NewsvotNewsvot

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

    August 8, 2022

    What exactly went wrong with the ISRO mission?

    August 8, 2022

    The Beautiful Stories Behind 8 of Oaxaca’s Traditional Outfits

    August 8, 2022
    Facebook Twitter Instagram
    NewsvotNewsvot
    • Home
    • Music & Pop Culture
    • News
    • Sports
    • Technology
    • Travel & Tourism
    NewsvotNewsvot
    Home»Most Featured»The $300 billion meme stock that makes GameStop look like child’s play
    Most Featured

    The $300 billion meme stock that makes GameStop look like child’s play

    Newsvot NewsBy Newsvot NewsAugust 3, 2022No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Reddit logo is seen on a smartphone in front of a displayed Wall Street Bets logo in this illustration taken January 28, 2021.

    Dado Ruvic | Reuters

    Think the meme stock mania is so 2021? Just take a look at AMTD Digital.

    The little-known Hong Kong-based fintech company saw its shares skyrocket 126% on Tuesday alone after experiencing a series of trading halts. AMTD Digital, a subsidiary of investment holding company AMTD Idea Group, went public in mid-July with its American depositary receipts trading on the NYSE. Two weeks later, the stock is up 21,400% to $1,679 apiece from its IPO price of $7.80.

    The monstrous move pushed its market cap above $310 billion as of Tuesday, making it bigger than Coca-Cola and Bank of America, according to FactSet. AMTD Digital generates revenue primarily from fees and commissions from its digital financial services business, and it only made $25 million in revenue in 2021, according to a regulatory filing.

    The wild trading is reminiscent of the GameStop mania of 2021 where a band of Reddit-obsessed retail investors managed to push up shares of the video game retailer and squeeze out short selling hedge funds. Indeed, the ticker HKD became the most popular mention on Reddit’s WallStreetBets chat room Tuesday, according to alternative data provider Quiver Quantitative.

    AMTD Idea Group’s ADR was also the single-most actively traded stock on the Fidelity platform Tuesday. The stock has popped nearly 300% this week.

    The intense speculative behavior among retail investors is unnerving many on Wall Street yet again.

    “As we’ve learned over the past two years, events like this cause what I would say is opportunities for profit but great risk for loss particularly for our retail investors,” Jay Clayton, former SEC chairman, said Wednesday on CNBC’s “Squawk Box.”

    Famed short seller Jim Chanos took it to Twitter and expressed frustration about the mania.

    “So we’re all just going to ignore the $400B meme stock in the room?” Chanos said in a tweet. “We literally had Congressional hearings over the $30B runs of $GME and $AMC, but just [crickets] today.

    The crazy moves, based on no material news, also shocked the company itself. AMTD Digital issued a “thank you note” to investors Tuesday, adding it’s monitoring the market closely for any trading abnormalities. 

    “To our knowledge, there are no material circumstances, events nor other matters relating to our Company’s business and operating activities since the IPO date,” AMTD Digital said in the statement.

    Source link

    AMTD Digital Inc Amtd International Inc Bank of America Corp Breaking News: Business Breaking News: Investing Breaking News: Markets business news Coca-Cola Co GameStop Corp Investment strategy Jim Chanos Markets Stock markets Wall Street
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Newsvot News
    • Website

    Related Posts

    Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

    August 8, 2022

    Trump Likely To Be Criminally Charged Over Plans To Overturn 2020 Election Results

    August 8, 2022

    best and worst places to live

    August 7, 2022

    Speaker Pelosi’s Taiwan visit made things worse: ex-Singapore diplomat

    August 6, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve
    • What exactly went wrong with the ISRO mission?
    • The Beautiful Stories Behind 8 of Oaxaca’s Traditional Outfits
    • Bitcoin price targets 8-week highs as Ethereum reaches $1.8K
    • Concertgoers furious as Toronto-area music festivals fall apart – Toronto
    Editors Picks
    Most Featured

    Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

    By Newsvot NewsAugust 8, 2022

    Shoppers inside a grocery store in San Francisco, California, U.S., on Monday, May 2, 2022. David…

    Social Issues

    What exactly went wrong with the ISRO mission?

    By Newsvot NewsAugust 8, 2022

    The maiden lift-off of the SSLV ended in failure after the two satellites — EOS-02…

    Fashion

    The Beautiful Stories Behind 8 of Oaxaca’s Traditional Outfits

    By Newsvot NewsAugust 8, 2022

    The Chinas Oaxaqueñas are also known for their jewelry and, famously, for their long braids…

    Cryptoo

    Bitcoin price targets 8-week highs as Ethereum reaches $1.8K

    By Newsvot NewsAugust 8, 2022

    Bitcoin (BTC) looked to target new August highs at the Aug. 8 Wall Street open…

    About Us
    About Us

    All the latest breaking US and world wide news with in-depth comment and analysis, pictures and videos from all the news sites around the world

    Check out our other website:
    Cryptovot.com
    funnyvot.com
    healthvot.com
    gamesvot.com
    Contact us: Contact@vot.media

    Facebook
    • Do not sell my personal information
    • Opt out / Unsubscribe
    • Privacy Policy & CCPA
    © 2022 VotMedia

    Type above and press Enter to search. Press Esc to cancel.