So, I'm here.
- And, I do not see anything happening. - Right.
- At all.
Look, I'm very sorry, sir.
Guess what I'm trying to understand is, what is the reason for this delay exactly?
Yeah. Mr. Plotkin,
- Specifically. - I'm so sorry.
- But it's just that when we set out... - Yeah, we closed in November.
We had all the permit applications in
- before the end of the year. - Right. Once we get...
...the final stamp of approval.
And we can't get the trucks here a little early?
- Just, you know, get 'em started. - Miami Beach ordinances...
- won't let me do that. - Is anyone actually...
- ...enforcing those regulations? - Look, Mr. Plotkin,
I know that you're eager to move in. Okay.
- Once we get the final stamp of approval. - No.
- You're gonna be the first... - One second.
Sure.
Hello?
You see what's going on at GME?
There's more of these idiots?
...the short sellers, now they're getting creamed by the little guy.
A lot more.
They won't hold much longer.
Go away.
Oh Gabe, honey, they're holding.
It just crossed a hundred.
Gabe, where are you?
****!
You should probably dial in.
Yeah, be on in one sec.
I will tell you I've never seen anything like it.
I'm concerned about it.
I'm calling it the ultimate short squeeze.
You can lose money to infinity.
It's very different, more highly leveraged game on the other side.
Holy ****ing shit.
Right now we're gonna talk about GameStop. Those shares...
- are nonstop earning of about 130% today. - Holy ****ing shit!
- Holy shit! - What the...
...****!
Holy shit.
- Yes. Hello? - Great news, Mr. Plotkin.
I think we'll be able to get you into your new home a little sooner
- than I actually thought. - I think we're having some sort of
miscommunication here. Because I'm not trying to move into that house.
I'm trying to tear that house down so I can build a tennis court
for me and my family to play during the pandemic.
- I see. - I thought it would be very simple.
Apparently, it isn't because the pandemic is almost over
- and there's no tennis court. - Okay, Mr. Plotkin.
Thank you for your time.
Yes, what? Hello?
Hi, it's Ken Griffin.
Hi there, Ken, how are you? Great to hear from you.
Do you have a minute?
I...
I gotta call you right back. If that's okay. I'm so sorry.
- Sure. - Okay, great.
Hi. What's happening right now?
It looks like there's one guy driving all the buying.
What... what... what guy?
I believe his name is "Roaring Kitty."
Oh, wait, or...
"Deep ****ing Value."
"Roaring Kitty" or "Deep ****ing Value." What?
He's "Roaring Kitty" on YouTube and "Deep ****ing Value" on Reddit.
Both? He couldn't pick one name?
Who is this schmuck?
I don't know, but I think I just came.
- Ruby... Ruby, right? - Yeah.
- Can I get a couple of Heinies, please? - One.
Sorry...
- I'm gonna have a... - What? What's wrong with a Heinie?
Drinking it since we were 17!
Hey, drink what you like. No judgment.
You have a Hamm's?
- I'll have one of those. - The **** did you just order?
Oh, it's a nice one outta Milwaukee. Good quality.
- Fifty cents a can before markup. - C'mon, Kitty. Forget about price.
Get him a Heineken, thank you.
- It's on me. - Thanks, man.
Thank you, that's nice. I'll have a Hamm's.
So a Heineken and a Hamm's?
Thank you.
Please.
Thank you, Ruby.
How you been, man?
The whole Sara thing.
Oh, yeah. Okay...
Up and down.
Yeah.
- How's your ***hole brother? - Still an ***hole.
- Okay. - Yeah.
Keeping busy at least?
Got the day job at MassMutual. Working on my portfolio.
That's the last thing you should be worrying about right now.
Why? It's a... It's a good distraction.
Lemme take that over for you.
We got thousands of ****ysts at B of A
- that do just this. C'mon, Kitty. - All good, man. Thank you.
You should be focused on your family right now.
Not ****ing around with penny stocks.
They're not all penny stocks. GameStop isn't a penny stock.
GameStop?
- Dude... - You used to love GameStop!
- Yeah, then I grew up. - Well, I think it's undervalued.
I just sold off a bunch of other shit to double down.
How much are we talking? A grand?
- Fifty. - Bucks?
Grand.
53 grand.
Yeah.
Kitty...
- Man, you don't even own a house. - It's got a ton of short interest,
- You got a one-year-old. - which is artificially pushing...
- Jesus, bro. - the price down.
- You never bet against Wall Street! - Wall Street gets it wrong all the time.
- Look at '08. - That was a one-off, Kitty.
These guys, they have all the money
and the fancy degrees and the political juice in the world,
- and they get it wrong all the time. - Are you out of your ****ing mind?
They've got the advantage, and they still get it wrong.
No, gimme that, I'm drinking it. Even if it's 50 cents.
It's 4 bucks.
Well, my man just spent 53K on a penny stock.
So, all he can afford is water.
- You're a Wall Street guy? - Very much no.
I'm a Wall Street guy.
What was the stock?
GameStop.
The video game store. At the mall.
- You really bought $53,000 of it? - Yeah, I don't believe it.
I think he's ****ing with us. You're ****ing with us, right?
You don't even have 50 grand.
Let's see.
Oh, shit.
How is she falling for this? How are you falling for this?
He won't spend 5 bucks for a beer,
but he'll put 50k in a stock that you think is a joke.
And that's interesting to you?
Yeah.
It is.
Drink your shitty beer.
Hey!
Bedtime's already done?
Yeah, she was exhausted. She skipped her nap.
How was Briggsy?
Good. Yeah.
You guys talk about Sara?
You wanna sit down a minute?
I'll feel better if I finish these first.
No, you won't.
Do you think I'm insane?
Yeah.
Sorry. About what?
GameStop.
The most compelling asymmetric opportunity in the market?
- What, did Briggsy make you jumpy? - A little.
- What was his argument? - He didn't have one.
- Well. - He just said it was a reckless bet.
He said "you're putting your money in the next
- Blockbuster." - Enough. **** Briggsy.
Babe, you literally know more about this damn company than you know about me.
It's true.
And because of you, I know more about this company than I know about myself.
But what if I'm missing something? We can't afford to miss something.
It's all our savings.
Go do a video.
I can finish these first. I'm happy to...
Go see what the nerds have to say.
Our Wall Street Bets people aren't nerds, Caroline.
They're gangsters. You make a dumb case and post it,
- they'll rip you apart. - Well, then don't make a dumb case.
Okay, let's see what's new.
Oh, there's a share. Okay, here we go.
Oh shit.
Alright...
Just check on... See here.
Yo, what up, everybody? Roaring Kitty here.
I've done a few of these now, mostly on my investing methodology.
But today I'm gonna try something a little different.
I appreciate the feedback you guys have been leaving me by the way.
Oh! More feedback comin' in hot.
"Less cats." Okay. Great.
Ah, like I was saying, what was I saying? Ah, I'm gonna try...
Oh, and here's one from Ballz.
"Nerd."
And nerd is in all capitals.
Like, okay, that's kinda mean. But okay, fair.
"Nice shirt, Grandpa"?
What? How old do you think I am?
You know what?
Thanks for the comments. We're gonna come back to them at the end.
Here's what I wanna talk about.
I'm gonna pick a stock and talk about why I think it's interesting.
And that stock is...
GameStop.
I know it's a polarizing stock and...
some of you probably gonna tune out of the stream right now when you hear
I'm bullish on GameStop. But I am.
You can see it is now the biggest position by far in the Roaring Kitty portfolio.
So...
yeah, I think everyone else is crazy, and I think I'm right.
But I've been wrong plenty of times in the past. So...
So there are a lot of aspects to this bold thesis, a lot of moving parts,
but I boil it down to what I consider the three overs:
The digital risks seem to me to be overblown,
the negative sentiment is overdone, you can see it with the huge short interest,
and the value is overlooked.
Wall Street just doesn't see it.
Why?
Mr. Market, why?
The hedge funds are overlooking the value in the company
just like they overlook the people who shop there.
They assume most people download games online now.
But look, 25% of gamers still buy new discs from GameStop,
and 40% buy used games from the store.
And the market's kinda forced my hand here.
What more can I say? I just like the stock.
Hey!
Shit!
- Did I wake you? - Please stop.
Mr. Donaldson, I need you in your bed.
Kerin, can you please
- make sure Mr. Donaldson... - I don't need to go to bed.
- I need a cup of coffee. - We can get you a cup of coffee.
Kerin, coffee.
Oh!
Well, isn't that beautiful?
Oh shit.
"100% short GameStop stock (GME)"?
It's an investment video.
Hey, Jenny, for real,
I wouldn't take investment advice from a guy in a cat shirt.
Oh, okay. Who do you take investment advice from?
I don't have investments. And if I did, I'd listen to, like, a banker.
Just the way they like it.
"They." Oh boy. Here we go...
Just never mind.
No, no, no, please tell me.
I'm dying to know what Luke Wilson from The Royal Tenenbaums
thinks we should do with our $68,000 a year.
Who from what?
Ugly Björn Borg.
Okay, fine.
Wall Street is betting that this company is gonna fail.
It's called shorting.
And if it fails, well, then everybody loses their job,
but these hedge fund ***holes make a shit ton of money.
It's bullshit. It's a bullshit way for rich people to get richer.
How did you even find this guy?
70,000 people have watched this video.
He posts his balance sheets and everything.
Wall Street Bets is going crazy over this.
- Who? - It's an Internet forum.
- On Reddit. - Now, see. No, no.
I'm not gonna do this with you. The last time you brought up Reddit,
it was just all these oil paintings of Donald Trump on horseback.
- You liked it. - Detestable.
- Look. - Okay, yeah. Let's take a look.
"Shit's not a pump-and-dump
if it never dumps, you ****heads..."
"Feed me your tears, I use it as **** lube on your wives."
Why did you go to that one?
Oh! Oh! Oh! "Strap on ur theta dildo
- n start pounding." - Okay. Yes, that shit exists on here.
But I also learned the difference between a delta squeeze and a gamma squeeze.
And now everyone is talking about call options.
Jenny, baby,
you're never gonna find a man on there.
Hey, well, my guy has, what, 5 million TikTok followers.
- How many does yours have? - I don't know.
Quick scroll. 412.
- Who cares? - The Internet at large.
But hey. Least I aim high.
I aim high.
What up, everybody? Roaring Kitty here.
Yo! Yo! Yo! This price action, gettin' kind of ridiculous, am I right?
Let's see what happens. See what happens at the end of the week.
But it's all about the trend staying intact.
But this, this looks sick.
Morning, Marcos!
Shit... Yo, what's... Hey, Brad.
Yo, I was wondering if could I get an advance on my pay?
I can run it up the chain, but with all the cutbacks, that's unlikely.
Oh, hey! You could do the employee TikTok contest.
You do a lip sync, you can win 10 labor hours.
Yeah, man, totally.
That's dope. I was thinkin' "Savage."
Yeah, sure, I love it.
Or yo, that Drake one with Lil Durk.
That's a great one too.
Because I know you love Lil Durk.
C'mon.
No, I'm gonna do Megan Thee Stallion. For sure, for sure, for sure.
I'm a savage
Classy, bougie, ratchet
Sassy, moody, nasty
Okay, mask! Mask.
Sorry.
Acting stupid, what was happening?
What's happening? I'm a savage
Huh, A+ man. You're a shoo-in with moves like that.
Yo, you think so for real, though?
That's sweet, real.
Ten labor hours.
Damn, it's like Christmas came early!
I'm pullin' for ya!
Thanks, man.
...only fit fake booties
**** cash shit
Fries.
No, ****!
God!
Goddamn it! ****!
But first, cheers! Cheers, everybody.
I mean, look. I know we still got a lot of bear takes out there.
But as I dive deeper and deeper into this thing,
it's looking increasingly compelling to me.
And then you got the huge short interest. Now, I'm not betting on a short squeeze.
I've been saying that the whole time. You guys have been talking about it.
Thesis is grounded in fundamentals, but I'm not...
But to... I mean, today, I mean, I'm...
I mean, it's starting to feel a little squeezy, right?
Starting to feel a little squeezy. Honk!
I mean, hello. Okay!
All right, all right. I need a drink. I need a drink.
Now. A lot of you are accusing me of talking a big game.
- Keith? - But--
- Babe, where are you? - Oh... Coming!
Duh... I'm on Daddy duty tonight. I'll be right back.
Okay. There you go.
Sorry.
Quick tendie break.
Gotta love those tendies.
Sweet, sweet tendies.
Speaking of tendies.
Look at this. Look at this chart.
We go from four, to six, to seven. Now...
ten.
Wall Street must be seeing this, right?
Or are we just screaming into the void?
Hello, Mr. Market. We got tendies too.
We got tendies too.
Maybe we are.
They never saw the, like, 9 billion resumes I sent from 2016 to 2019.
Or in 2009, right after I graduated college.
I guess they were busy with that whole "market crash" thing then.
****!
Kevin, you son of a *****!
You can't run with a baby. You can't run with a baby!
- Don't take my car, man! - I ****ed up your seat!
There's no gas left.
I know.
How did that taste?
Hey-oh, can I put my pants back on?
No!
- Hello. - All right.
- Hey, girl.
You said two shots, right?
Oh, c'mon.
****, all good.
- Can someone start the timer? - I got you. I got you.
Hi.
How are you?
Can you shut the **** up?
So what'd you do today?
Well, I attended a Zoom seminar
during which I watched two hours of TikTok.
Oh! I purchased three shares of stock.
Okay, what stock?
- GameStop. - Yo, Roaring Kitty!
C'mon. Yes, James.
- Can I please put some pants back on? - No!
- Sit down. - I'm three days into that shit.
Look it. That's just, that's only from today. I don't care.
I don't know what the **** I'm doing. I just know I'm making money.
I'm not sold on that.
It's doubled since summer.
And the more people who buy in, the higher it'll go.
That sounds like the literal definition of a pyramid scheme.
Sorry, I have terrible allergies. And a killer headache.
Could just be the music coming from next door though.
You see your buddy Ken's up to 57 billion in short positions?
Yeah, smart. The economy's in free fall.
I honestly can't tell if that was you or Romeo.
Very funny.
I'm telling you. This is when they drag out the guillotines.
- You're obsessed with him. - The man is an ***hole.
He stole five ****ysts from me. All mediocre by the way.
Oh, and two paintings.
- What paintings? - A Picasso and a de Kooning.
He overpaid 500 million.
That is my entire nut from last year.
The man is an ***hole. Just admit it.
You're just bitter he stole those ****ysts.
You seen Citadel's projected revenue?
$7 billion.
That's double last year.
Hoovering up all the stimulus checks.
- They go straight from the retail traders - Thank you.
right into Kenny boy's pockets.
The man just gets away with murder. Look at what I just sent you.
Is this a video of a man drinking his own urine because a stock went up?
#1 post on the site.
Where did you get this?
My ****ysts sent it to me.
They call themselves apes and r-words. Retard, can they say that?
Remarkably self-aware. They've hooked into GameStop for whatever reason.
They think it's funny, it seems.
I think it's funny.
I think they think it's a good investment.
Retail traders always lose.
We've actually been short GameStop since 2014.
The company is a complete disaster. They've had six CEOs in two years.
Guess these guys are ignoring obvious secular market trends.
Or they're... the stupidest people on earth.
You're shorting more right now, aren't you?
600,000 shares, maybe.
Dumb money, man.
I'm happy to take it.
Listen up, retards,
Melvin Capital has declared war on GME by shorting the stock even more.
This is our call to activate diamond hands, my fellow warriors.
We will not let the *** bears defeat us. We are on a mission to the ****ing moon.
This is one that is bigger than your personal gains.
More than just tendies for a new Lambo.
This is our chance to rise up together. To stick it to the big man.
Squeezing Melvin by the ****ing balls
with the collective power of diamond handing autists.
Wall Street Bets I thought were a bunch of idiots just throwing money at a stock
because they thought it was funny.
I was wrong.
Now I see what Wall Street Bets really is.
- It is a revolution. - This is one of those rare moments
where Wall Street are the ones getting screwed over.
And when we decide we're hungry,
there is very little the rich can do to stop us
- from beating them. - It's a GameStop to stop the game.
Ho, ho, ho!
What up, everybody? Merry Christmas, Happy New Year's, happy holidays.
2020... See ya.
2020 has been a very rough year for my family too.
So this GameStop news has been a bit of a bright spot.
Look at this, I mean, where it's at.
It's a five bagger from where it was over the summer.
You don't often see a thesis play out like this.
So we gotta--
We can't take it for granted, right? We gotta appreciate it.
Thank you, Santa. Right.
I wanted to say cheers all of you.
You're why I'm here in the first place.
It's fun to talk about. I mean, I figure, if I worked at a hedge fund,
I'd compare notes with my colleagues. But I don't.
I'm stuck at home like you guys. So...
I believe in this stock.
And I believe in this community.
I'll be honest, it's been kind of a shitty year.
For a lot of people. Lotta people lost people the past 12 months. I did too.
My sister, Sara.
I don't talk about it much.
But it felt right to tell you.
We've been through so much together.
You've made me feel a part of something, something big.
So, Merry Christmas. Cheers.
I like your car.
It's a classic.
- '95. - Yes!
Sadly, it's a gas-guzzler.
Yeah, yup, this one too.
But she's such a beauty I couldn't stand to trade her.
'96 Honda Accord?
2003. Not quite a classic.
It's kinda weird to talk to someone and see their whole face. Right?
It's been so long.
I... I work at a hospital, you could probably tell.
Essential worker.
Thank you for everything you do.
Oh, you're very welcome.
Hey...
Have a good night.
Cool.
Safe travels.
Remember when you were just making fun of me
- and now you're literally obsessed. - No, I don't recall.
- How much are you up? - 948.
Stock dipped a little, it was like 2,000 before Christmas.
Maybe you should sell.
No. It's not about the money.
The stock market is not about the money?
No. You just gotta read some of the stuff on here.
Never understood why my dad was so pissed off about this whole thing,
but now I do.
I told you about his store, right?
Costco?
Shopko.
It was like, this like...
big chain in our area.
My dad, he worked his way all the way up from bag boy to general manager.
Then one of these Wall Street funds came in, bought it,
and vampire-sucked all the money out of it and then declared bankruptcy.
****.
Yeah.
He lost his pension. Everything.
It's why he had to work at Pick 'n ****in' Save till the day he died.
And now that's why I'm up to my *** in debt.
And these ****ers are trying to do the same thing to GameStop.
**** 'em.
**** 'em all.
Wait, look.
Look at this.
- This guy wants to CashApp me $100 - Shut the **** up.
to send him a selfie. Or 500 if I live chat him from a bubble bath.
Yes! Yes, we should do it.
- What? - Yes, we do it.
And then put the money into GameStop.
- Who am I talking to right now? - C'mon, *****, let's go get a tub.
Your entire business is kids spending their lunch money on random stocks.
They come to you because it's free.
But if you don't charge a commission on their trades,
how do you make money?
The idea for Robinhood really came out of the Occupy Wall Street movement.
All those people with no way of getting in.
Is that what Occupy was about?
I mean, were they trying to get in or...
So we said, it's not enough to occupy.
- We need to democratize Wall Street. - Nat, I'm not sure you know this,
but Baiju and I are both immigrants.
I was born in Bulgaria,
and Baiju's parents immigrated from India to the Deep South.
Can you imagine growing up in rural Virginia with a name like
Baiju Prafulkumar Bhatt?
We created commission-free trading so that anyone can get in the game.
You don't even need a bank account. People have really responded.
We've added 5 million users in the last six months,
- for a total of... - Close to 20 at this point. Million.
So, you're one of these tech companies that's exploded growth-wise,
but doesn't make any money.
- We make money. - But how?
- If you don't charge commission then... - From interest on people's accounts.
But your users are mostly young.
So, how much money can they really be keeping
- in their account? - There's also payment for order flow.
What's that?
We prefer the term "stock order routing."
When you buy or sell a stock on our app,
we send your order to market makers, who process the order.
They pay us a tiny rebate on every trade.
- Tiny. - But it adds up.
We should really get back to how we...
- started our company. - What market maker do you work with?
A few. Citadel Securities mostly.
Ken Griffin's firm? Isn't that a hedge fund?
Well, Ken Griffin's hedge fund is called Citadel.
But Citadel Securities is a completely different company.
Also owned by Ken Griffin?
All right,
we weren't gonna do this, but we'll give you a scoop.
Off the record for now.
Okay.
We're looking to IPO soon.
Damn. Okay.
That's big.
- Okay, don't say the bad word. - Be humble
Sit down
Sit down, be humble
- Sit down - Sit down
- Be humble, sit down, lil ***** - Kev, please.
- Well, sit down, lil ***** - Your father needs to concentrate.
Drove long-haul for forty years. I don't need to concentrate.
Fine. I need to concentrate.
What do you need to concentrate about?
What?
I thought they were veering over into our lane.
Nobody was veering, Elaine. It's okay.
You talk to any of the girls at the clinic?
A few of them have called.
I miss it.
Boys, never retire.
Keith, never retire.
Kevin, if you ever get a job, never retire.
I have a job!
Yet you still live with Ma and Dad.
Oh, you're some big professional now cuz you're ****ing king dork on YouTube?
Just one of many dorks.
This ****hole thinks he's Jimmy Buffett now.
- C'mon. - Warren Buffett.
- See?
You're not either of the Buffetts, Kitty!
You're Ballz?
- Hey! - Ah, good Christ.
- Fellas. - Ma.
Drop! Stop it!
Door Dash is not a job.
MassMutual's a job.
- A job's got business cards. - Door Dash is a job.
Okay, I'm a first responder.
And second of all, Ma, nobody uses business cards anymore.
We're proud of you, honey.
Get a room.
Take your time. I'll be in the car.
Yeah.
Love you.
It has been dragging on.
Honestly, I don't know when we'll be able to start demo
because local ordinances are a nightmare.
My heart bleeds for you. Having to borrow a tennis court.
"Borrower is slave to the lender."
Is that Buffett?
It's the Bible. Proverbs.
My Grandpa Melvin used to say it.
When he was starting his convenience store,
he refused to borrow one dollar.
It was a point of pride.
Ah yes, your humble beginnings.
"Grandpa Melvin" Capital, now with 16 billion under management.
Better than "Citadel." You sound like you're preparing for war.
I'm a man of the people.
You rented out a resort,
relocated your entire firm here so you could stay open during lockdown.
Says the man who flew his whole firm down private just for a party.
And anyway, what kind of company shuts down
just because the government tells them to?
All the ones in your short portfolio.
And yours.
-All except for one actually. - Which one?
- GameStop. - How?
They sell computer mouses. Mice?
They claim it makes them an essential business.
That is the smartest dumbest thing I've ever heard.
I know, it's actually a fun one.
The revenue's in the toilet. 632 million net loss last year.
They'd be better off just burning the whole company down.
The stock though, it has been volatile. It's been up.
- Buybacks? - Retail traders.
Bro. I don't have it, bro.
- Damn, brother. - Sorry, man.
- Yeah, yeah, yeah. - Have a good one, bro.
- Yo, stay up though! - Yeah.
Aight, bro. Aight.
I'm gonna put these back real quick.
Hey, Marcos.
Yes, Bradley?
I... I love how you engaged with that customer,
but we really wanna close those pre-owned sales.
The margin's more than double.
Oh shit, double.
Yeah, you didn't do any of the five prongs, dude:
Pre-orders. Reward-card subscriptions. Used sales. New sales. Trade-ins.
Yeah, I mean, when I was a 16-year-old gamer,
all I wanted was a reward-card subscription.
$5 cash back monthly, 20 points for every dollar spent...
- Don't get me started. - A lot of really smart people
in corporate put this plan together.
Yeah, but any of them ever played a video game?
It doesn't matter, Marcos, because they own our***ses.
Yo, they don't own my ***, so.
They do,
and they always will.
Mask.
Hey, Bradley.
You ever heard of a short squeeze?
Is that a ***ual thing?
No.
Oh, yeah!
Here's what's going on.
Late last year,
hedge funds started shorting stock in the retail store GameStop.
Meaning they had bet against it and needed it to drop in price
for their investments to be successful. Now unfortunately for the hedge funds,
small investors started buying the stock led by something called Wall Street Bets,
a popular, juvenile, foul-mouthed Reddit page.
And when Wall Street Bets noticed
that hedge funds had taken a large short position in GameStop stock,
they decided to punish the Wall Street big boys
and launched a coordinated buying spree.
- Massive short squeeze, - Show me...
- closing there, with a gain of 51% - the tendiesss!
after traders on message boards...
What?
Happy Wednesday! Happy hump day! Gee... look at this!
Look at this shit!
A 90% increase in one day? In one ****ing day!
We're goin' to the mooooon.
Okay, now, if you've been watching this price action,
this is what I'm talking about.
Yeah, but you can really feel that panic from Wall Street, right.
When they start... we're starting to feel a little squeeze. Starting to feel it.
You're starting to really feel a little squeeze.
I need a drink. I need a drink. I know we all drinking tonight.
We ****ing did it!
We started from the bottom and now we're here!
Let's raise a glass
to a great company that's undervalued, cheers.
Soon may the tendiemen come... Show me the tendies. Show me the tendies.
I got 'em right here.
Show me the tendies. I just gotta... I just gotta dip.
I just gotta... I just gotta dip.
11 ****ing million dollars?
What the ****!
- Oh, language. The baby's here. - What are you gonna do?
Get a Ferrari? A Lambo?
Caroline, you're gonna ask for a big diamond, right?
I have a diamond.
Keith, you get a ****ing diamond! If I were you, I'd look like
- DJ Khaled right now. - Kev! It's not real.
I mean, it's real, but it's just paper.
Just on paper! You're gonna sell, right?
- No! - Maybe.
I mean, I don't know.
- We... we haven't talked about it. - What the **** is wrong with you?
I'm riding Mom's bike every day to Dorchester to drop off cheeseburgers
because you won't let me use your ****ing car.
And you're mister "I won't sell and take millions of dollars."
And, well, what you do with your life is your choice.
You think I wanted to get laid off from ****'s during a global pandemic?
I love those sneakers, man. I loved that store. I love ****'s.
- Mom's bike doesn't even have gears. - We don't know if it's reached the top.
The stock jumped like 23% yesterday.
- Double from Friday's close. - But he's right.
I mean, 11 million dollars is a lot of ****ing dough.
- Thank you! - Okay, yes,
but since Ryan Cohen joined the board, the...
This ****ing guy.
...got a 2 billion market cap. I mean, could it go pff? Yeah.
But that's not what I'm seeing. That's not what I'm seeing, Kev.
Kev? You there?
Did he hang up?
Yeah.
****, I think hold.
Girl, you gotta sell.
I'm not selling.
How much are you up?
58,000 and some change.
Baby girl, what the ****?
You need to get out while you can.
- Don't be an idiot. - You remember red headband guy.
He's worth 11 million dollars. And he's not selling.
- No ****ing way. - Yes ****ing way.
This is what I'm telling you. Diamond hands.
Diamond hands. You hold the line no matter what the market does.
No matter what Wall Street says.
What happens when everyone else sells first
and before you get out you've lost all your money?
Are there any volunteers?
- I'm... - Anyone?
- We're gonna hold the line. - C'mon.
- Someone has to go first. - Okay, yeah. I'll do it.
Here we go everyone.
The first Covid vaccine at Pittsburgh Presbyterian.
****! ****!
****! Guys, we need your help. What should we do?
So listen, my girl bought in under 20 and now it is over 60.
So like, should she sell?
On the one hand, she has principles.
On the other, she has 100k in student debt. So...
One way you could think about the comparison between
Marxism and Utilitarian tradition
is that they both have a micro story and a macro story.
When you think of Utilitarian tradition...
The only thing that would convince her to sell is if Roaring Kitty sold.
for how each individual action will go.
Whoa,
wait, listen, hold on.
"Future generations will look back and say 'Good men stood here,
good men fought, and died on this ground...
as they point to a TradingView daily chart of GME zoomed in on January.'
Since the spawn of the stonkmarket,
two classes of people have been pitted against each other..."
"Eternal enemies, forever forced and fated to combat: lions and hyenas."
"These lions... these Wall Street hedge funds have it all.
Billions of dollars,
bailouts for reckless trades, these dirty ****ing criminal *******s."
Yup, these ****ing mother****ers.
"And then there's us.
The working man, the average Joe. What do we have?
What the **** do we have?
They literally call us 'dumb money.'"
"These lions, these hedge fund guys,
were born with silver spoons in their mouths.
The top 1% of the 1%.
They have massive bank accounts, eat medium rare Grade A Wagyu steak."
What the **** is that? That sounds delicious.
"With truffle shavings for lunch." That's ****!
"They frequent the finest strip clubs.
They have blow and escorts on their yacht parties."
Why do we hate these guys?
"Then you know what they will tell these escorts?"
- What's an escort? - Stop listening!
"When the smoking hot blonde asks them, 'Like, how do you have so much money?'"
"You know what they say? They say 'Ha, dumb money, babe. Dumb money.'"
Something's burning.
Oh... damn it.
- Shit! - You said "shit".
"Last, the GME trade is about class warfare. Plain and simple.
We may be hyenas, yes. But guess what?
You put enough of us together, and we can destroy a lion."
It's on, mother****ers!
Aw, we coming for y'all.
Y'all better get ready.
We ****ing coming for you.
That is some nerdy shit, man.
My brother is a ****ing nerd.
****!
Counting down from 5 and then I'm coming back in there.
I don't think you want that.
5.
- 4. - 3.
2.
Thank you.
- How was your day? - Long.
It's so hard to keep them focused on Zoom school. They're just not into it.
How was your day?
Good.
You're not worried about the short squeeze thing?
The dam'll break next week.
A few of them will decide it's gone high enough, they'll cash out,
the rest will follow, whole thing will come crashing down.
I can't think of the last short squeeze that actually worked.
Ackman and Herbalife.
Before that... Piggly Wiggly?
Piggly Wiggly.
Yeah. 1923, a bear cartel was shorting the Piggly Wiggly grocery store.
The founder, he takes out a loan for what would be $150 million today.
He buys back almost all the stock, like 99% of the stock.
The price of the stock goes up 50%.
- How much is GameStop up? - Then, the exchange,
they halt trading on the stock
so the short sellers can cover their positions.
Is that legal?
The founder had to declare bankruptcy. So...
it was all fine in the end.
And you knew all that or you looked it up?
Every fund manager knows that story.
You looked it up.
Double checked some numbers maybe.
Oh, do you see what's going on at GME?
- There's more of these idiots. - A lot more.
They won't hold much longer.
Oh, Gabe, honey, they're holding.
It just crossed a hundred.
Gabe?
Where are you?
You should probably dial in.
Yeah, be on in one sec.
GameStop, extraordinary volatility today.
You know, we might want to make this the stock of the day.
Now that it's gaining 103%.
- That is volatility. - I will tell you,
I've never seen anything like it.
I'm concerned about it deeply.
I'm calling it the ultimate short squeeze.
- How much money is being made... - Holy ****ing shit.
...now we're gonna talk about GameStop. Those shares...
- nonstop earning about of 130% today. - Holy ****ing shit!
As bullish retail traders frenetically buy shares.
Holy ****ing shit!
Yo, holy shit!
Shit balls.
- Holy shit! - You look at the chart for the month.
- It's up 220%. - Oh, ****!
- Look there... It's crazy. - Everything okay?
Holy ****ing shit!
...if you go short in some of these elaborate options trades,
you can lose money to infinity.
GameStop now at 123 and change, another record high.
- Holy ****ing shit! - Completely disconnected...
from the fundamentals.
And this is very much being driven by retail investors.
- Many of them trading on Robinhood. - When the music stops, somebody...
-is gonna be left without a seat. - This for casino money only.
They're literally putting the game in GameStop.
...is the craziest I think I've ever seen.
True investors never heard of Reddit a few years ago.
But for that to drive a short squeeze...
It is Wall Street Bets. It's worth going to the site
because it is incredibly compelling.
You may think it's froth, but they are using arguments
that they think hold up under scrutiny.
- I just like the stock! - I can't look.
- I can't look. I can't look. - It's up another 4%.
I'm gonna have a ****ing heart attack.
- Should we sell? - And betray your boyfriend?
Absolutely not. No.
- The stock is up 581%. - Maybe.
...they are being very specific:
- To break the shorts. - Yes.
I mean, what's going on in GameStop right now
conceivably could take a couple of firms out.
Hedge funds if they were stupid enough to be short.
Babe, how much did we make today?
5 million.
And yesterday?
4 million.
Babe...
Yeah?
We're, like, really ****ing rich.
How much did we lose today?
A billion.
And yesterday?
A billion.
Some news to bring you right now is that
Melvin Capital Management,
this is the hedge fund that had shorted this company,
that had effectively been attacked by an army of investors trying to push up
and press up the stock of GameStop.
They've taken a rather huge loss...
Sorry, if you could just put your head up for a sec?
Thanks.
How long've you been down here?
A few months.
You like the weather?
Heat is nice. The humidity not as much.
I can see that.
All right, I think you're good to go.
- Hey! - Hey, man.
- Hi. - It's good to connect.
You too. Great to be here.
- Excited. - I'm glad you are.
Listen, I want to get right to it.
From what I'm hearing, you guys are bankrupt.
No! What? No.
'Cause the word on the street is that you're drowning.
No, that's... That's crazy.
- We're doing great. - You're on the record with that?
Obviously.
All right man. Well, then, we're gonna get the live feed up right now,
and then we're gonna get to you right after this next advertising break.
Perfect, great. Yes, can't wait.
All right, one more spot and then you're gonna be up.
I really do think this is the right time for you to communicate.
- Great, yes. Agreed. - Great. We're gonna do it.
Address it all head on. It's gonna be good.
- No. - What? Gabe, we're on in 10 seconds.
I can't do this. I'm sorry.
Gabe, seriously.
- Bye, I'm terribly sorry. - Seriously, c'mon.
- Good to see you. The pleasure's here. - We're going on right now.
Babe,
what's the damage?
Let me guess, you need cash.
Didn't call Ken first, did you?
He had Phillips reach out.
How much did he offer?
I haven't called him back yet.
Well, how much do you need?
You know what? Don't answer that. The number doesn't matter.
Whatever it is, I'd love to buy in.
Tell Ken to fill in the rest.
Prick.
- Hey, Ken. - Hey.
Hi... So, I might need...
A new investor.
Consider it done.
Just keep moving forward.
Don't think about what Grandpa Melvin used to say.
Prick.
- Thank you. - Both Citadel
- and Point72 have infused - Poor guy.
$3 billion into Melvin Capital
- to try to shore up... - Another goddamn bailout.
Can you believe this crap?
Nobody bailed me out
when Richard left me alone with two toddlers, a mortgage,
a shit car that never works.
You can say "shit" but we can't?
It's just so damn unfair and you know it.
All we've done for the last year is work our ***es off helping people,
and all we've gotten is one $600 check.
This idiot effs up just about as bad as anyone could eff,
and his friends come running in with $3 billion.
That's why I keep telling you: you're never gonna win.
Just take the money and do something nice. Pay off your mortgage.
Get that one braces.
Look who's still holding.
If he's in, I'm in.
Yeah, he's still gonna need braces.
Your teeth are perfect.
So what? The stock's up $150.
- How much higher is it gonna go? - We control the price now.
Not Wall Street. And no one on there is selling.
Shoes.
You're all so delusional.
Maybe. But look at what we managed to do with these hedge funds.
If we keep driving up the price,
maybe we'll scare more of these guys into closing out their shorts,
and then all of that bailout money...
- Wait... - becomes ours.
your screen name...
is Stonkmom?
- Hey! - Help your mother.
- Why me and not Keith? - Just shut up and do it, okay?
- Kev, take the potatoes. - 'Cause you're rich now?
Mr. 23 million on paper but I won't sell.
- Kevin. - Loser says what?
- What? - Kevin, let Keith tell them.
Tell us what?
Oh... I was waiting to tell you in person. But the stock we bet on, GameStop is up.
Ah, good.
- How much up? - He's up 23 million, Pop.
You're an ***hole.
- Don't kid us. - It's real.
Yeah, it's real. And he's refusing to sell.
What is going on?
- You're pulling our leg. - No.
Your son's a huge Internet celebrity now.
Millions of people including "Stonkmom" thinks he's some like,
- I don't know, investment genius. - No, he is a genius.
No, he's not.
You're up 23 million?
And you're not selling.
Jesus, Mary and Joseph.
What the **** is wrong with you?
Do you even know how much $23 million is?
And you're just gonna let it ride? What's the matter with you?
- I know what I'm doing, Dad. - But why aren't you selling?
What, wait! Is this illegal? Are you in trouble?
No. No, he's not in trouble.
- It's totally legal. - Yeah, he's posting
his balance sheet on the Internet.
- What? - Hedge fund managers,
they go on CNBC all the time to pump up the stock.
Yeah, the same idiot
who left a fresh pair of Nikes out on the bleachers for just anyone to take.
So you admit they were stolen!
- We gotta talk about this. - I admit you're a ****in' moron.
- Least I won the race. - What's the point of winning the race
if you let some dipshit steal the prize?
You would've broke a four if you had the Zooms on.
A four minute mile isn't everything, Kevin.
Maybe we should get in touch with Briggsy.
You know, he works in finance.
- Yes. - You think Briggsy knows
more about this than Keith does?
Well, can you talk about why you're putting your stocks
- in the Wall Street Journal? - Wall Street Bets.
What if someone tries to rob you? Kidnap the baby?
No one's gonna kidnap the baby.
- Nobody wants that baby, Mom. - I'm just saying,
that if we're gonna talk to somebody,
- you need to talk to Briggsy. - Yes, honey.
- This is the point... - Enough!
You guys, Keith has literally
poured his heart and his soul into this for the past year.
He knows what he's doing.
I know it's been a tough time, Elaine.
You should still sell.
Think you should sell.
And just **** the principle of the whole thing?
I don't like it any more than you do.
You really don't think that he's ****ing selling?
No!
Ladies.
Masks.
Kids are with their father for a few days. So, I'm going to Florida.
You finally ****ing sold. Halle­****in-lujah.
No, I'm putting it on my Visa.
You shitting me?
You're worth hundreds of thousands of dollars in stock,
and you're amassing credit card debt.
You really are out of your mind.
No, babe, I'm all in. Diamond hand.
Did you know that Gabe Plotkin gave an interview?
He's been getting death threats, anti-Semitic messages
- from these WSB guys. - It was ten comments.
There's always bad apples. And the moderators deleted it right away.
You're just gonna ride this thing till zero?
No. I'm buying call options.
- That could go to 600 by tomorrow. - Your kid is never getting braces.
There's 8 million people in there and they're all holding.
It's only going to go up.
It's a joke, Marcos.
But you're treating it like it's real life.
Pops.
Look.
This is real.
- Hold it. Look. - Hey.
Aw, man.
8 million people is real.
H-O-D-L.
8 million don't even know how to spell "hold."
It's a joke.
A corny joke.
It's not funny.
Mom,
look.
I got $175,000 in stock right now.
What?
Like serious money, like I could get you a house and get you up out of here,
kind of money.
Baby.
Where did you get the money to buy this?
I bought call options, for cheap.
And they hit.
So now you're gonna sell?
Nah. No, I buy more.
At this price!?
When they hit, I'm gonna buy you a mansion.
It's gonna be crazy.
My son, I don't need a mansion.
Be careful.
Don't get addicted to this, my son.
This can be like a drug.
Some breaking news right now on what has turned into the soap opera
and saga of the markets right now. And that is the story of GameStop.
A month ago today, it was trading at about 20 bucks per share.
Two days ago, it was under $80.
Today, nearly $350 a share.
The GameStop stock frenzy even now has the attention of the White House.
...our economic team including Secretary Yellen and others
-are monitoring the situation. - You're witnessing
the French Revolution of finance.
There is a rebellion aspect to it.
There is an anti-establishment aspect to it.
I don't know if Wall Street's ever seen it
-like this before. - No.
-We never have. - It's generational.
It's like generational injustices.
This is like, little poor guys vs. rich guys.
And poor guys are winning right now.
****ing hold! If you're new here and you're trying to make a profit,
-**** off! - Stop what you're doing, and listen up.
I own GameStop on Robinhood and I am not selling.
Hold. All you need to do is hold. Keep ****ing holding.
Soon the Tendieman comes to send our rocket to the sun.
See this right here is the human being who's largely responsible
for all this GameStop stuff.
Just a pure specimen. A God-like undefeatable creature.
This is what excellence looks like.
- I just like the stock. - Yesterday he posted this,
that he's in profit, wait for it...
47 million.
What the **** is happening?
What the ****?
Hey, did you try a different browser?
- I plugged the browser. - Shit, we're ****ed.
Bro, what the ****?
- What the ****, dude? - I told you this shit is rigged.
What the **** is going on?
I can't get it to load.
****!
What?
They shut down Wall Street Bets.
- What? -"Hateful and discriminatory content."
That stuff has always been on there.
That's weird.
No?
I mean, it's like they're trying to stop people from talking to each other.
Babe, are you gonna get that?
Yes.
Hello?
Ah, yes, I am...
I am the Roaring Kitty and Deep F-ing Value.
Ah no, but nobody ever asked me.
Oh, okay.
Sir, I just want to say how grateful I am for this job
and how much it means to me and my family.
I would never let a hobby jeopardize...
Okay. I understand.
- Yeah? - It's MassMutual. They're...
getting calls from reporters "concerned" about my "outside activities."
Was all this against the rules?
I wasn't...? Maybe now it is...
Okay.
Well, what was that call?
- Keith? - It's okay.
What, are you going to lose your job?
- What? - It's fine.
- They gave me a choice. - Between what?
Between your job and Roaring Kitty?
Resign or I'm fired.
That's what he just said?
I got it.
**** it, Wall Street Bets is down, I can't see
- Roaring Kitty's balance sheet. - Oh ****.
I don't know what to do.
This could be the sell-off.
I really don't wanna do that.
Well, me neither. But you can't let it go to zero.
It's 150 grand. You need that money.
And nobody is gonna hold if they can't see what he's doing.
Close your eyes and count to three.
One.
- Two. - Two.
- Three. - Three.
Your phone's ringing.
This is the sound of the world.
Your phone is ringing!
Oh, Robinhood. Yeah. It's an app.
It's on the phone.
- Yeah, no, your phone is ringing. - Oh.
Yes...
Slow down, Norm, what did you say?
The NSCC just sent us a file, they want a deposit of 3 billion
to clear all the trades coming in.
Sorry.
Wait, who?
They're a subsidiary of the DTCC. And they're requesting 3 billion.
Ah... Okay. Sorry, it's a little loud in here. I thought you just said 3 billion.
I did!
- But we don't have 3 billion, Norm. - That's correct.
We've only ever raised 2 billion in the history of the company.
Holy ****! What if we don't pay?
They shut us down.
The IPO, like, everything... poof.
Gretchen, Dan and I are going to jump on a call with Citadel at 9.
Maybe this would be a good time for me to chat with Ken Griffin.
Sure. We'll mention that.
I can't sleep.
Me neither.
I just feel sick!
We'll buy it back first thing.
Please shut up.
What the ****.
Oh! What the ****!
- What the ****! - Okay, let me try.
Is it frozen?
They cut off the buy option.
What?! That's ****ing criminal.
I can't hear you, Baiju!
What the **** did you do?
- Calm down. - Me calm down?
You shut down trading on GameStop?
Not all trading.
Norm worked it out.
The DTCC agreed to lower the deposit to 700 million
if we shut off buying, and that's what I did.
The Depository Trade Commission?
They're like one degree away from Ken Griffin.
One more time, Baiju.
...butt boys!
- What? - It's not going to be okay.
You need to fix this...
I know, it's okay.
I did fix it, Baiju.
We've been watching shares of GameStop all day long
after hitting a staggering high of $483.
The shares are now down to about 140.
Now, the best we can tell is the Robinhood app
that seems to have triggered what really has become a panic sell-off in this name.
And so if you're a retail investor or a Reddit user and you've held,
well, you are feeling some serious pain right now.
Oh God.
- ****. - Now the criticism centered on Robinhood
for abandoning their followers here in favor of helping those who had shorted
- all these stocks in the first place. - I don't particularly like the move
on Robinhood today.
I'm talking to people this morning that say,
There's been some controversy about Citadel and some vague accusations
that somehow Citadel may have been involved in Robinhood's decision, Wolf,
to stop or restrict trading in GameStop and other shorts...
Who is it from?
The Tendieman...?
Come back inside.
Diamond ****ing hands!
We all know how I feel about him.
I think he's a rat, a liar.
Okay, Vlad, you know everybody here who's watching us hates your guts, right?
Thank you, Dave, that's... what I hear.
But I'm a really big fan of your show and hopefully I can answer
- some of your questions. - Vlad, can you hear us?
- Vlad the stock impaler. - Yes, I'm here... Hi.
Spill the beans, man, what happened last week?
Why couldn't people buy GameStop shares?
The people demand an answer.
To give you some background, I'm chief executive of Robinhood...
- Robbing executive. - Yeah, we know that.
And I just want to say,
- we had no liquidity problem. - Well, did something maybe shady
go down here? Seems weird that you'd get a sudden
- 10 billion dollar demand... You know. - Three, 3 billion...
- Okay, but 3 billion just suddenly, - Yeah.
- out of nowhere and... - Well, I wouldn't impute
any shadiness to any of this...
I don't have the full context as to what was going on with the NSCC to,
to make these calculations.
To what degree are you beholden to Citadel?
I mean, like, basically, if Citadel is unhappy, then what happens?
- It was a hard temperance. - Is anyone holding you hostage right now?
- No. - There's just
no rational explanation on why they would do what they did
without outside pressure, interference.
And they basically cratered the stock on purpose.
So, I just don't believe anything that guy says.
I wanted to take a cold shower after seeing him say that.
Robinhood is facing lawsuits, we know that.
After halting trade, they are accused
-of rigging the market. - When the big guys,
including one of your main investors in your company started to lose,
you shut down the game to starve the little guy.
They're stealing from the poor and giving back to the rich.
They're robbing from the 'hood! Why?
-I want to be 100% clear, - All of you guys deserve to burn in hell.
- this decision to... - And go to jail.
restrict trade was not made on the direction
I'm just trying to get my mom out the 'hood.
- of Citadel or any market maker. - What the ****? **** you!
And your Mama Dukes, you mother****ing fraud.
**** this guy.
This guy is just an obfuscating piece of shit.
****er.
There's only one man I wanna hear from right now.
And Wall Street Bets is down, so it's crickets.
It's crickets out here.
Say it with me.
- Mr. Gill! - Mr. Gill!
- Roaring Kitty, I ****ing love you! - Keith Gill!
- Keith Gill, please! - Okay.
- Please. - Oh, sorry, this is, like, my house...
- You want my autograph? - Yeah.
You've been served.
Hey, to the moon, baby! To the moon.
Holy shit.
Sorry to interrupt. We need to talk about the GameStop situation.
I thought Mecane was handling it.
So did we. But the committee's specifically requested you, sir.
If they want specifics, they can have Mecane.
It's not a choice, unfortunately.
Shitballs.
Keith?
- A congressional subpoena. - I never did anything illegal.
And I always had disclaimers...
Why would you have disclaimers if you weren't worried?
They're standard practice, Caroline, everyone has them.
Babe...
- the answer is not in your computer. - Whoa!
There's a dozen reporters on our lawn! You have to testify before Congress.
- The game has changed. - I know. I hear you.
I don't think you do.
Oh, my God. We're...
We're gonna go to my mother's.
No, she has terrible Wi-Fi.
I'm not talking about you.
I'm talking about me and her.
You need to figure this out.
- Where are you going? - To the track.
- You were just on the track. - I'm going again.
Hi. Can I interest you in some champagne or a mimosa?
- Is it free? - It is when you sit up here.
Well, there is a last time for everything.
Oh, you'll be back.
I had half a million in stocks last week, but Wall Street cheated.
Surprise, surprise.
I could have cashed out.
I could have paid my mortgage.
Could have gotten my kid braces.
Got a new car.
Honey, I'm gonna get you something stronger.
- Thank you. - You're welcome.
Meow!
Kitty!
You know you can't just eat other people's food. They do reviews, right?
Very funny.
Here.
What's this?
Look, they were on sale, all right,
- before you get all emotional and shit. - Holy shit, you ****ing softy.
Who put you up to this? Caro? Ma?
No, Dad called me in tears, said my big brother needed
- some moral support. - Ah, **** off.
- I can't. - C'mon, man. Will you at least try 'em on?
Please?
Try 'em. C'mon, you're the richest man in Brockton,
- you dress like an ***hole. - I lost 15 million yesterday.
- And another 15 the day before that. - You're still the richest man in Brockton,
like, by far.
Bro, you got rich dudes pissing in their pants right now.
I mean, c'mon, man, how many people from Brockton High can say that?
This has gone crazy,
I got reporters hounding me outside my house.
Yeah, man, me too. They're coming after you.
You didn't talk to them, did you?
What do I look like? I said no. I said give me 50 grand maybe.
Tell me you're kidding.
Well, if you give me 20, then maybe we wouldn't have to deal with this shit.
The **** is wrong with you!?
Kevin, I've just been subpoenaed by Congress, man.
I do not have time for your bullshit.
- Oh, come off it, man! - Seriously, ***hole.
- Chill! It was a joke! - ****!
I know.
Sorry.
We never used to fight this much.
- Sara. - I miss her.
Me too.
She kept your ego in check.
Whole ****in' world kept my ego in check.
What the **** are you gonna tell Congress, Keith? Huh?
Beg them not to send me to prison?
Hey...
Hey, do you remember back at Stonehill when they dared me to run that mile naked?
Yeah, there was a crazy storm that night.
- You dumb shit. - **** you, man.
That was dope, man. I'm a legend over there.
Everybody remembers that!
- Okay. - They do, man.
You don't think people remember your 4-minute 3-second mile?
Oh... what is this, a pep talk?
Mother****er, stop hiding.
Seriously. Okay, stop being all meek and shit and running away.
What, you want me to run through lightning with my **** out?
Yeah.
Please, exactly that.
Run through lightning with your **** out. **** it.
You didn't go to your mom's?
You took the car.
How was the run? Did it clear your head?
Kev found me, brought me these.
You guys talked?
Yup, he told me to run naked.
- You ran naked? - No.
It's a metaphor. He's saying I gotta take this thing head on.
Well...
I'd kinda like to see you run naked.
By the way, Wall Street Bets is back up.
The mother****er held.
Holy shit! He lost 30 million, and he still ****ing held.
- Robinhood's back up. - What?
- We gotta get back in. - Where's the stock at right now?
109.
Are you sure?
That's like all of the money that we made back into the stock.
Yeah. We can't let them get away with this.
**** 'em.
If he's in, I'm in.
Okay.
****!
The frenzy continues with retail investors bidding back up GameStop.
- Meme stock mania is back. - ...up more than 80%
as those message board traders simply sent it higher.
Stock volatility continuing,
it looks like this morning once again GameStop are involved in
an ongoing battle between retail investors and short sellers.
We're gonna have a lot more on this story.
CEOs of Robinhood, Reddit, Citadel
and Melvin Capital.
Along with Keith Gill, better known as Roaring Kitty
on social media, will be in the hot seat.
I'm here testifying today far removed from my background.
I grew up in a middle-class family in Portland, Maine.
My dad was a grocery store executive.
Maybe leave that part out.
The part about my dad?
The executive part.
Okay... okay.
I went to a public high school. I studied hard and got into Northwestern.
- Just say "a good college." - Upon...
I can't say I went to Northwestern?
- Too elite. - Northwestern's too...
All right.
Upon graduation, I did not have a job. Today, I'm married with four children.
Gabe, where do you plan on doing your testimony?
- Here. - In front of your wine collection?
I mean, this is... I don't have that big of a wine collection honestly.
Yeah, it's huge.
Digital risks seem to be overblown.
Two, the negative sentiment is overdone.
- Three, the value... - Maybe... here would be nice.
- Too many windows. - Too many windows... Oh.
It's very bright.
- Yeah, ocean front's not a great idea. - It's blue.
Yeah. Okay, I hadn't thought of that. That...
Yeah, downstairs there's more...
- there's probably darker rooms. - What a bandit.
Most of you know this guy, who is the Roaring Kitty character,
- who was really pushing it. - Holy shit.
- You know, voicing the information. - Yo, Riri, our boy's on the news.
And what's the potentially systemic risk?
Those relationships in D.C. are strong.
The guys who run those hedge funds are the guys who fund presidential campaigns.
- You know Roaring Kitties don't have - That's a good point.
- that kind of influence, - Gill is now being sued
- but the hedge fund managers do. - for securities fraud
over his alleged role in the GameStop rally.
Is Mr. Gill likely to appear, and if he appears,
is he likely to talk if he faces the potential of prosecution?
Fundamentals are based on three things: One, digital risks are overblown.
Two, the negative sentiment is overdone.
And three...
****.
- Ah, c'mon, shut up. - I know all this.
You guys, you guys, stop. Stop, let's keep going.
- All right, let's go again. - You're right, this is serious.
You can go to jail forever.
- A long time. Long, long time. - All right. You ready?
You ready here we go. Back in the game.
Mr. Gill. Mr. Gill, may I call you Mr. Gill, sir?
- It's my name. - Why the **** wouldn't you be able
- to call him Mr. Gill? - What were your intentions
with the YouTube videos and your social media posts on GameStop?
- Yes. - Thank you, congresswoman.
You're welcome.
I developed a theory that the company was undervalued
despite the significant short interest.
Oh, so you were aware of the short interest.
It is public knowledge.
You can see it in the SEC filings.
And your goal was to break these shorts, yes?
To rally an online mob to artificially push the price of GameStop soaring,
ah, "to the moon" as they say, isn't that correct, Mr. Gill?
Objection, objection,
- you're leading the witness. - Kev...
- Witness. - I yield my time to the chair.
You were hoping for the short squeeze,
- weren't you, Mr. Gill? - You short squeezing *******.
The short squeeze was a marginal
- point of the thesis. - Then why did you talk about it
- in your videos all the time? - You did talk about it in your videos.
You talked about it a lot.
- You remember about the squeeze. - Exactly.
You were like "It's just a little squeeze."
Exactly.
Are you really asking us to believe that you weren't a leader
- to all these retail traders? - You're ****ed, buddy.
- My point of view... - Asking. Yes or no?
- Yes or no? - Yes. So yes.
- Yes or no? - You are admitting it. Yes.
Remember you with a cheap bottle of champagne.
At any moment... Kevin!
- Kevin! - Dunking tendies like a ****ing--
What?
I'm running with my **** out.
Okay, why don't you just say that?
Okay, I'll stop.
All right. Mr. Gill, what exactly about the fundamentals
- led you to build this bull case? - What the ****'s with the voice?
I don't know, I was trying to do AOC, but it was flat.
I don't even think she's on the panel.
You shut the **** up, Briggsy.
- I'll slap the shit out of you. - Is she on that panel?
- I swear to God. - You're gonna slap me?
- Yeah, let's go. - You ready to go?
- Let's go. - I've been waiting for this, dog.
Come here.
You're gonna be great.
If it goes bad, it's gonna be real bad.
Well, don't let it go bad.
This hearing will be first in a series of hearings by the committee
to examine the recent market volatility involving GameStop.
I want to know how each of the witnesses here today
- contributed to the historic... - Gabe, can you sit up?
trading events in January.
This recent market volatility
has put a national spotlight on institutional practices
by Wall Street firms.
And they have demonstrated the enormous potential power
of social media in our markets.
We will hear firsthand from the witnesses regarding these events.
The hearing will be an opportunity for this committee to get the facts
about the role each of the witnesses represent,
played in the events we are examining today.
Well, now, Mr. Griffin, if I could just ask you this first question.
Of course.
How many people are in the room with you?
That's your question?
If you can just count how many people are in the room with you.
There are five people, including myself, in this room.
- Did anyone in your organization... - Such a prick.
since January 1st, contact Robinhood?
We of course talk to Robinhood routinely in the ordinary course of business.
We manage a substantial portion of their order flow.
But did you talk to them about restricting
or doing anything to prevent people from buying GameStop?
I want to be perfectly clear.
We had no role in Robinhood's decision
- to limit trading in GameStop. - **** you, Ken Griffin.
So, if we depose everyone in your organization, we would find that?
That is correct.
Looks like a Disney Channel villain.
Mr. Plotkin, do you believe that there is manipulation, distrust,
and overall inequality within American finance?
My focus is on my company, Melvin...
Hello?
You're on mute, ****!
Ah, I'm sorry, you're on mute.
He just keeps going.
...my area of expertise.
You're still on mute. I haven't been able to hear a word you said, unfortunately.
Mr. Tenev, would you be willing to commit today
- to voluntarily pass on the proceeds... - Oh. Marry me.
of the payment for order flow to Robinhood customers?
Congresswoman, I appreciate that question.
When the statement you refer to was made, it was before Robinhood forced
the entire industry to drop
- commissions and replicate our... - I should take that as a no.
You're not willing to pass on the proceeds of payment for order flow
to your customers?
- When the other brokers drop... - I'm just talking about today.
- ***hole. - I don't want to be rude.
I just have limited time,
but if removing the revenues that you make from a payment for order flow
would cause the removal of free commissions,
doesn't that mean that trading on Robinhood
isn't actually free to begin with?
Good question.
Thank you very much, Mr. Gill.
You are now recognized for five minutes to present your oral testimony.
Thank you, members of the committee.
I am happy to discuss my purchase of GameStop shares
and my discussions of their fair value on social media.
But before I do that,
a few things I am not:
I am not a cat.
- What did he say? - He just said cat, Ma.
- It's like a kitty thing. - Nor am I a hedge fund.
I do not have clients,
and I do not provide personalized investment advice for fees or commissions.
I grew up in Brockton, Mass.
My family was not wealthy.
My father was a truck driver and my mom a registered nurse.
- That's you, Ma! - I was one of three kids
and the first in my family to earn a four-year college degree
when I graduated from Stonehill College in 2009.
That was not a good time to be looking for a job.
From 2010-2017,
there were significant periods when I was unemployed.
I took an interest in the stock market,
and even though I had very little money,
I used those times to educate myself and learn more about investing.
Mr. Gill, I find it hard to believe that you predicted everything
that happened to GameStop with no inside information.
I didn't predict it.
I honestly couldn't explain everything that happened in January.
I've seen your videos.
You honestly couldn't recount to the committee what caused
every single up and down of the stock in January?
I think you could.
I did follow the stock very closely,
but threshold lists, order flows, halting purchases, according to the press,
these all had a material impact on the stock.
Here's the thing: I have a bit of experience with this stuff,
and even I barely understand these matters.
It's alarming how little we all know about the inner workings of the market.
Which is why I'm glad that this committee is examining what happened,
particularly with the exorbitant short interest
as well as any potentially manipulative shorting practices
and brokers' reported failures to timely deliver shares and settle trades.
A lot of people feel the system is broken.
The whole idea of the stock market is to be, like, kind of a fair playing field,
where if you're smart, maybe with a little luck, you could make your fortune.
But, if it ever was that, it's certainly not any more.
The big firms have such a big advantage, in terms of technology and information
and just sheer wealth, there's no hope for the little guy anymore.
Or there was no hope.
Maybe now, there is.
And as for me,
I like the stock.
He's a gangster for that.
I don't plan on selling any time soon.
- Hold it. - Say that shit.
Diamond ****ing hands.
Diamond hands, baby.
Attaboy.
What a nerd.
Thank you.
It was good. I think.
Yesterday's Reddit hearing in Congress brought together
some of the power players
behind the January trading frenzy.
Representative Maxine Waters did say that
- there will be additional hearings - What you got here involves people...
- and there will be two more to follow - named you know, DFV and Roaring Kitty...
- to find more answers - same guy by the way, and ultimately...
one market expert advocate...
Whether it's markets or social media,
or I'll just call it media because that's what it is now.
Do you think any new regulation gets done?
What's clear is that we're in the Wild West
and that there is so much activity that's going on, on these online forums.
And we've seen in the last month and the last six weeks how much force
day traders en masse can bring to the market and actually affect it.
They used to just make some noise around the edges.
Now they can actually move markets, move securities.
Cheers, everyone.
You're a ****ing gangster.
Hey, man, I notice you've been selling a lot of new games,
and I just wanted to remind you, again, that we really wanna be pushing customers
towards the higher-margin pre-owned games.
Yeah, I'm not gonna do that.
Excuse me?
Oh, and in fact, I'm not gonna do any of the Circle of Life bullshit.
Or your TikTok dance contest.
You're quitting, then.
Okay.
No, I mean, I thought about it, but...
Like, yo, I love it here.
So I think I'm gonna stay.
Well, you're awfully smug for a kid who lost all his money buying stock.
What did you say it was going to? A thousand?
I'm also not gonna work at the *** crack of dawn any more.
You're fired.
No, I'm not.
You gotta get that approved by like seven levels of people, yo.
Thanks to the geniuses who put that together.
The ones who used to own my ***.
You sold?
Half.
Right at the tippy tippy top.
And I'm holding the other half for the long haul.
'Cause I'm a savage
Classy, bougie, ratchet
Sassy, moody, nasty
Acting stupid what was happening
**** yeah!
I'm here testifying today far removed from my background.
I grew up in a middle-class family in Portland, Maine.
I went to a public high school.
I studied hard and got into a good college.
Upon graduation, I did not have a job.
When the statement you refer to was made, I believe 2015 or 2016,
it was before Robinhood forced the entire industry
- to drop commissions and replicate our... - I should take that as a no.
You're not willing to pass on the proceeds of payment for order flow
to your customers?
But did you talk to them about restricting or doing anything to prevent people
from buying, not selling but buying, in GameStop?
Let me be perfectly clear.
Absolutely not.
As for me, I like the stock.
Hurry up, ****, it's cold.
I can't believe you're my brother.
You look like a ****ing Ninja Turtle.
- Ready? - Yup.