March 18, 2021

Reddit

Plug Power, a Reddit darling, dives after announcing it will restate financial results

Plug Power GenDrive Fuel Cell with GenFuel hydrogen.

Source: Plug Power

Shares of Plug Power dropped on Wednesday after the company said it will restate financial results following accounting errors. The stock ultimately finished the session with a loss of 7.9%, after earlier trading down as much as 20%.

In a filing with the Securities and Exchange Commission on Tuesday evening, the fuel cell maker said it will restate financial statements for fiscal years 2018 and 2019, as well as quarterly filings for 2019 and 2020.

The company said the accounting errors are primarily related to areas including the impairment

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Reddit CEO: WallStreetBets ‘exposed a gap’ between financial insiders and outsiders

Reddit Inc. Chief Executive Steve Huffman on Sunday reiterated his praise for the r/WallStreetBets forum that sent Wall Street “meme stocks” reeling in recent weeks — though he said he doesn’t get his own financial advice there.

At a congressional hearing last week, Huffman said he was proud of Reddit’s role in the frenzy that sent shares of GameStop Corp.
GME,
+18.34%
and AMC Entertainment
AMC,
+14.61%,
among other heavily shorted stocks, skyrocketing. After falling back to earth, GameStop stock surged again last week, shooting up 150%, again attributed to Reddit chatter.

In an interview with “Axios on HBO”

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Finance Bigwigs, Tech Execs, and a Reddit Investor Testify on Capitol Hill

Billionaires, tech executives, and a YouTuber walk into a government hearing. 

The punchline is less funny than you’d hope. Yesterday’s virtual hearing, called by the House Financial Services Committee to better understand the astonishing surge in GameStop shares a few weeks ago, resembled a 9–3 football game in the rain—lots of defense and not particularly fun to watch. 

Still, it was perhaps the most high-profile discussion of an important development we’ve been charting for years: the growing influence of individual investors and social media in the stock market. And there were some interesting takeaways.

Tenev takes the heat: Many

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GameStop: US lawmakers to quiz key players from Robinhood, Reddit and finance | GameStop

Frenzied trading in the shares of GameStop and other companies will be the subject of what is expected to be a fiery hearing in Congress on Thursday, when US politicians get their first chance to quiz executives from the trading app Robinhood, Reddit and other players in the saga.

The House financial services committee will hold a hearing at noon in a first step to untangling the furore surrounding trading in GameStop, AMC cinemas and other companies whose share values soared to astronomical levels as small investors piled into the stocks.

The hearing, titled Game Stopped? Who Wins and Loses

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Reddit traders’ failed war on Wall Street proved the system is rigged

  • Reddit day traders tried to beat Wall Street at its own game to prove the system is rigged.
  • Instead, brokerages locked them out and their holdings tanked, while some hedge funds still won big.
  • Experts said Wall Street’s reaction showed just how high the deck was stacked against small investors.
  • Visit the Business section of Insider for more stories.

Keith Gill, the day-trading member of the Reddit group Wall Street Bets who is widely credited with igniting the recent GameStop trading frenzy, claimed in late January that he had turned his $54,000 investment into a $48 million fortune.

Days

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GameStop? Reddit? Explaining what’s happening in the stock market

Suddenly, Wall Street can’t stop talking about GameStop, a video game retailer whose stock price is popping far beyond what most people think it’s worth.

Here’s a guide to understanding why and what the frenzy means for the stock market.

Why is everyone talking about GameStop?

The simplest answer is that its stock price has skyrocketed — by somewhere around 8,000 percent over six months. The more complex answer is that its stock has become the central game piece in a financial power struggle between a major hedge fund, Melvin Capital, and a group of amateur stock traders who

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