Short sellers lost $664 million on Wednesday as GameStop shares spiked 104% in the final 30 minutes of trading, S3 Partners said.The stock’s 84% intraday gain on Thursday fueled another $1.19 billion in mark-to-market losses. Source: GameStop short-sellers have lost $1.9 billion in just 2 days amid the stock’s latest spike | Markets Insider
Uber drivers in the UK should be classified as workers and entitled to both paid vacation time and the minimum wage, according to a ruling Friday by Britain’s Supreme Court. But Uber’s London office is already disputing the scope and relevance of the ruling for its British drivers, insisting that its own rules have changed Read more about Uber Drivers Entitled to Paid Vacation and Minimum Wage According to UK Supreme Court[…]
I am not a cat I believe in the stock
A judge has ruled that Citibank can’t claw back more than $500m (£360m) it mistakenly paid out after outsourced staff and a senior manager made a nearly billion-dollar (£700m) user-interface blunder.The error occurred on August 11 last year, when Citibank was supposed to wire $7.8m (£5.6m) in interest payments to lenders who are propping up Read more about Citibank accidentally wired $500m back to lenders in user-interface super-gaffe – and judge says it can’t be undone[…]
Keith Gill, known as ‘Roaring Kitty’ on YouTube, allegedly duped retail investors into buying inflated stocks while hiding his sophisticated financial background.Mr Gill has downplayed his impact and rebutted claims he violated any laws.Separately, he will testify on Thursday to Congress about the “Reddit rally”.”The idea that I used social media to promote GameStop stock Read more about ‘Roaring Kitty’ GameStop investor hit with lawsuit by American idiot[…]
The new rules formalise an earlier anti-monopoly draft law released in November and clarify a series of monopolistic practices that regulators plan to crack down on. The guidelines are expected to put new pressure on the country’s leading internet services, including e-commerce sites such as Alibaba Group’s Taobao and Tmall marketplaces or JD.com. They will Read more about China issues new anti-monopoly rules targeting its tech giants[…]
China will set up a new information platform to allow the public to track the emissions of polluting enterprises and help authorities prosecute those that break the rules or try to “evade supervision”, the environment ministry said. A total of 2.36 million companies, industrial facilities and institutions in China are legally obliged to obtain permits Read more about China to launch public platform to track, crack down on polluters[…]
Late on Wednesday, a moderator of the popular Reddit message board WallStreetBets posted several screenshots on the chat app Discord. They showed that other moderators had quietly started talking among themselves about landing a movie deal. “What’s our cut?” one of the moderators had asked in a Discord chat, according to the screenshots. By Thursday Read more about Quest for Hollywood Fame Splits Redditors at Heart of Market Frenzy[…]
I was confused, annoyed and sad trying to understand what had happened. I was removed by the senior moderator at r/wallstreetbets who is u/turdled . I messaged him asking for an explanation, but have still not been given one. It was at this same time that several other moderators were removed and getting banned left Read more about r/wallstreetbets: hostile takeover by old mods trying to monetise and push down GME price. Go to r/wallstreetbetstest and r/wallstreetbetsnew now[…]
Amazon will pay a $61.7 million fine to settle allegations the company had failed to properly pay out tips to its Flex delivery drivers, the Federal Trade Commission (FTC) announced on Tuesday. The fine stems from a payment change the company implemented in late 2016. At the time, Amazon said Flex drivers, which use their Read more about FTC fines Amazon $61.7 million for withholding tips from Flex drivers[…]
Amazon announced on Tuesday that AWS CEO Andy Jassy will replace Jeff Bezos as CEO during the third quarter of this year. Bezos will transition to executive chair of Amazon’s board. In a statement, Bezos said: I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy Read more about Jeff Bezos To Step Down as Amazon CEO, Andy Jassy AWS Boss to succeed[…]
Below is from the CNBC website. SLV spiked yesterday and some people will have you believe it’s the Gamestop buying and holding redditors from wallstreetbets that are pushing it. They are not. SLV is being pushed up by Capital Investments, the people the redditors are trying to destroy. Below is a list of stories from Read more about CNBC, others tell you redditors want to pump SLV, others. They don’t. SLV is owned by Citadel, the people redditors hate. It’s only about GME, AMC, BB.[…]
Google has removed a wave of negative reviews of popular stock-market trading apps targeted by furious investors. Platforms such as Robinhood have been hit after preventing independent traders buying GameStop and AMC shares. Users of a Reddit message board had managed to upset the market by buying the shares and inflating their value, hitting established Read more about Google side with Hedge funds, wipes Play Store reviews of RobinHood by pissed off GameStop traders[…]
GameStop’s stock has continued to make big moves, briefly crossing $450 a share on Thursday, fueled by Reddit users collectively taking on the Wall Street establishment. But individual investors looking to make trades have faced multiple issues on trading sites and apps over recent days, with many experiencing service disruptions, according to Bloomberg. The frenzy Read more about Robinhood, TD Ameritrade restrict buying of GameStop, AMC stock – shorters continue game, killing pumpers. Reps + Dems agree market manipulation. The shorters are big customers and are reloading their short positions.[…]
After kicking off a historic rally around GameStop stock that has incited the ire of hedge fund tycoons and the SEC, the r/wallstreetbets channel was banned from Discord on Wednesday over apparent hate speech violations. While some on Reddit were quick to speculate that the server had been taken down by hackers as part of Read more about Here comes the slander: Discord Bans r/WallStreetBets For Hate Speech Violations[…]
A third class action lawsuit has been filed in Europe against Apple seeking compensation — for what Italy’s Altroconsumo consumer protection agency dubs “planned obsolescence” of a number of iPhone 6 models.The action relates to performance throttling Apple applied several years ago to affected iPhones when the health of the device’s battery had deteriorated — Read more about Apple hit with another European class action over throttled iPhones[…]
Struggling retailer GameStop’s stock curiously hit an all time high today. But it’s not because Sony, Microsoft, and Nintendo suddenly decided to stop selling their games digitally. And it’s not because a new set of Funko Pops has taken the internet’s imagination by storm. No, the stock price jumped to an all-time high because some Read more about GameStop Stock Breaks Records As Reddit Traders War With Short Sellers[…]
Elastic CEO and co-founder Shay Banon has attacked AWS for what he claims is unacceptable use of the open-source Elasticsearch product and trademark. Banon’s post is part of the company’s defence of its decision to drop the open-source Apache 2.0 licence for its ElasticSearch and Kibana products and instead use the copyleft SSPL or restrictive Read more about AWS has been doing things that are ‘just NOT OK since 2015,’ says Elastic as firm yanks Apache 2.0 licence – FOSS blues[…]
A lengthy antitrust investigation into PC games geo-blocking in the European Union by distribution platform Valve and five games publishers has led to fines totalling €7.8 million (~$9.4 million) after the Commission confirmed today that the bloc’s rules had been breached.The geo-blocking practices investigated since before 2017 concerned around 100 PC video games of different Read more about Valve, Bandai, Capcom, Focus Home, Koch Media, Zenimax fined $9.4M by EU for illegal geo-blocking, antitrust collusion[…]
In 2017, Facebook said it was testing a new way of selling online advertising that would threaten Google’s control of the digital ad market. But less than two years later, Facebook did an about-face and said it was joining an alliance of companies backing a similar effort by Google.Facebook never said why it pulled back Read more about Behind a Secret Deal Between Google and Facebook – how monopolies define winners and kill losers[…]
Tesla is an oddity in the business landscape. The company’s stock is so stratospheric that Elon Musk has surpassed Jeff Bezos as the world’s richest person. Now, we have another mind-blowing metric. At Tesla’s current price-to-earnings ratio, it would take the company almost 1,600 years to make what the stock market says it’s worth.The New Read more about Tesla Would Take Nearly 1,600 Years To Make The Amount Of Money The Stock Market Values It At[…]
Epic Games intends to file a competition lawsuit against Google in the UK as part of the ongoing Fortnite-kicked-off-platforms saga, according to documents lodged with the Competition Appeal Tribunal.The lawsuit will allege that Google, holder of “a dominant position in the Android app distribution market”, has unfairly restricted “competition from alternative app stores and other Read more about Epic Games files competition lawsuit against Google in the UK over Fortnite’s ejection from Play Store[…]
[…] the estimated $100 million Uber apparently straight-up squandered on incredibly obvious, third-party digital advertising scams… something that is garnering mainstream coverage in the first days of 2021, despite coming to light back in February of last damn year. Twitter / @nandoodles You Google Played yourself — Former Sleeping Giants alum and co-founder of Check Read more about Uber wasted $100 million on useless digital ad campaigns[…]
China’s crackdown on Jack Ma’s empire is far from over: The country’s regulators have ordered the Ma-founded Alibaba affiliate Ant Group to scale down its business. In particular, they’ve ordered the company to “return to its origins” as a payment provider. Ant Group started out as Alipay, which became China’s largest digital payment platform, though Read more about China pushes Alibaba founder Jack Ma to downsize his finance business Ant Group[…]
China kicked off an investigation into alleged monopolistic practices at Alibaba Group Holding and summoned affiliate Ant Group Co. to a high-level meeting over financial regulations, escalating scrutiny over the twin pillars of billionaire Jack Ma’s internet empire. The probe announced Thursday marks the formal start of the Communist Party’s crackdown on the crown jewel Read more about China Targets Jack Ma’s Alibaba With Monopoly Investigation[…]