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- E*Trade weighs banning GameStop meme leader Keith Gill, as stock closes +21% after opening at +74%
E*Trade weighs banning GameStop meme leader Keith Gill, as stock closes +21% after opening at +74%
Bay Area Times
June 04, 2024
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Top stories today:
- E*Trade weighs banning GameStop meme leader Keith Gill
- NYSE erroneously halts trading of 40 stocks, shows 99%+ drops
- Qualcomm hires “I’m a Mac” actor for viral ad
- ChatGPT down for 1+ hour
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1. E*Trade weighs banning GameStop meme leader Keith Gill, as stock closes +21% after opening at +74%
Manipulation? E*Trade parent Morgan Stanley worries that his actions may have amounted to manipulation, yet do not want to enrage his meme army.
MA securities division is looking into Gill’s activities.
SEC may also be investigating.
2. NYSE erroneously halts trading of 40 stocks, shows 99%+ drops
Berkshire Hathaway’s stock was affected by the move:
Trades under $603.7K (-4% below the open price) will be reversed.
Reversibility in TradFi clearly has pros and cons vs. non-reversibility in crypto.
Issue resolved in ~45 minutes.
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