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Reddit trader who led GameStop frenzy loses $13M in one day
Reddit personality and YouTuber is still up on his investment, but much less than a week ago when he shot to fame.
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Reddit personality and YouTuber is still up on his investment, but much less than a week ago when he shot to fame.
Investing app Robinhood recently found itself embroiled in controversy this past week when it moved to restrict trading of shares of several companies like GameStop and AMC. The move resulted in intense backlash from users. New York Times finance and technology reporter Nathaniel Popper joins CBSN's Elaine Quijano to discuss.
Moderators of Reddit's WallStreetBets forum say they're seeing a large amount of stock-recommendation content being posted by bots. MoneyWatch senior reporter Stephen Gandel joins CBSN AM to break down the latest information on the forum, which caused a stir as members bought Gamestop stock, driving the price up.
Democrats, GOP far apart on stimulus despite White House meeting between President Biden and Senate Republicans; Reddit group WallStreetBets hit by bot activity
One research firm believes that as much as 97% of the posts on WallStreetBets could be generated by bots, not people.
GameStop isn't the only struggling company whose stock has surged after retail investors flooded in.
The titans of finance were shaken by a subculture of amateur traders on WallStreetBets, whose viral stock purchases sent hedge funds reeling.
Stock sales by GameStop and BlackBerry insiders raise questions about their comp. "It's pay for luck," one expert said.
Reddit board Wallstreetbets seems to have driven a near-2,000% rise in the stock price of troubled video game retailer.
The decision has sparked fierce backlash from users and lawmakers.
Thanks to a group on Reddit with millions of followers, individual investors have sent the value of GameStop's stock soaring this week, shocking Wall Street investors who bet big on the retailer's decline. The Securities and Exchange Commission and the White House both said they are monitoring the situation. CBS MoneyWatch's Stephen Gandel and CBSN technology reporter Dan Patterson join CBSN AM to break down what this all means.
Small investors using a Reddit forum appear to have driven the stock of the struggling retail chain GameStop up nearly 800% and it's causing some major financial losses for seasoned Wall Street investors. Vladimir Duthiers has the details. CBS News business analyst Jill Schlesinger also joins "CBS This Morning" to discuss.
Individual investors, fueled by social media posts, bought up GameStop stock, artificially inflating the price. The move caused Wall Street firms to take a hit. Manuel Bojorquez has more.
Investors in popular Reddit group push retailer's stock and are accused of threatening those betting against it.
The popular subreddit was shut down because it continuously violated its hate speech policy.
Reddit banned "The_Donald," a pro-Trump forum with over 790,000 users during a hate speech crackdown in which it took down several groups that it says violated the site's rules of conduct. The site says the group violated its policies by allowing people to target and harass others.
Ohanian said he made the decision to resign from Reddit's Board of Directors for his and Williams' 2-year-old daughter
Reddit co-founder Alexis Ohanian, who is married to tennis superstar Serena Williams, resigned from his company's board on Friday. He told "CBS This Morning" co-host Gayle King he did it because he wanted his 2-year-old daughter, Olympia, "to be proud of her father."
"I'm saying this as a father who needs to be able to answer his black daughter when she asks, 'What did you do?'," the Reddit co-founder said.
American conspiracy theories are entering a dangerous new phase, according to a new piece from The Atlantic. It delves into the dangers that could lie ahead if we dismiss conspiracy theories, like that of the pro-Trump QAnon. Adrienne LaFrance, executive editor of The Atlantic, wrote the story and joined CBSN to discuss.
Among the gifts she received was a donation to the American Heart Association in memory of her mother, who died earlier this year.
The anonymous author who wrote a book and op-ed allegedly documenting the inner workings of the White House said Tuesday on Reddit that he or she plans to reveal their identity at some point. Anonymous -- who has so far been identified only as "a senior official in the Trump administration" -- pledged that "Donald Trump has not heard the last of me."
"As far as anonymity is concerned, I will not keep my identity shrouded in secrecy forever," the author wrote.
U.S. video game maker seizes player's Hearthstone Grandmasters winnings, saying he broke the company's rules
Fans on social media have crowned Reeves as "The Respectful King"
Banks, airlines, broadcasters and health systems in countries around the world reported widespread outages Friday in relation to Microsoft's 365 apps.
"I am not supposed to be here tonight," former President Donald Trump said. "I stand before you in this arena only by the grace of almighty God."
Two senior House Democrats believe Biden could leave the 2024 presidential race within days after a pressure campaign from top Democratic lawmakers.
CBS News is fact checking statements made by GOP speakers on the fourth and final night of the 2024 RNC, when Donald Trump addresses the convention.
The U.S. Secret Service is facing mounting questions about the security flaws that allowed the shooter to fire from a rooftop near the rally.
Democratic Sen. Jon Tester of Montana said President Biden should not seen another term in the White House.
Many protesters stayed away, but one group found a unique way to draw attention to the climate crisis during the RNC in Milwaukee.
Israel's military said that they were reviewing the explosion and increasing air patrols after the incident, which its initial inquiries determined was caused by "an aerial target."
July is on track to see the fifth consecutive monthly drop in migrant apprehensions along the U.S.-Mexico border.
"I am not supposed to be here tonight," former President Donald Trump said. "I stand before you in this arena only by the grace of almighty God."
The U.S. Secret Service is facing mounting questions about the security flaws that allowed the shooter to fire from a rooftop near the rally.
Former President Donald Trump publicly recounted the assassination attempt for the first time during a speech at the Republican National Convention.
Former President Donald Trump placed Corey Comperatore's firefighting helmet and jacket on stage during his address at the Republican National Convention.
Many protesters stayed away, but one group found a unique way to draw attention to the climate crisis during the RNC in Milwaukee.
Bissell says it has received more than 150 reports of burn injuries from recalled product. Here's how consumers can get a refund.
John Deere & Co. says the farm equipment maker will no longer participate in "social or cultural awareness" events.
Citing suspected links to a listeria outbreak, Canada's health agency has issued a recall notice for 18 plant-based drinks sold under the Silk and Great Value brands.
The buyer intends to keep the fossil in the U.S., and is exploring making it available for public display.
About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
"I am not supposed to be here tonight," former President Donald Trump said. "I stand before you in this arena only by the grace of almighty God."
The U.S. Secret Service is facing mounting questions about the security flaws that allowed the shooter to fire from a rooftop near the rally.
Former President Donald Trump publicly recounted the assassination attempt for the first time during a speech at the Republican National Convention.
Former President Donald Trump placed Corey Comperatore's firefighting helmet and jacket on stage during his address at the Republican National Convention.
Many protesters stayed away, but one group found a unique way to draw attention to the climate crisis during the RNC in Milwaukee.
The now-recalled Diamond Shruumz gummies had been sold legally, but testing found they contained an illegal controlled substance.
Citing suspected links to a listeria outbreak, Canada's health agency has issued a recall notice for 18 plant-based drinks sold under the Silk and Great Value brands.
President Biden has tested positive for COVID-19, prompting an array of questions about his health and condition. Here's what we know so far.
Public safety and health care organizations are using drones to speed up lifesaving treatment during medical emergencies in which every second counts.
For years, Tennessee has required anyone convicted of prostitution while HIV-positive to register as a sex offender for life. To settle discrimination suits, the state has agreed to reverse course.
Banks, airlines, broadcasters and health systems in countries around the world reported widespread outages Friday in relation to Microsoft's 365 apps.
Israel's military said that they were reviewing the explosion and increasing air patrols after the incident, which its initial inquiries determined was caused by "an aerial target."
Far-right Israeli official Itamar Ben-Gvir paid a controversial visit to a contested holy site as a rights group details alleged Hamas war crimes.
The cubs - a female named Tochka and a male named Timur - explored their enclosure together with their mother, 13-year-old Katinka.
Citing suspected links to a listeria outbreak, Canada's health agency has issued a recall notice for 18 plant-based drinks sold under the Silk and Great Value brands.
Legendary comedian Bob Newhart, known for his trademark deadpan delivery, has died at the age of 94.
Bob Newhart, who starred in the long-running sitcoms "The Bob Newhart Show" and "Newhart," has died at age 94.
After nearly four years of legal disputes, renowned wedding dress designer Hayley Paige has regained the right to use her name and control of social media accounts.
Emmy award-winning actor Sheryl Lee Ralph joins "CBS Mornings" to talk about her new comedy, "The Fabulous Four," and her third Emmy nomination for "Abbott Elementary."
Oprah Winfrey selected "Familiaris" by David Wroblewski as her latest book club pick. Watch the author, David Wroblewski, read an excerpt from his long-awaited follow-up to his bestselling debut, "The Story of Edgar Sawtelle."
Banks, airlines, broadcasters and health systems in countries around the world reported widespread outages Friday in relation to Microsoft's 365 apps.
NASA says the Deorbit Vehicle will drive the lab to a controlled re-entry and breakup in 2030 to close out three decades of operation.
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
Tech mogul Elon Musk said Tuesday afternoon that he would be moving the headquarters of both his social media company X and SpaceX to Texas in response to a new California law signed by Gov. Gavin Newsom.
Apple users can now download an early version of a new iPhone operating system that will be officially released this fall.
The melting of glaciers and polar ice sheets causes water to move closer to the equator, fattening the planet and slowing its rotation, according to a recent study.
Spade-toothed whales are the world's rarest, with no live sightings ever recorded. Until, perhaps, now. One may have washed up onto a New Zealand beach.
Symptoms among the new bird flu cases included "fever, chills, coughing and sore throat/runny nose," alongside pink eye and eye tearing, a CDC spokesperson confirmed Monday.
The image released Friday depicts two merging galaxies, nicknamed "the Penguin and the Egg," that are about 100,000 light years apart, a surprisingly close distance in astronomical terms.
The 2024 Atlantic hurricane season got off to a deadly start as Hurricane Beryl tore across the Caribbean, Mexico and eventually the U.S.
A man who authorities have described as a dangerous pedophile was arrested in Georgia, nearly 30 years after he fled an Oregon prison.
Sonya Massey was killed after Sangamon County deputies responded to her 911 call about an intruder early on July 6, officials said.
Kayla Wright's body was found in a truck-bed-style toolbox on a sandbar in the Missisquoi River in February.
Keith Edmund Gavin was pronounced dead at 6:32 p.m. CT following a chemical injection at the William C. Holman Correctional Facility in Alabama.
More women, children and entire families have fallen victim to indiscriminate violence in areas where drug cartels are fighting bloody turf battles.
NASA says the Deorbit Vehicle will drive the lab to a controlled re-entry and breakup in 2030 to close out three decades of operation.
Rain already falls on Venus, but it took more than 14 minutes for Missy Elliott's The Rain (Supa Dupa Fly)" to reach the planet.
It has been two years since NASA's James Webb telescope gave us a stunning first look at the depth of our universe. To commemorate the achievement, NASA has released new images showing two distant galaxies interacting with each other. Jane Rigby, astrophysicist and a senior project scientist for the Webb telescope at NASA, joins CBS News to discuss.
The image released Friday depicts two merging galaxies, nicknamed "the Penguin and the Egg," that are about 100,000 light years apart, a surprisingly close distance in astronomical terms.
SpaceX's Falcon 9 rocket suffered a catastrophic engine failure as it launched a batch of Starlink satellites into orbit Thursday night, the first time in nearly a decade the rocket has failed. CBS News space consultant Bill Harwood has more on that and the latest images from the James Webb Space Telescope.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Live performances are in full swing this summer. Scroll through our concert gallery, featuring pictures by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
A teenager's murder in Lowell, Massachusetts, goes unsolved for more than 40 years -- were the clues there all along?
The actor, recipient of a lifetime achievement Academy Award, was renowned for such films as "MASH," "Klute," "Don't Look Now," "Ordinary People," and "The Hunger Games."
The Illinois mom wrote, "If something ever happens to me, please make sure the number one person of interest is Tim." Take a look at the evidence that led to Tim Bliefnick's arrest.
Former President Donald Trump made a dramatic entrance on the final night of the 2024 Republican National Convention, walking on stage with his last name behind him in bright lights.
Michigan pastor Lorenzo Sewell addressed the 2024 Republican National Convention on Thursday, one month after former President Donald Trump visited his church in Detroit. "He came to the hood because he cares about average, everyday Americans," Sewell said.
Melania Trump made her first appearance at the 2024 Republican National Convention on Thursday night. The former first lady has been largely absent from the campaign trail this election cycle. "CBS Evening News" anchor and managing editor Norah O'Donnell leads special coverage.
Former President Donald Trump closed Day 4 of the 2024 Republican National Convention with a speech, his first major public remarks since the assassination attempt at a Pennsylvania campaign rally. Watch his full remarks.
During his speech at the Republican National Convention, former President Donald Trump's son, Eric Trump, spoke about why his father decided to run for president in 2016. Eric Trump denounced the criminal investigations against his father, claiming he's being persecuted.