Jon Stewart joins Twitter, speaks out on Reddit-GameStop frenzy
This week's GameStop frenzy on Wall Street drew Stewart to chime in on Twitter.
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This week's GameStop frenzy on Wall Street drew Stewart to chime in on Twitter.
After a "tough day," the trading app Robinhood said it would allow "limited buys" of stocks backed by Reddit traders.
Reddit board Wallstreetbets seems to have driven a near-2,000% rise in the stock price of troubled video game retailer.
"Fully agree," Senator Ted Cruz tweeted in response to Congresswoman Alexandria Ocasio-Cortez, who scolded Robinhood.
The decision has sparked fierce backlash from users and lawmakers.
Newly popular retail stocks, including GameStop, AMC and BlackBerry, plummeted after platforms froze out retail traders.
Thanks to a group on Reddit with millions of followers, individual investors have sent the value of GameStop's stock soaring this week, shocking Wall Street investors who bet big on the retailer's decline. The Securities and Exchange Commission and the White House both said they are monitoring the situation. CBS MoneyWatch's Stephen Gandel and CBSN technology reporter Dan Patterson join CBSN AM to break down what this all means.
Small investors using a Reddit forum appear to have driven the stock of the struggling retail chain GameStop up nearly 800% and it's causing some major financial losses for seasoned Wall Street investors. Vladimir Duthiers has the details. CBS News business analyst Jill Schlesinger also joins "CBS This Morning" to discuss.
Individual investors, fueled by social media posts, bought up GameStop stock, artificially inflating the price. The move caused Wall Street firms to take a hit. Manuel Bojorquez has more.
Investors in popular Reddit group push retailer's stock and are accused of threatening those betting against it.
GameStop and T-Mobile have reopened some stores. Other retailers could welcome back in-store customers soon.
While many retailers are struggling, the discount giant is thriving by embracing ecommerce and modernizing stores
Like many other brick-and-mortar retailers, video game merchant has been hurt by surge in ecommerce
Mauler had been on the job for just three months before his departure for "personal reasons"