GameCease inventory Redditor testifies earlier than Congress in House Lannister gaming chair


Keith Gill, one of the large gamers within the GameCease inventory debacle, testified earlier than Congress in a House Lannister gaming chair. Hear him roar.

By now you’ve most likely heard of the GameCease quick squeeze, the place hundreds of small traders banded collectively on Reddit to purchase and preserve inventory in GameCease, driving the value WAY up and screwing skilled traders on Wall Street who had wager huge that it might drop. Many of these skilled traders misplaced hundreds of thousands, whereas some of the Redditors made financial institution.

Among them was Keith Gill, who’s now the goal of a lawsuit alleging that he manipulated the market. Gill, a monetary analyst who has a giant viewers on YouTube and a following on r/WallStreetBets (which is the place so much of the organizing occurred), purchased $50,000 price of GameCease inventory very early on. That become $48 million price of inventory on the apex of the quick squeeze in late January, though Gill says he solely walked away with $13 million in money; both manner, not a nasty haul.

Gill was one of a number of individuals who testified earlier than the House Financial Services committee yesterday, and defended himself in opposition to accusations of wrongdoing. “The market was underestimating the prospects of GameStop’s legacy business in overestimating the likelihood of bankruptcy,” he mentioned in an announcement. “I grew up playing video games and shopping at GameStop and I plan to continue shopping there. GameStop stores still provide real value to consumers in reliable revenue for GameStop.”

The concept that I take advantage of social media to advertise GameCease inventory to unwitting traders and affect the market is preposterous. My submit didn’t trigger the motion of billions of {dollars} into GameCease shares. It is tragic that some folks misplaced cash in my coronary heart goes out to them. But what occurred in January simply demonstrates once more, that investing in public securities is extraordinarily dangerous.

This is all very attention-grabbing, however I feel we will agree that the true story is that Gill gave his testimony whereas sitting in a House Lannister-themed gaming chair.

You can’t see it super-well from this angle, however a picture for a narrative on Gill in The Wall Street Journal confirms that that is certainly Secret Lab’s Omega House Lannister gaming chair, which the corporate sells for $389. Gill may afford an entire mess of them now if he needed to.

I imply, he positively selected the proper chair, proper? If there’s one Great House of Westeros that appreciates the worth of cash, it’s the Lannisters.

Anyway, glad to see Game of Thrones getting consideration on the ground of Congress. Ned Stark for Secretary of Agriculture?

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