Wednesday, 27 January 2021 GameStop's wild ride on the stock market is still going strong, as one of the crazier Wall St. stories continues to stun hedge fund managers ... to the delight of Reddit investors. The video game retailer's stock price has surged Wednesday -- it's…
GameStop's wild ride is continuing on Wall Street. Small investors had sent the stock soaring, in part to punish hedge funds betting against it, and Thursday, there was a new turn; CBS2's Dick Brennan reports.
The head of trading app Robinhood and Wall Street hedge fund managers on Thursday fielded a barrage of questions in the U.S. Congress about their role in the GameStop trading frenzy, at times being cut off by irate lawmakers. This report produced by Lisa Bernhard.
Keith Gill, a Reddit user and YouTube streamer known as Roaring Kitty who promoted his investment in GameStop, gave testimony in a Congressional hearing on Thursday.
Robinhood CEO Vlad Tenev on Thursday defended the online brokerage app's actions during the recent Reddit rally in shares of GameStop, saying: "Robinhood Securities put the restrictions in place in an effort to meet increased regulatory deposit requirements, not to help hedge funds. We don't answer to hedge funds. We serve the millions of small investors who use our platform every day to invest."
Some of Wall Street’s biggest players are crying foul after amateur investors rallied behind GameStop, losing hedge funds billions of dollars. Others say they’ve just been beaten at their own game.
Credit: HuffPost NOW News Duration: 01:44Published
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