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“Just answer yes or no,” California Rep. Maxine Waters repeatedly said in a recent hearing, “I’m reclaiming my time.” This was Waters’ mood the entire time she questioned Robinhood CEO Vlad Tenev during the “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” virtual hearing on Thursday, Feb. 18. Tenev and a group of other CEOs and financial experts were called to testify before the U.S. House Committee on Financial Services following the events of the stock market frenzy on Jan. 25. That frenzy came after the Reddit group of young day-to-day traders called WallStreetBets caught wind of hedge fund short sellers in GameStop last month. When WallStreetBets shared its findings on Reddit, retail investors began grabbing GameStop stock up, driving its share price through the rough, and ultimately costing some hedge funds millions of dollars. Check out what Black millennials had to say about this debacle. Despite this being absolutely legal,...
This fifth-grader is cashing out thanks to his mom! To celebrate Kwanzaa back in 2019, Nina Carr gifted her son, Jaydyn, ten shares of GameStop stock, according to Black Enterprise. The gift paid off because, last week, shares of the video game retailer increased over 1500 percent, allowing the 10-year-old to cash in over $3,000 in profits. View this post on Instagram A post shared by OnTheDotTv (@onthedottv) Last week the popular Reddit forum, WallStreetBets, stirred up a frenzy that led to investors hitting millions in minutes! Black Enterprise reports a community of traders led a buying strategy that caused GameStop’s price to soar with stock prices going from approximately $18 per share at the start of the year to a 52-week high of $483 on Thursday. “My phone was going off because I have GameStop on my watch list,” Nina tells The San Antonio Express-News. “I was trying to explain to him that this was unusual, I asked him ‘Do you want to stay or sell?'” For Jaydyn, he didn’t...
On Wednesday, Reddit announced the appointment of Y Combinator CEO Michael Seibel as Reddit’s new board member. The news comes just one week after co-founder Alexis Ohanian resigned amid global protests against racial injustice. Ohanian stepped down as “an act of leadership from people in power” and requested that he be replaced by a Black candidate. “I want to thank Steve, Alexis, and the entire Reddit board for this opportunity. I’ve known Steve and Alexis since 2007 and have been a Reddit user ever since,” Seibel said in a statement. “Over this period of time I’ve watched Reddit become part of the core fabric of the internet and I’m excited to help provide advice and guidance as Reddit continues to grow and tackle the challenges of bringing community and belonging to a broader audience.” Welcome to the Reddit family, @mwseibel ! Joining as our newest Board member, Michael brings an extensive background in growing social tech companies and is passionate about increasing diversity...
Alexis Ohanian Sr., the co-founder of online platform, Reddit, took to his Twitter to announce that he will be stepping down from Reddit’s board of directors. Upon his departure, Ohanian has requested that he be replaced by a Black candidate. Along with his resignation, Ohanian has vowed to use his future gains from his Reddit stock to support the Black community. Ohanian will start with a $1 million pledge to Know Your Rights Camp, a free campaign funded by Colin Kaepernick to raise awareness about youth self-empowerment and interaction with law enforcement. I've resigned as a member of the reddit board, I have urged them to fill my seat with a black candidate, + I will use future gains on my Reddit stock to serve the black community, chiefly to curb racial hate, and I’m starting with a pledge of $1M to @kaepernick7 ’s @yourrightscamp — AlexisOhanian7️⃣7️⃣6️⃣ (@alexisohanian) June 5, 2020 Ohanian’s move comes on the heels of controversy around Reddit’s CEO, Steve Huffman’s failure to...
President Donald Trump generally isn’t too fond of social media –even though he uses it more than any president we’ve had — often accusing platforms of harboring biases against conservatives. However, there’s one site that Trump seems to like, Reddit. This may be due to the subreddit, r/The_Donald, which has not only been referenced by Trump himself but by his team as well. Brad Parscale, Trump’s campaign manager, even revealed that he would visit it daily back in 2016 . Trump also hosted an open interview on the forum that same year. However, the subreddit was placed under quarantine on Wednesday, due to repeated “misbehavior,” which included inciting violence. The decision was made only two days after Media Matters for America reported that r/The_Donald forum members had issued calls for violence. This came after Oregon’s governor told law enforcement to bring back Republican state senators who fled the state so a climate change bill wouldn’t pass. It’s important to note that...
On April Fools’ Day, r/Games announced it would shut down to shed light on bigotry in the online gaming community. With 1.7 million subscribers, the subreddit’s closure may have seemed like a joke. However, the moderating team laid out their decision to “take things a little more seriously and shed some light on a growing, pervasive issue that has affected the community.” The moderators wrote: Though certain memes (such as “gamers rise up”) surrounding gaming are largely viewed as a humorous interpretation of a mindset, at the core of the humor is a set of very serious issues that affect all gaming enthusiasts. By showing disdain or outright rejecting minority and marginalized communities, we become more insular. In this, we lose out on the chance to not only show compassion to these people, but also the chance to grow our own community and diversify the demographics of those involved in it. Whether it’s misogyny, transphobia, homophobia, racism or a host of other discriminatory...