How will hell much does that change. How you approach. The next installment were players have that base and yet they're expecting you to keep that tension keep that sense of wonder in in in questioning about the world in jarman this A kosher con. Ignore 'cause we came from nowhere Plan alwa- who's with the media molecule. But you know this came out. People didn't.
"gamestop" Discussed on LAN Parties: A Video Gaming and Esports Podcast
"What's up everybody. Welcome to episode fifty five of land parties from the las vegas review journal. I have your host lucas again. Jodi as always is my co-host ryan smith ryan. How's your weekend. it was. It was good. I got some game and then again. We're getting closer and closer to beating spiderman. So i'm excited about that work on my way through the halo master chief collection so it was fantastic. I it snowed a little bit out here in vegas so we didn't get a chance to go out but i think we're going to this weekend. Try to go out and play in the snow and bad so we don't get it very often so you have to take advantage of it when when we do get it but all in all. It was a good weekend. What about you my friend. We can was good. You're right we don't know how to deal with snow in vegas thankfully recurrent for us but no good. We was good. I'm up to like sixty seven. Wins on super mario thirty five. So i'm chugging away at that but enough about us because we have a very special guest. There's no secret to anyone who knows me that little nightmares to is one of my most anticipated games of the year. I just cannot wait to dive deeper into this world and today we are joined by the senior narrative designer on the game. Dave murphy is joining us. Dave thank you so much for coming on the show. Today my pleasure oppressor israel since suspension -ticipant own. My hopes and dreams. I'm on this one interview here. Let's jump right in and little nightmares was such an amazing experience. You know it took me a little bit by surprise. I of came in blind to that first game so when you guys were crafting what you wanted to see story. Wise from the second game was this always the plan. Did you guys always have the general storyline in the back of your mind. What you wanted to take this The honest that can but we had this world my job in lil nightmares really pop from in the beginning where it was paused like concept in the ad the the idea of what is this world is going to be able to buy it very quickly became about lower and world creation and so the does a hundreds of stories that really said to tell different pass to follow us. We kinda start talking on things that we really passionate about themes and carter's we to explore them all. That's why you can get into the lower. I'm we realized that this was pov. The on the characters they wanted to to get into but when you were crafting the story for the second game here. How long did it take you. And what was that process right like win. Did you know that this was the right story to tell for this. Installment i think it's countable ghana thought rayleigh because we always saw with with like a the.
"gamestop" Discussed on 710 WOR
"Economists on this broad that has broken out on Wall Street with Game stock. Gamestop stock soaring You know, I think at one point, you know 1000% of whatever Woz well that crater, for example, the hedge fund called Melvin Capital. They had been shorting the stock. Explain to me why? And explain to this audience. Why shorting his part of the ebb and flow of how Wall Street works? Because most people think, all right, I'm gonna go into the market and I'm gonna I like this product. I believe in this product. I think this product is going to sell well, and I think the stock price will be steady and, you know, let you know I'm willing to risk a little bit of money and the hopes that goes up But you have a whole group of people that are betting it goes down. Why is that an integral part of the day to day business with these hedge funds? Because what it does is it it prevents, you know, hopefully prevent big, You know, balloons that burst because you're having people betting on both sides the shot so, Sean, you may buy Google stop. You think it's going to go up? I think it's going to go down. So I shorted that reduces the price of the stock. And that's what one of the things that makes our you know these air kind of betting markets informed betting markets you You may have knowledge about a company and you want to invest it. I have some knowledge in it. I think you know a I think they are. You know, the management isn't good. I'm gonna Sorted, and that leads to an efficient price for our stock market. And that's one of the reasons the U. S stock market is is the best and soundest in the world. So again, short extracts. We all do it. If you're if you're the mutual fund, that mutual fund is probably shorting from socks. But again, this had never even heard of this before. Sean. I had never even heard of this before where you could short more shares the fact than there are out there and that means boy. These companies some people have suggested to be. You may not be able to do that. Exactly. I don't know. I don't even know how you do it. Really? I mean, how do you How do you short shirt? You can't I mean, I mean, it is mathematically impossible. And if there's not a restriction on it, that needs to be one, right. I would say so, because I think it rips off investors. And when you conduce that you can really drive down the shirt, which he's sometimes what I don't like about some of the short sellers is they are there. Sharks. You know they can destroy good company, but I've seen it happen. We're good company eyes not able to weather the storm and they keep driving it down and down and down and down, And they deal with the financial reporters, and they spread rumors about a company and all of a sudden, you know, a small company that just getting his feet on the ground. I've seen it. Dozens of times. Show him where the shorts Dollars can can drive a company out of business. But when you combine for that's the part that I hate, and now do you do this kind of trading yourself or no. No, I'm not. I'm in mutual funds. I'm in the market. I think everyone should be although right now I think so on Look, the stock market is very pricey right now. You're I just I don't like the stock market right now. The price If you look at the price earnings ratios, they're very high and then Sean as you and I have talked about you look at the agenda of the Biden administration. The assault on Is Listen. If the higher taxes and regulations that are coming that is not a good investment for for business or for shareholders. Have a very minimal investment and exposure to the market. I just don't have the appetite for it. And anyway, very enlightening. Thanks, Steve Moore. As always, I'm just enjoying the fight that mean there's a big brawl that has broken out basically on Wall Street, and it's fun to watch the little guy take on the big guy, and they're actually winning. Although there's another side of this, they're gonna people are going to get hurt here. I'm just at my own know this some of these little guys, they're going to get caught holding the bag. And when the because those stocks are going to get back down the earth, it'll happen soon of the later when that happens. Depends. What they're buying point was They could lose massive amounts.