White House on alert as Reddit fever hits London market
Reddit users war on hedge funds gains Washington s attention with buying frenzy reaching UK stocks
28 January 2021 • 2:58am
The White House said it was monitoring the retail trading frenzy engulfing Wall Street, as the squeeze on short-sellers sent prices of some leading British shares soaring on Wednesday.
Frenetic trading masterminded by users of the Reddit web forum WallStreetBets continued to cause chaotic rises as hordes of fanatical small investors pitted themselves in a war of financial attrition against hedge funds.
President Joe Biden s spokeswoman said Treasury Secretary Janet Yellen and the administration’s economic team were monitoring stock market activity around GameStop and other heavily shorted companies. The Securities and Exchange Commission also said it was “actively monitoring the on-going market volatility.”
GameStop skeptics Citron, Melvin succumb to epic short squeeze
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Credit Acceptance founder Donald Foss (center) was inducted into the NABD Buy Here Pay Here Hall of Fame in 2015.
As Reddit users and day traders continue to pump up the stock price of video game retailer GameStop Corp. (NYSE: GME), Southeast Michigan billionaire Donald Foss has emerged as one of the clear winners in the now days-long boom.
Foss, 76, was the founder of Southfield-based subprime auto lender Credit Acceptance Corp. (NASDAQ: CACC) and retired in 2017. A regulatory filing shows that on Feb. 28 Foss acquired just over 3.5 million shares of GameStop on a day when the stock closed at $3.60, a value of more than $12.65 million. Foss held about 5.3 percent of the company.
GameStop s steep rally lives another day as shorts give up
Paul Jarvis, Bloomberg News VIDEO SIGN OUT
GameStop Corp. had the biggest day yet of its dizzying rally, adding more than US$10 billion in market value, as bullish day traders kept the upper hand over short sellers.
The shares advanced 135 per cent to US$347.51 at the close Wednesday after triggering three volatility halts. The video-game retailerâs market value has risen more than 18 times this month to about US$24 billion, making GameStop bigger than almost half of the companies in the S&P 500 Index.
Euphoria born in day-trader chat rooms has turned GameStop into the biggest story of the retail era, its improbable surge an emblem of the newfound power of individual investors. At the same time, itâs become a major headache for institutional investors betting it would fall.
‘Star Peak Energy (STPK) Will Dominate Tesla in the Energy Storage Game’ Says Citron Capital
Citron Capital LLC, an investment research and management firm, published its fourth-quarter 2020 Investor Letter – a copy of which can be downloaded here. In the letter, the firm talked about the Environmental, Social and Corporate Governance (ESG) or the sustainable way of investing and gave emphasis on a certain equity. You can view the fund’s top 10 holdings to have a peek at their top bets for 2021.
Citron Capital LLC, in their Q4 2020 Investor Letter said that they believe Star Peak Energy Transition Corp. (NYSE: STPK) is worth more than its current market capitalization value, and that it is a future $800 billion, Tesla like boomer, in the US markets. Star Peak Energy Transition Corp. is a company that focus on businesses that involves reducing carbon footprints and improving energy efficiency. It currently has a $1.4 billion market cap. For the past 3 months, STPK delivered
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