FACT CHECK: Did Nancy Pelosi Buy 7.5 Million In GameStop Stocks?
There is no evidence to suggest Pelosi made such a purchase.
GameStop, AMC shares skyrocket after Roaring Kitty returns; Dave Portnoy pumps $1 million into market
A stock trader who goes by the name Roaring Kitty returned to the limelight, sparking a market frenzy around stocks that are considered meme stocks, which are seemingly propped up by the momentum of the internet.
Keith Patrick Gill, aka Roaring Kitty, was known for starting a firestorm in the meme stock category by encouraging a short squeeze on the GameStop (GME) stock in 2021 and then disappearing from the online community.
Gill returned by posting a meme on May 12, 2024, at 8 p.m., and by the next morning, the GameStop stock prices had once again soared.
The meme in question simply showed a person playing a video game and making a motion of leaning in, which is a metaphor for taking things seriously. A nearly identical meme was posted by GameStop in February 2024 with the caption "casual to competitive" on the image.
The morning of May 13, 2024, GameStop shares opened at around $21. Within 24 hours, they nearly quadrupled to around $80.
GME wasn't the only meme stock to see resurgence either.
'Every time I think I'm out they pull me back in!'
None— (@)
Movie theater AMC Entertainment Holdings Inc. (AMC) saw similar gains.
AMC opened May 13 at around $3.10, then also approximately quadrupled in 24 hours to over $12.50 per share.
Both of the brands were helped not only by the circulation of the meme and the many memes to follow but by Barstool Sports owner Dave Portnoy once again injecting himself into the fray.
"You wanna get nuts [Roaring Kitty] let's get nuts!" Portnoy wrote on X. "Every time I think I'm out they pull me back in!" he added.
"Breaking news, I can't f***ing miss a f***ing 50 year storm. You wanna f***ing party, let's f***ing party," Portnoy said in his breaking news video.
The sports brand operator then announced that he was buying $500,000 worth of AMC stock and $500,000 in GameStop stock.
"You wanna know who's on this ship? I'm on this f***ing ship. Let's f***ing go!" he added.
You wanna get nuts @TheRoaringKitty let's get nuts! Every time I think I'm out they pull me back in! #GME #AMC #ddtg— (@)
Both GameStop and AMC were seen as struggling and nearly extinct franchises in 2021 until Gill gained national attention for his remarks on GameStop. The meme stocks then took on a life of their own through Reddit.
Trading was pushed to its height through the Reddit group Wall Street Bets, along with Portnoy and Gill.
Portnoy even had a very public clash with the CEO of trading app Robinhood over the company's decision to stop trading on GameStop shares.
Robinhood CEO Vladimir Tenev went head to head with Portnoy on Fox News, with Tenev saying his company supports "the little guy."
"We're all about that," he added.
"You did something and gave a huge advantage to the big guy. That is the exact opposite of helping the little guy. You killed the little guy," the Barstool Sports founder came back.
Mainstream stock advisers warned casual traders about this latest trend.
Roaring Kitty "seems to be the most likely suspect for the renewed interest [in the stocks] but I would be careful not to characterize the participants in this phenomenon as investors," Art Hogan, chief market strategist at B Riley Wealth told Reuters.
Gill, on the other hand, has seemingly done nothing but post memes and movie clips since the stocks have once again become their own unpredictable entities.
None— (@)
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How The Finance Regulatory Authority Allegedly Protecting Retail Investors Is Screwing Them Over
Everyday investors are sick of synthetic shares and naked shorts that screwed them over during the GameStop and AMC fiasco, but is it happening again?Warren Buffett slams Wall Street for becoming a 'gambling parlor'
Warren Buffett, the CEO of Berkshire Hathaway, condemned Wall Street for encouraging speculative behavior in the stock market, effectively turning one of America’s largest financial institutions into a “gambling parlor.”
The 91-year-old executive made the comments on Saturday during his company’s annual shareholder meeting. The primary targets of his criticisms were investment banks and brokerages, CNBC reported.
Buffett said, “Wall Street makes money, one way or another, catching the crumbs that fall off the table of capitalism. They don’t make money unless people do things, and they get a piece of them. They make a lot more money when people are gambling than when they are investing.”
Buffett suggested that American companies have become “poker chips” for market speculation citing the drastic increase of call options since brokers make more money from using them instead of simple investing strategies.
He also suggested that the current situation could cause market dislocations that ultimately benefit Berkshire Hathaway by giving them new opportunities. Buffett indicated that his company unleashed its cash hoard and spent $41 billion on stocks in the first quarter of 2022.
“Markets do crazy things, and occasionally Berkshire gets a chance to do something,” Buffett said.
Charlie Munger, Buffett’s 98-year-old long-time partner and Berkshire Hathaway vice chairman, said, “It’s almost a mania of speculation.”
Munger continued, “We have people who know nothing about stocks being advised by stockbrokers who know even less. It’s an incredible, crazy situation. I don’t think any wise country would want this outcome. Why would you want your country’s stock to trade on a casino?”
The two executives took aim at the apparent abundance of retail traders, many of whom journeyed into the stock market for the first time during the early stages of the COVID-19 pandemic boosting prices in their wake. Their spending frenzy was marked by meme-inspired spending trends from Reddit and other online message boards.
However, it appears that the beginner’s luck of these investors has run out as the stock market is currently putting many in the red with a considerable downturn. So far in 2022, the Nasdaq Composite index is down 21%, the S&P 500 shrank by 13%, and the Dow Jones Industrial Average has fallen by more than 9%.
Buffett has a long record of disparaging investment bankers and their institutions, suggesting that they encourage mergers and spinoffs to “reap fees” instead of prioritizing the improvement of companies.
Buffett also noted that his company would always be cash-rich and would be “better than the banks” at extending lines of credit to companies during periods of economic distress.
'We're doomed.' Watch Crowder react to TikTok dance videos
A group of Army soldiers decided to showcase their dance skills in a TikTok video.
On Tuesday's show, Steven Crowder expressed concern after watching a group of female Army soldiers dance in a less than coordinated fashion on TikTok. "We're doomed," he began, adding that the women in the video "are not even good at dancing, which is concerning."
According to Crowder, dancing can indicate the group's overall coordination and teamwork.
"If they [the women in the video] get into a conflict with a potential threat like China and a dance-off settles it, we are still screwed," Crowder said.
Watch the clip to hear more from the conversation. Can't watch? Download the podcast here.
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Top 5 things you didn't know about MLK
Is it really a happy Martin Luther King Day? Today, Steven Crowder presents five facts about the man you may not know. Also, Dana White defends Joe Rogan against 270 "doctors." And a shocking new poll shows just how far Democrats would go if we let them. That and more on Monday's episode of "Louder with Crowder."
Want more from Steven Crowder?
To enjoy more of Steven’s uncensored late-night comedy that’s actually funny, join Mug Club — the only place for all of Crowder uncensored and on demand.
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