Robinhood, hedge fund chiefs face irate questions at hearing
Video Credit: Reuters - Politics - Duration: 02:51s - Published
Robinhood, hedge fund chiefs face irate questions at hearing
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.
MAXINE WATERS: âI donât have time, I just need a yes or no answerâ to Robinhood CEO Vlad Tenev Wall Street hedge fund managers and the CEOs of Robinhood and Reddit were among those grilled by U.S. lawmakers Thursday about the recent Reddit-fueled trading frenzy that sent shares of GameStop soaring.
But amid the often fiery exchanges and finger pointing, the most clarity may have come from Reddit user Keith Gill - who promoted his investment in GameStop on social media â and who is otherwise known as YouTube streamer Roaring Kitty.
âA few things I am not.
I am not a cat.
Iâm not an institutional investor.
Nor am I a hedge fund.
(Flash) I am just an individual whose investment in GameStop and posts on social media were based upon my own research and analysis." Heâs one of five men at the center of the saga, which roiled Wall Street in January, prompting probes by several federal and state agencies.
Billionaire Republican mega-donor and Citadel CEO Ken Griffin was among those who defended their businesses to the Democratic-led House finance committee, which probed how Reddit users trading on retail platforms such as Robinhood squeezed hedge funds that had bet against shares of GameStop and other companies.
Griffin, majority owner of Citadel Securities, a Robinhood market maker, was castigated for evading his question about whether market-makers provide the same prices to all brokers.
GRIFFIN: âThe Robinhood order comes from a community of traders who tend to trade in smaller sizeâŠ.â REP.
BRAD SHERMAN: âThat isnât my question, sir!
Youâre abating my question by making up other questions!â The Reddit rally drove massive volatility in GameStop and other shares, prompting the post-trade âclearingâ houses that guarantee trades to call for billions of dollars in extra collateral from Robinhood and other retail trading platforms. In response, Robinhood and other platforms suspended buying in GameStop and other affected stocks on January 28th.
Lawmakers from both parties were outraged and questioned if the trading platforms were siding with hedge funds over retail investors â something Robinhood CEO Vlad Tenev denied.
TENEV: âWe donât answer to hedge funds.
We serve the millions of small investors who use our platform every day to invest.â Tenev said the situation would have been "significantly worse" had Robinhood not suspended buying.
Speaking of which, buyers briefly scooped up GameStop shares on Thursday, reversing the stockâs morning losses, after Gill â aka Roaring Kitty - said he remained bullish about the stock following its recent rally and selloff.
Behind him while he spoke was a poster of a kitten with the caption âHang in there!â - an apparent message to fellow GameStop investors.
Reddit Prices Shares , at $34 in IPO.
Reddit will go public on March 21 and has priced
its IPO at $34 a share, Yahoo Finance reports.
That is about a $6.4 billion valuation.
A social media company hasn't gone
public since Pinterest in 2019.
Reddit gained increased recognition
amid the meme stock craze of 2021.
Reddit had 500 million site visitors in 2023.
Its revenue increased 20%
from 2022 to $804 million.
According to an S-1 filing, Reddit said that its "content is particularly important" for the world of artificial intelligence.
We are exploring business
opportunities in licensing data
for purposes including machine
learning, business analysis, display
and training generative AI models, Reddit, via S-1 filing.
1.76 million shares have been set aside for eligible Reddit users and moderators. .
Headline venture partner Kamran Ansar
said the decision lends itself to volatility. .
You may see a big run up in
the stock price and a drop, Headline venture partner Kamran Ansar, via statement.
Because this has such a rabid
community around it, the Reddit
users, you could see Reddit itself
ironically become a meme stock
the way that you saw happen
with like AMC and GameStop, Headline venture partner Kamran Ansar, via statement
Credit: Wibbitz Top Stories Duration: 01:30Published
Former CM Baghel accuses PM Modi of lying about inheritance tax, referencing Indira Gandhi's donations. Modi uses Pitroda's comments to attack Congress. Baghel,.. IndiaTimes
BJP National Spokesperson Shehzad Poonawalla delivers a fiery message after casting his vote in the Lok Sabha elections, criticizing the Congress party's alleged corruption and divisive politics. Tune in to hear his warning to voters and the implications for India's political landscape.
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Zendaya is getting candid about all the chatter surrounding all her kissing scenes. The Emmy-winning actress chatted with Jake Hamilton, the creator behind YouTube account 'Jake's Takes,' while promoting 'Challengers' with her co-stars, Mike Faist and Josh O'Connor. Hamilton pointed out to Zendaya that when she does a kissing scene, it seems to get an "abnormal" amount of attention.
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MrBeast Announces, âLargest Game Show in Historyâ.
On March 18, MrBeast took to X to
share that he's launching a new game show
for Prime Video, TechCrunch reports. .
Big news gamers Iâm going to be filming the largest game show in history and releasing it on Prime Video! , MrBeast, via X.
Over 1,000 contestants, $5,000,000 prize, and many other world records. , MrBeast, via X.
Iâll reveal more later this year but letâs just say, itâs gonna be an insane show :D, MrBeast, via X.
MrBeast told YouTubers Colin and Samir, "Itâs like
our normal videos, but just 20 times better [âŠ] I
have a bigger budget. Moneyâs not a constraint.".
MrBeast told YouTubers Colin and Samir, "Itâs like
our normal videos, but just 20 times better [âŠ] I
have a bigger budget. Moneyâs not a constraint.".
Itâs going to be the largest game show
in history, with the most contestants
any game show has ever had, with
the largest cash prize in history, MrBeast, to Colin and Samir.
The 25-year-old content creator has
over 245 million subscribers on YouTube.
His first viral video was in January 2017,
which showed him counting to 100,000
over the course of 44 hours.
These days, he gives away
hundreds of thousands of dollars to
people who complete crazy tasks.
The titles of some of his popular videos include, "Face Your Biggest Fear To Win $800,000,"
"$10,000 Every Day You Survive in A Grocery Store," "Survive 100 Days Trapped, Win $500,000" and more
Credit: Wibbitz Top Stories Duration: 01:30Published
LeBron James is getting into the podcast game. The Los Angeles Lakers superstar is partnering with former NBA star JJ Redick on a new podcast called 'Mind the Game.' Episodes will be available weekly on YouTube and all other podcast platforms, beginning at 7 a.m. Eastern Tuesday. The first episode drops on Tuesday, March 19th.
Credit: The Hollywood Reporter Duration: 01:12Published
Dive into the exclusive interview with Bansuri Swaraj, BJP's candidate for the New Delhi seat in the 2024 Lok Sabha Elections. Join Oneindia's Pankaj Mishra and Kuldeep Dwivedi as they delve into Bansuri Swaraj's perspectives on contentious issues like the Citizenship Amendment Act (CAA), Electoral Bonds, and more. Explore Bansuri Swaraj's campaign strategies and her efforts to garner support from the electorate. Don't miss this insightful conversation, now available on YouTube/Oneindia.
#BansuriSwaraj #ExclusiveInterview #CAA #ElectoralBonds #LokSabhaElections #LokSabhaElections2024 #BJP #BJPLeader #OneindiaExclusive
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House GOP Advances Aid Bills , for Israel, Ukraine and Taiwan.
The foreign aid bills were advanced by a
9-3 vote, thanks to the help of four Democrats on the committee, CBS News reports. .
Those Democrats are Jim McGovern, Mary Gay Scanlon, Joe Neguse and Teresa Leger FernĂĄndez.
Those Democrats are Jim McGovern, Mary Gay Scanlon, Joe Neguse and Teresa Leger FernĂĄndez.
Those Democrats are Jim McGovern, Mary Gay Scanlon, Joe Neguse and Teresa Leger FernĂĄndez.
Those Democrats are Jim McGovern, Mary Gay Scanlon, Joe Neguse and Teresa Leger FernĂĄndez.
Conservatives who voted against the bills,
because border security wasn't lumped in, include Tom Massie, Ralph Norman and Chip Roy. .
Conservatives who voted against the bills,
because border security wasn't lumped in, include Tom Massie, Ralph Norman and Chip Roy. .
A final vote on the foreign aid package
will take place on April 20. .
The three bills would support Israel,
Ukraine and Taiwan with $26.4 billion,
$60.8 billion and $8.1 billion, respectively. .
The three bills would support Israel,
Ukraine and Taiwan with $26.4 billion,
$60.8 billion and $8.1 billion, respectively. .
The three bills would support Israel,
Ukraine and Taiwan with $26.4 billion,
$60.8 billion and $8.1 billion, respectively. .
$9.1 billion of the Israel package would go toward Palestinian humanitarian efforts. .
A fourth bill seeks to allow the sale of Russian oligarchs' assets that have been frozen in order to continue funding Ukraine.
possibly "force the sale of TikTok
and authorize stricter sanctions on Russia, China and Iran," CBS News reports. .
possibly "force the sale of TikTok
and authorize stricter sanctions on Russia, China and Iran," CBS News reports. .
Some far-right Republicans have threatened to remove House Speaker Mike Johnson from his position for supporting additional Ukraine funding.
Johnson defended his actions, calling lethal aid for Ukraine "critically important.".
If I operated out of fear over
a motion to vacate, I would
never be able to do my job, House Speaker Mike Johnson, via statement.
Look, history judges us for what we
do. This is a critical time right now
critical time on the world stage. , House Speaker Mike Johnson, via statement.
I could make a, you know I can make
a selfish decision and do something that, that's different. But I'm doing here
what I believe to be the right thing, House Speaker Mike Johnson, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
South Koreaâs Opposition , Dominates Parliamentary Elections.
South Korea's Democratic Party won
"175 seats in the 300-member single-chamber parliament" on April 10, NPR reports.
The ruling right-wing People Power Party became a smaller minority with only 108 seats. .
The outcome is considered to be a blow to conservative President Yoon Suk Yeol.
The country's prime minister and
other presidential officials offered
to resign after the crushing defeat. .
The country's prime minister and
other presidential officials offered
to resign after the crushing defeat. .
I apologize to the people on behalf
of our party, which wasnât good
enough to win the peopleâs choices, Han Dong-hoon, People Power Party leader, via statement.
While Yoon said that he intends to
"humbly uphold" the will of the people
as indicated by the election results, .
it is not known if he will accept his
staff's offers to resign. .
Lee Jae-myung, the Democratic Party leader who
is considering running for president again, .
said there is a need for both parties to
"pull together" to "resolve economic
and public livelihood problems.".
The results of the parliamentary
elections are not the victory by
the Democratic Party, but the
great victory by our people, Lee Jae-myung, the Democratic Party leader.
Now, the elections are over. Both
the ruling and opposition political
parties must pull together all their
strength to resolve economic and
public livelihood problems, Lee Jae-myung, the Democratic Party leader.
According to the National Election Commission, voter turnout reached its
highest level in over three decades for
a parliamentary election, NPR reports.
Credit: Wibbitz Top Stories Duration: 01:31Published
Donald Trump Says States , Should Decide Abortion Legislation.
On April 8, the former president set
the record straight about where he
stands on abortion rights, CNN reports. .
My view is now that we have abortion
where everyone wanted it from a legal
standpoint, the states will determine by
vote or legislation, or perhaps both. , Donald Trump, via Truth Social video.
And whatever they decide must
be the law of the land. In this
case, the law of the state, Donald Trump, via Truth Social video.
Many states will be different. Many will
have a different number of weeks, or
some will have more conservative than
others, and thatâs what they will be. , Donald Trump, via Truth Social video.
At the end of the day, this is all
about the will of the people, Donald Trump, via Truth Social video.
Trump also said he was "proudly the
person responsible" for Roe v. Wade
being overturned in 2022.
He went on to say that the decision removed the issue from "federal hands and brought it into the hearts, minds and vote of the people in each state.".
Susan B. Anthony Pro-Life America President Marjorie Dannenfelser said that her organization was "deeply disappointed"
by what Trump had to say, CNN reports. .
Saying the issue is âback to the statesâ
cedes the national debate to the Democrats
who are working relentlessly to enact
legislation mandating abortion throughout
all nine months of pregnancy. , Marjorie Dannenfelser, Susan B. Anthony Pro-Life
America president, via statement.
If successful, they will wipe
out statesâ rights. , Marjorie Dannenfelser, Susan B. Anthony Pro-Life
America president, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
A recent poll suggests that Donald Trump holds a lead over Joe Biden in six of the seven swing states, with margins ranging from 2 to 8 percentage points. Negative perceptions of Biden's performance outweigh positive ones in several states, while Trump is seen as a better fit for the presidential role, particularly regarding mental and physical health.
#DonaldTrump #JoeBiden #BidenvsTrump #Trump #USelections #PresidentialElections2024 #USelections2024 #Biden2024 #Trump2024 #Worldnews #Oneindia #Oneindianews
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Tennessee Passes Bill , Allowing Teachers to Carry Guns.
The Tennessee House of Representatives passed the bill by a vote of 68-28 on April 23, CBS News reports.
The legislation would grant some teachers
and staff the right to carry concealed
handguns at public schools.
The bill will now be sent to Republican
Gov. Bill Lee to either sign or veto. .
If signed into law, the legislation would represent the largest expansion of gun access in Tennessee since the deadly shooting at
The Covenant School in Nashville last year.
Teachers and staff carrying guns would only be known to administrators and police.
Teachers and staff carrying guns would only be known to administrators and police.
Other teachers and students' parents
would not be privy to the information. .
If a school worker wants to carry a handgun, they'd have to have a "permit and written authorization from the school's principal and local law enforcement," CBS News reports. .
If a school worker wants to carry a handgun, they'd have to have a "permit and written authorization from the school's principal and local law enforcement," CBS News reports. .
School districts would need
to grant permission as well.
A background check and 40 hours of training would also be mandatory.
However, school staff would be prohibited from carrying their guns during events at stadiums, gymnasiums or auditoriums. .
Protesters shouted
"Blood on your hands" after
the bill was passed by the
House on April 23
Credit: Wibbitz Top Stories Duration: 01:30Published
Senate Passes $95 Billion , Foreign Aid Package.
On April 23, the U.S. Senate voted
79-18 to approve foreign aid for Ukraine,
Israel and Taiwan, 'The Guardian' reports. .
Today the Senate sends a unified
message to the entire world:
America will always defend
democracy in its hour of need, Senate Majority Leader Chuck Schumer, via statement.
Make no mistake, America will deliver
on its promise to act like a leader on the
world stage, to hold the line against
autocratic thugs like Vladimir Putin. , Senate Majority Leader Chuck Schumer, via statement.
The package includes $60.8 billion for Ukraine,
$26.3 billion for Israel and $8.1 billion for Taiwan.
The package includes $60.8 billion for Ukraine,
$26.3 billion for Israel and $8.1 billion for Taiwan.
The package includes $60.8 billion for Ukraine,
$26.3 billion for Israel and $8.1 billion for Taiwan.
A provision to ban TikTok
after the election if ByteDance refuses
to sell the platform is also included.
The legislation will now head to President Biden, who told Ukrainian President Volodymyr Zelensky on
April 23 that he will "move quickly" to provide aid.
Senate Majority Leader Chuck Schumer praised House Speaker Mike Johnson, .
Senate Majority Leader Chuck Schumer praised House Speaker Mike Johnson, .
with whom he worked "hand in hand and shoulder to shoulder to get this bill done.".
A lot of people inside and
outside the Congress wanted this
package to fail. But today those in
Congress who stand on the side of
democracy are winning the day, Senate Majority Leader Chuck Schumer, via statement.
Senate Republican Leader Mitch McConnell also issued a statement.
Todayâs action is overdue, but our work
does not end here. Trust in American
resolve is not rebuilt overnight. Expanding
and restocking the arsenal of democracy
doesnât just happen by magic, Senate Majority Republican Leader Mitch McConnell, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Title IX Regulations Add Protections , for Transgender Students.
Title IX prohibits "sex-based discrimination at government-funded schools," 'The Hill' reports. .
On April 19, the Biden administration revealed the last of its changes to the federal civil rights law. .
The new regulations expand how sex discrimination is defined, now including
sexual orientation and gender identity. .
These final regulations build on the
legacy of Title IX by clarifying that
all our nationâs students can access
schools that are safe, welcoming,
and respect their rights. , Education Secretary Miguel Cardona, via statement.
The update also reinstates "protections for student survivors of sexual assault and harassment" which were changed under President Trump, 'The Hill' reports.
Catherine Lhamon, the Education Departmentâs assistant secretary for civil rights, .
says the new rules will help schools
respond to "all sex discrimination,
not limited to sexual harassment.".
Biden's final changes to Title IX
are sure to be condemned by Republicans
who view transgender protections as failing
to protect cisgender women and girls.
The new changes will take effect Aug. 1.
The Biden administration has not yet finalized an additional rule pertaining to sports eligibility. .
Since 2021, 24 states have passed laws prohibiting transgender student-athletes from playing on
sports teams that align with their gender identity
Credit: Wibbitz Top Stories Duration: 01:31Published
House Republican leaders have lambasted President Joe Biden for his perceived inaction in enforcing existing measures against Iran. Representative Steve Scalise, the No. 2 House Republican, voiced concerns over the administration's policies allegedly facilitating Iran's oil sales, which fund terrorism. The Biden administration faces mounting pressure to deter future attacks without exacerbating regional tensions or antagonising China, a major buyer of Iranian oil.
#Biden #BidenSanctions #BidenIraq #AlSudani #BidenGaffee #USnews #Politics #IsraelIran #IranAttacksIsrael #Worldnews #Oneindia #Oneindianews
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Biden Cancels Over $7 Billion in Student Debt , for More Than 277,000 Borrowers.
On April 12, President Joe Biden said that over 277,000 borrowers in more than
40 states will have $7.4 billion in student
loan debt wiped out, 'The Hill' reports. .
To date, the Biden administration has canceled $153 billion in student loan debt. .
From day one of my administration,
I promised to fight to ensure higher
education is a ticket to the middle class,
not a barrier to opportunity. , President Joe Biden, via statement.
I will never stop working to cancel
student debt â no matter how
many times Republican elected
officials try to stop us, President Joe Biden, via statement.
'The Hill' reports that Biden's loan forgiveness has largely been aimed at helping
"public service workers, those on IDR plans," .
people who've been defrauded by educational institutions and those with disabilities. .
Republican Rep. Virginia Foxx, chair of the House Education Committee, issued a statement in response to Biden's actions. .
The administration is tone deaf.
Thereâs no other way to put it, Rep. Virginia Foxx, chair of the House Education Committee, via statement.
We know that instead of doing its
job the administration focused
time, energy, and resources on
its illegal student loan scheme. , Rep. Virginia Foxx, chair of the House Education Committee, via statement.
And that has been frustrating, especially
since it has jeopardized the academic
journey of millions of students, Rep. Virginia Foxx, chair of the House Education Committee, via statement.
But what is absolutely maddening is
that the administration is STILL not
doing its job and instead focusing on
its student loan shenanigans. , Rep. Virginia Foxx, chair of the House Education Committee, via statement.
White House press secretary Karine Jean-Pierre said, , âWe know what Republicans are going to do; we canât
stop them from that. But itâs also not going to stop the president from acting and taking action, like he is today.â
Credit: Wibbitz Top Stories Duration: 01:30Published
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