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White House Spokesperson: The Biden team is “paying attention” to the game station

by YCPress

The U.S. retail investor war short-selling agency led to a surge in GameStop (GME), which aroused the attention of US President Biden’s team.

On January 27, local time, the White House spokesperson Psaki stated that the Biden team was “watching” the situation at the game station.

Psaki told reporters at the White House: “Our team, the economic team including Secretary Yellen and others are paying attention to the situation.” She said that the abnormal trading in the stock of this video game retailer, “very well It reminds people that the stock market is not the only indicator of our economic health.”

According to CNBC reports, Melvin Capital, a US tens of billions of hedge fund holding short positions in Game Station, has closed its short position in Game Station.

In the past 17 trading days, the share price of Game Station once soared 17 times.

Faced with such a violent short-squeeze market, the market once speculated that Melvin Capital, which held a large short position in Game Station, would declare bankruptcy.

It is worth mentioning that just as the air-squeeze war entered a white-hot stage, even the world’s richest man Musk “eat melons” online, he called the game station crazy on social media, adding fire to the original crazy market.

Prior to this, the well-known Wall Street bears-Citron had issued a bearish report on the game station. 

However, in the face of this short-selling report, retail investors instantly fry the pot, immediately appealed on social media for Baotuan to raise the share price of the game station, and attacked Citron’s social media accounts, resulting in Citron having to “surrender”.

Gabe Plotkin, a fund manager at Melvin Capital, told CNBC that after experiencing huge losses, the company had cleared its short position in Game Station on Tuesday afternoon. 

At the same time, Plotkin clarified rumors in the market about the imminent liquidation of Melvin Capital, saying that the speculation about the company’s bankruptcy was wrong.

In the frenzied speculative retail trading activities in the market, Vlad Tenev, CEO of Robinhood, the favorite stock trading platform for American retail investors, emphasized that most of its clients are long-term investors. 

Vlad Tenev said on Wednesday: “Most of our customers are so-called’buy and hold’. Obviously, these passive investors have not attracted much public attention.”

Atom Finance, a financial technology company, said that on Monday, 10.96% of Robinhood users traded Game Station shares. 

According to Atom Finance, data show that this Monday, about 10% of E-Trade users, 4.2% of Fidelity users, 11% of Interactive Brokers users, and 10.5% of TD Ameritrade users traded Game Station stocks.

n addition to game stations, there are also a number of stocks that have soared rapidly in the short-squeeze battle among retail investors. 

For example, Express, AMC Cinemas, Kodak, Virgin Galactic, iRobot, Nokia, etc.