U.S. Representative Alexandria Ocasio-Cortez will host a Twitch stream to discuss the latest developments in the controversy swarming around GameStop and AMC Theatres stock trading.I’ll be hopping on Twitch at 8:30pm tonight to discuss today’s developments with GameStop and retail trading," Ocasio-Cortez tweeted. "Might have a guest or two join - we’ll see. See you there!"
The announcement of Ocasio-Cortez's Twitch stream comes after the Robinhood app removed and restricted trading on GameStop and AMC stocks, among others. "In light of current market volatility, we are restricting transactions for certain securities to position closing only, including $AMC and $GME," a tweet from the official Robinhood app reads. Other politicians such as Ted Lieu and Elizabeth Warren, along with Ben Shapiro, have also commented on the stock trading controversy.
The r/Wallstreetbets subreddit community came together to inflate the shares for GameStop and AMC Theatres over the last few days. Though GameStop is a brick-and-mortar video game retail company and AMC Theatres is a chain of movie theaters, the one thing they have in common is both companies have been on the brink of bankruptcy. However, this is what has led many in the business to take up short-selling trading strategies against the two, which means speculating on the continued decline of GameStop and AMC stock. But since Redditors inflated the price of GameStop and AMC stocks, the short-sellers are losing money, which hurts large hedge funds.
With Robinhood restricting transactions, the company has been hit with a class-action lawsuit.
Source: Twitter