Reddit Inc has doubled in value to $6 billion as the social media platform at the heart of last month's retail stock trading frenzy raised more money to handle the rush of new subscribers.
U.S. Treasury Secretary Janet Yellen will meet top financial regulators on Thursday to discuss recent volatility in financial markets driven by trading in stocks, including GameStop Corp, the Department of Treasury said.
Reddit Inc has doubled in value to $6 billion as the social media platform at the heart of last month's retail stock trading frenzy raised more money to handle the rush of new subscribers.
By Reuters Staff
2 Min Read
FILE PHOTO: People walk past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri
SHANGHAI (Reuters) - China’s Wanda Group, the major shareholder in AMC Entertainment Holdings Ltd, conducted a share conversion to permit sales of its stock in the cinema operator, a target of the recent WallStreetBets retail frenzy, AMC said in an exchange filing.
Wanda America Entertainment Inc, a Wanda unit, converted its Class B common stock in AMC to Class A shares on Feb. 1 “in order to permit sales of its common stock,” AMC said in the filing to the United States Securities and Exchange Commission on Feb 5.
NEW YORK (Reuters) - Months before the irrational trading in GameStop Corp, there was Hertz Global Holdings Inc.
FILE PHOTO: Logos of car rental company Hertz are seen outside Paris Charles de Gaulle airport in Roissy-en-France during the outbreak of the coronavirus disease (COVID-19) in France May 19, 2020. REUTERS/Charles Platiau/File Photo
Operating under bankruptcy protection last spring once the COVID-19 pandemic wiped out its business, the car-rental giant confronted an extraordinary situation: Its stock price was skyrocketing for no apparent reason.
Conversations at the time among Hertz management and directors on its board, reported here for the first time, turned from shock to a vigorous debate about whether the company should capitalize on its unexpected good fortune and sell shares to fund itself during bankruptcy proceedings, according to three people familiar with the deliberations.