Published , by Captain Business
Published , by Captain Business
GameStop's massive run in 2021 is set to continue into August, and SEC Chair has apparently not forgotten about what happened to the stock in January. Securities and Exchange Commission Chair Gary Gensler indirectly tweeted about GameStop earlier today. Please take a look.
Here's a full transcription of Gensler's tweets about GameStop:
Gensler goes on to recommend investors check out his testimony before the U.S. House Committee on Financial Services.
GameStop's stock has been at the center of the meme stock rebellion in 2021, and today's comments from Gensler happen to be coming on the same day of Robinhood's IPO. This does not seem to be a coincidence. In fact, I pinged my spiritual advisor William Knight about this, and he said that "there is no such thing as a coincidence." But he always says that. Robinhood was at the heart of the GameStop short squeeze and crash of January, so it is not that surprising to see this language come from the SEC Chair today as the stock trading company hits public markets with a valuation topping $30 billion.
SEC Chair Gary Gensler joined Twitter in April 2021, and has been a target of a lot of the Reddit meme stock rebels. His history of working at Goldman Sachs does not curry favor with a group of investors who have demonized many financial professionals. Citadel's Ken Griffin, Robinhood CEO Vlad Tenev, and even Speaker of the House Nancy Pelosi have drawn a lot of negative attention in 2021, and many investors have been targeting Gensler on social media with requests to do something about the abusive practices of Wall Street.
Many folks in the Reddit meme stock rebellion simply don't trust the government or financial professionals, and Gensler's statement today seems to be an attempt to show that the SEC is working on helping the little guy. We will have to wait and see if regulations come to the gamification of stock ownership as well as fractional share ownership. Two key features of the Robinhood app.
Are you buying that Gensler is looking out for smaller retail investors? Are you astonished that GameStop's stock is still trading above $160/share? Do you think the SEC is just a puppet for big banks? Please let us know in the Shacknews Chatty comments section below. We really want to hear your opinion.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.