1. So, I'm here.
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2. - And, I do not see anything happening.
- Right.
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3. - Right.
- At all.
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4. Look, I'm very sorry, sir.
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5. Guess what I'm trying to understand is,
what is the reason for this delay exactly?
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6. - Yeah. Mr. Plotkin, I'm so sorry.
- Specifically.
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7. - But it's just that when we set out...
- Yeah, we closed in November.
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8. We had all the permit applications in
before the end of the year.
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9. Right. Once we get
the final stamp of approval.
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10. And we can't get the trucks here
a little early?
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11. - Just, you know, get 'em started.
- Miami Beach ordinances...
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12. - won't let me do that.
- Is anyone actually...
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13. - ... enforcing those regulations?
- Look, Mr. Plotkin,
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14. I know that you're eager to move in. Okay.
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15. - Once we get the final stamp of approval.
- No.
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16. - You're gonna be the first...
- One second.
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17. Sure.
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18. Hello?
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19. You see what's going on at GME?
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20. There's more of these idiots?
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21. the short sellers, now they're getting
creamed by the little guy...
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22. A lot more.
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23. They won't hold much longer.
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24. Go away.
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25. Oh Gabe, honey, they're holding.
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26. It just crossed a hundred.
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27. Gabe, where are you?
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28. Fuck!
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29. You should probably dial in.
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30. Yeah, be on in one sec.
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31. I will tell you I've never seen
anything like it. I'm concerned about it.
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32. I'm calling it the ultimate short squeeze.
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33. You can lose money to infinity.
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34. It's very different, more highly leveraged
game on the other side.
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35. Holy fucking shit.
Copy !req
36. Right now we're gonna talk about GameStop.
Those shares...
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37. - are nonstop earning of about 130% today.
- Holy fucking shit!
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38. - Holy shit!
- What the...
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39. fuck!
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40. - Holy shit.
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41. - Yes. Hello?
- Great news, Mr. Plotkin.
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42. I think we'll be able to get you
into your new home
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43. a little sooner than I actually thought.
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44. I think we're having
some sort of miscommunication here.
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45. Because I'm not trying
to move into that house.
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46. I'm trying to tear that house down
so I can build a tennis court
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47. for me and my family to play
during the pandemic.
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48. - I see.
- I thought it would be very simple.
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49. Apparently, it isn't because
the pandemic is almost over
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50. - and there's no tennis court.
- Okay, Mr. Plotkin.
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51. Thank you for your time.
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52. Yes, what? Hello?
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53. Hi, it's Ken Griffin.
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54. Hi there, Ken, how are you?
Great to hear from you.
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55. Do you have a minute?
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56. I, uh...
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57. Um...
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58. I gotta call you right back.
If that's okay. I'm so sorry.
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59. - Sure.
- Okay, great.
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60. Hi. What's happening right now?
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61. It looks like there's one guy
driving all the buying.
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62. What... what... what guy?
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63. I believe his name is "Roaring Kitty."
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64. Oh, wait, or...
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65. "Deep Fucking Value."
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66. "Roaring Kitty"
or "Deep Fucking Value." What?
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67. He's "Roaring Kitty" on YouTube
and "Deep Fucking Value" on Reddit.
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68. Both? He couldn't pick one name?
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69. I don't know. I love this guy.
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70. Who is this schmuck?
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71. I don't know, but I think I just came.
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72. - Uh, Ruby... Ruby, right?
- Yeah.
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73. - Can I get a couple of Heinies, please?
- Uh, one. Sorry, uh...
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74. - I'm gonna have a...
- What? What's wrong with a Heinie?
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75. Drinking it since we were 17!
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76. Hey, drink what you like. No judgment.
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77. Uh, you have a Hamm's?
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78. - I'll have one of those.
- The fuck did you just order?
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79. Oh, it's a nice one outta Milwaukee.
Good quality.
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80. - Fifty cents a can before markup.
- C'mon, Kitty. Forget about price.
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81. Get him a Heineken, thank you.
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82. - It's on me.
- Thanks, man.
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83. Thank you, that's nice.
I'll have a Hamm's.
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84. So a Heineken and a Hamm's?
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85. Thank you.
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86. Please.
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87. Thank you, Ruby.
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88. How you been, man?
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89. The whole Sara thing.
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90. Oh, yeah. Okay, uh...
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91. Up and down.
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92. Yeah.
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93. - How's your asshole brother?
- Still an asshole.
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94. - Okay.
- Yeah.
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95. - Keeping busy at least?
- Uh...
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96. Got the day job at MassMutual.
Working on my portfolio.
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97. That's the last thing you should be
worrying about right now.
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98. Why? It's a... It's a good distraction.
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99. Lemme take that over for you.
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100. We got thousands of analysts at B of A
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101. - that do just this. C'mon, Kitty.
- All good, man. Thank you.
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102. You should be focused on your family
right now.
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103. Not fucking around with penny stocks.
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104. They're not all penny stocks.
GameStop isn't a penny stock.
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105. GameStop?
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106. - Dude...
- You used to love GameStop!
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107. - Yeah, then I grew up.
- Well, I think it's undervalued.
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108. I just sold off a bunch of other shit
to double down.
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109. How much are we talking? A grand?
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110. - Fifty.
- Bucks?
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111. Grand.
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112. 53 grand.
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113. Yeah.
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114. Kitty...
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115. - Man, you don't even own a house.
- It's got a ton of short interest,
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116. - You got a one-year-old.
- which is artificially pushing...
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117. - Jesus, bro.
- the price down.
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118. - You never bet against Wall Street!
- Wall Street gets it wrong all the time.
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119. - Look at '08.
- That was a one-off, Kitty.
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120. These guys, they have all the money
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121. and the fancy degrees
and the political juice in the world,
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122. - and they get it wrong all the time.
- Are you out of your fucking mind?
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123. They've got the advantage,
and they still get it wrong.
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124. No, gimme that, I'm drinking it.
Even if it's 50 cents.
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125. It's 4 bucks.
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126. Well, my man just spent 53K
on a penny stock.
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127. So, all he can afford is water.
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128. - You're a Wall Street guy?
- Very much no.
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129. I'm a Wall Street guy.
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130. What was the stock?
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131. GameStop.
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132. The video game store. At the mall.
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133. - You really bought $53,000 of it?
- Yeah, I don't believe it.
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134. I think he's fucking with us.
You're fucking with us, right?
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135. You don't even have 50 grand.
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136. Let's see.
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137. Oh, shit.
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138. How is she falling for this?
How are you falling for this?
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139. He won't spend 5 bucks for a beer,
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140. but he'll put 50k in a stock
that you think is a joke.
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141. And that's interesting to you?
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142. Yeah.
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143. It is.
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144. Drink your shitty beer.
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145. Hey!
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146. Hey!
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147. Bedtime's already done?
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148. Yeah, she was exhausted.
She skipped her nap.
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149. - How was Briggsy?
- Uh...
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150. Good. Yeah.
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151. You guys talk about Sara?
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152. Uh...
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153. Do you wanna sit down a minute?
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154. I'll feel better if I finish these first.
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155. No, you won't.
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156. Do you think I'm insane?
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157. Yeah.
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158. Sorry. About what?
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159. GameStop.
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160. The most compelling
asymmetric opportunity in the market?
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161. - What, did Briggsy make you jumpy?
- A little.
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162. - What was his argument?
- He didn't have one.
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163. - Well.
- He just said it was a reckless bet.
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164. He said "you're putting your money
in the next Blockbuster."
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165. Enough. Fuck Briggsy.
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166. Babe, you literally know more about
this damn company than you know about me.
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167. It's true.
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168. And because of you, I know more about
this company than I know about myself.
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169. But what if I'm missing something?
We can't afford to miss something.
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170. It's all our savings.
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171. Go do a video.
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172. I can finish these first. I'm happy to...
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173. Go see what the nerds have to say.
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174. Our Wall Street Bets people
aren't nerds, Caroline.
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175. They're gangsters.
You make a dumb case and post it,
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176. - they'll rip you apart.
- Well, then don't make a dumb case.
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177. Okay, let's see what's new.
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178. Oh, there's a share. Okay, here we go.
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179. Oh shit.
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180. All right...
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181. Just check on... See here.
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182. Yo, what up, everybody?
Roaring Kitty here.
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183. Uh, I've done a few of these now,
mostly on my investing methodology.
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184. Uh, but today I'm gonna try something
a little different.
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185. I appreciate the feedback
you guys have been leaving me by the way.
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186. Uh... Oh! More feedback comin' in hot.
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187. "Less cats." Okay. Great.
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188. Ah, like I was saying—
Uh, what was I saying?
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189. Ah, I'm gonna try...
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190. Oh, and here's one from Ballz.
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191. "Nerd."
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192. And nerd is in all capitals.
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193. Like, okay, that's kinda mean.
But okay, fair.
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194. Uh...
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195. "Nice shirt, Grandpa"?
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196. What? How old do you think I am?
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197. You know what?
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198. Thanks for the comments.
We're gonna come back to them at the end.
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199. Here's what I wanna talk about.
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200. Uh, I'm gonna pick a stock and
talk about why I think it's interesting.
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201. And that stock is...
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202. GameStop. Uh...
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203. I know it's a polarizing stock
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204. and some of you probably gonna
tune out of the stream right now
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205. when you hear I'm bullish on GameStop.
But I am.
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206. You can see it is now the biggest position
by far in the Roaring Kitty portfolio.
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207. So...
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208. yeah, I think everyone else is crazy,
and I think I'm right.
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209. But I've been wrong plenty of times
in the past. So, uh...
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210. So there are a lot of aspects to this
bold thesis, a lot of moving parts,
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211. but I boil it down
to what I consider the three overs:
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212. The digital risks seem to me
to be overblown,
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213. the negative sentiment is overdone,
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214. you can see it
with the huge short interest,
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215. and the value is overlooked.
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216. Wall Street just doesn't see it.
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217. Why?
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218. Mr. Market, why?
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219. The hedge funds are overlooking
the value in the company
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220. just like they overlook
the people who shop there.
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221. They assume most people download
games online now.
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222. But look, 25% of gamers
still buy new discs from GameStop,
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223. and 40% buy used games from the store.
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224. And the market's kinda forced
my hand here.
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225. What more can I say?
I just like the stock.
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226. Hey!
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227. Shit!
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228. - Did I wake you?
- Please stop.
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229. Mr. Donaldson, I need you in your bed.
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230. Kerin, can you please
make sure Mr. Donaldson...
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231. I don't need to go to bed.
I need a cup of coffee.
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232. We can get you a cup of coffee.
Kerin, coffee.
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233. Oh!
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234. Well, isn't that beautiful?
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235. Oh shit.
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236. "100% short GameStop stock "?
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237. It's an investment video.
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238. Hey, Jenny, for real,
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239. I wouldn't take investment advice
from a guy in a cat shirt.
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240. Oh, okay.
Who do you take investment advice from?
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241. I don't have investments. And if I did,
I'd listen to, like, a banker.
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242. Just the way they like it.
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243. "They." Oh boy. Here we go...
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244. Just never mind.
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245. No, no, no, please tell me.
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246. I'm dying to know what Luke Wilson
from The Royal Tenenbaums
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247. thinks we should do
with our $68,000 a year.
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248. Who from what?
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249. Ugly Björn Borg.
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250. Okay, fine.
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251. Wall Street is betting
that this company is gonna fail.
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252. It's called shorting.
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253. And if it fails, well,
then everybody loses their job,
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254. but these hedge fund assholes
make a shit ton of money.
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255. It's bullshit. It's a bullshit way
for rich people to get richer.
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256. How did you even find this guy?
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257. 70,000 people have watched this video.
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258. He posts his balance sheets
and everything.
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259. Wall Street Bets is going crazy over this.
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260. - Who?
- It's an Internet forum.
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261. Uh-huh.
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262. - On Reddit.
- Now, see. No, no.
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263. I'm not gonna do this with you.
The last time you brought up Reddit,
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264. it was just all these oil paintings
of Donald Trump on horseback.
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265. - You liked it.
- Detestable.
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266. - Look.
- Okay, yeah. Let's take a look.
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267. Um...
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268. "Shit's not a pump-and-dump
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269. if it never dumps, you fuckheads..."
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270. "Feed me your tears,
I use it as anal lube on your wives."
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271. Why did you go to that one?
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272. Oh! Oh! Oh! "Strap on ur theta dildo
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273. - n start pounding."
- Okay. Yes, that shit exists on here.
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274. But I also learned the difference between
a delta squeeze and a gamma squeeze.
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275. And now everyone
is talking about call options.
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276. Jenny, baby,
you're never gonna find a man on there.
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277. And you're never gonna date Puff Daddy.
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278. First of all, no one has said Puff Daddy
since the '90s
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279. and second of all, this isn't Puff Daddy.
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280. This is Loop Daddy.
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281. Okay, well, whatever Daddy he's called,
he's weird looking.
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282. Hey, well, my guy has, what,
5 million TikTok followers.
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283. - How many does yours have?
- I don't know.
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284. Quick scroll. 412.
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285. - Who cares?
- The Internet at large.
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286. But hey. Least I aim high.
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287. - I aim high.
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288. What up, everybody? Roaring Kitty here.
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289. Yo! Yo! Yo! This price action,
gettin' kind of ridiculous, am I right?
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290. Let's see what happens.
See what happens at the end of the week.
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291. But it's all about
the trend staying intact.
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292. But this, this looks sick.
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293. Morning, Marcos!
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294. Shit... Yo, what's... Hey, Brad.
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295. Yo, um, I was wondering
if could I get an advance on my pay?
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296. I can run it up the chain,
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297. but with all the cutbacks,
that's unlikely.
Copy !req
298. Oh, hey! You could do
the employee TikTok contest.
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299. You do a lip sync,
you can win 10 labor hours.
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300. Yeah, man, totally.
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301. That's dope. I was thinkin' "Savage."
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302. Yeah. Yeah, sure, I love it.
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303. Or yo, that Drake one with Lil Durk.
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304. That's a great one too.
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305. Because I know you love Lil Durk.
Copy !req
306. - C'mon.
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307. No, I'm gonna do Megan Thee Stallion.
For sure, for sure, for sure.
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308. Okay, mask! Mask.
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309. Sorry.
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310. Huh, A+ man. You're a shoo-in
with moves like that.
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311. Yo, you think so for real, though?
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312. That's sweet, real.
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313. Ten labor hours.
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314. Damn, it's like Christmas came early!
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315. I'm pullin' for ya!
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316. Thanks, man.
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317. Mmm! Fries.
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318. No, fuck!
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319. God!
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320. Goddamn it! Fuck!
Copy !req
321. But first, cheers! Cheers, everybody.
Copy !req
322. I mean, look. I know we still got
a lot of bear takes out there.
Copy !req
323. But as I dive deeper and deeper
into this thing,
Copy !req
324. it's looking increasingly
compelling to me.
Copy !req
325. And then you got the huge short interest.
Now, I'm not betting on a short squeeze.
Copy !req
326. I've been saying that the whole time.
You guys have been talking about it.
Copy !req
327. Thesis is grounded in fundamentals,
but I'm not...
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328. But to... I mean, today, I mean, I'm...
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329. I mean, it's starting to feel
a little squeezy, right?
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330. Starting to feel a little squeezy. Honk!
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331. I mean, hello. Okay!
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332. All right, all right. I need a drink.
I need a drink.
Copy !req
333. Now. A lot of you are accusing me
of talking a big game.
Copy !req
334. - Keith?
- But—
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335. - Babe, where are you?
- Oh... Coming!
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336. Duh... I'm on Daddy duty tonight.
I'll be right back.
Copy !req
337. Okay. There you go.
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338. Ooh! Sorry.
Copy !req
339. Quick tendie break.
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340. Mmm!
Copy !req
341. Gotta love those tendies.
Copy !req
342. Sweet, sweet tendies.
Copy !req
343. Speaking of tendies.
Copy !req
344. - Look at this. Look at this chart.
Copy !req
345. We go from four, to six, to seven. Now...
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346. ten.
Copy !req
347. Wall Street must be seeing this, right?
Copy !req
348. Or are we just screaming into the void?
Copy !req
349. Hello, Mr. Market. We got tendies too.
Copy !req
350. We got tendies too.
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351. Maybe we are.
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352. They never saw the, like, 9 billion
resumes I sent from 2016 to 2019.
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353. Or in 2009,
right after I graduated college.
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354. I guess they were busy
with that whole "market crash" thing then.
Copy !req
355. - Fuck!
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356. Kevin, you son of a bitch!
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357. You can't run with a baby.
You can't run with a baby!
Copy !req
358. - Don't take my car, man!
- I fucked up your seat!
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359. There's no gas left.
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360. - I know.
Copy !req
361. How did that taste?
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362. Hey-oh, can I put my pants back on?
Copy !req
363. No!
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364. "Choose a player and put your hand
down their panties for a whole minute."
Copy !req
365. Panties, who's got panties?
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366. "Two shots if they refuse."
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367. - I mean, I got some panties.
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368. - Ew!
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369. - Bro.
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370. - Hello.
- All right.
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371. - All right.
- Hey, girl.
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372. You said two shots, right?
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373. Oh, c'mon.
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374. Fuck, all good.
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375. - Can someone start the timer?
- I got you. I got you.
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376. - Should I just...? Okay.
- Get in there.
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377. - You sure?
- Yeah.
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378. - Whoa.
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379. Okay...
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380. Hi.
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381. - How are you?
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382. Can you shut the fuck up?
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383. - Fuck off!
Copy !req
384. So what'd you do today?
Copy !req
385. Well, I attended a Zoom seminar
Copy !req
386. during which I watched
two hours of TikTok.
Copy !req
387. - Oh!
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388. I, um, purchased three shares of stock.
Copy !req
389. Okay, what stock?
Copy !req
390. - GameStop.
- Yo, Roaring Kitty!
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391. C'mon. Yes, James.
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392. - Can I please put some pants back on?
Copy !req
393. - No!
- Sit down.
Copy !req
394. I'm three days into that shit. Look it.
That's just, that's only from today.
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395. I don't care.
I don't know what the fuck I'm doing.
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396. I just know I'm making money.
Copy !req
397. I'm not sold on that.
Copy !req
398. It's doubled since summer.
Copy !req
399. And the more people who buy in,
the higher it'll go.
Copy !req
400. That sounds like the literal definition
of a pyramid scheme.
Copy !req
401. - That's time.
- Bravo!
Copy !req
402. Sorry, I have terrible allergies.
And a killer headache.
Copy !req
403. Could just be the music coming
from next door though.
Copy !req
404. You see your buddy Ken's up to
57 billion in short positions?
Copy !req
405. Yeah, smart. The economy's in free fall.
Copy !req
406. - Mmm.
Copy !req
407. I honestly can't tell
if that was you or Romeo.
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408. Very funny.
Copy !req
409. I'm telling you. This is when
they drag out the guillotines.
Copy !req
410. - You're obsessed with him.
- The man is an asshole.
Copy !req
411. He stole five analysts from me.
All mediocre by the way.
Copy !req
412. Oh, and two paintings.
Copy !req
413. - What paintings?
- A Picasso and a de Kooning.
Copy !req
414. He overpaid 500 million.
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415. That is my entire nut from last year.
Copy !req
416. The man is an asshole. Just admit it.
Copy !req
417. You're just bitter
he stole those analysts.
Copy !req
418. You seen Citadel's projected revenue?
Copy !req
419. $7 billion.
Copy !req
420. That's, uh, double last year.
Copy !req
421. Hoovering up all the stimulus checks.
Copy !req
422. - They go straight from the retail traders
- Thank you.
Copy !req
423. right into Kenny boy's pockets.
Copy !req
424. The man just gets away with murder.
Look at what I just sent you.
Copy !req
425. Is this a video of a man drinking
his own urine because a stock went up?
Copy !req
426. Where did you get this?
Copy !req
427. My analysts sent it to me.
Copy !req
428. They call themselves apes and r-words.
Retard, can they say that?
Copy !req
429. Remarkably self-aware. They've hooked
into GameStop for whatever reason.
Copy !req
430. They think it's funny, it seems.
Copy !req
431. I think it's funny.
Copy !req
432. I think they think it's a good investment.
Copy !req
433. Retail traders always lose.
Copy !req
434. We've actually been short GameStop
since 2014.
Copy !req
435. The company is a complete disaster.
They've had six CEOs in two years.
Copy !req
436. Guess these guys are ignoring
obvious secular market trends.
Copy !req
437. Or they're...
the stupidest people on earth.
Copy !req
438. You're shorting more right now,
aren't you?
Copy !req
439. 600,000 shares, maybe.
Copy !req
440. Dumb money, man.
Copy !req
441. I'm happy to take it.
Copy !req
442. Mmm! Mmm-mmm-mmm!
Copy !req
443. Mmm-mmm-mmm!
Copy !req
444. Listen up, retards,
Copy !req
445. Melvin Capital has declared war on GME
by shorting the stock even more.
Copy !req
446. This is our call to activate
diamond hands, my fellow warriors.
Copy !req
447. We will not let the gay bears defeat us.
We are on a mission to the fucking moon.
Copy !req
448. This is one that is bigger
than your personal gains.
Copy !req
449. More than just tendies for a new Lambo.
Copy !req
450. This is our chance to rise up together.
To stick it to the big man.
Copy !req
451. Squeezing Melvin by the fucking balls
Copy !req
452. with the collective power
of diamond handing autists.
Copy !req
453. Wall Street Bets I thought were a bunch
of idiots just throwing money at a stock
Copy !req
454. because they thought it was funny.
Copy !req
455. I was wrong.
Copy !req
456. Now I see what Wall Street Bets really is.
Copy !req
457. - It is a revolution.
- This is one of those rare moments
Copy !req
458. where Wall Street are the ones
getting screwed over.
Copy !req
459. And when we decide we're hungry,
Copy !req
460. there is very little
the rich can do to stop us
Copy !req
461. - from beating them.
- It's a GameStop to stop the game.
Copy !req
462. - Power to the people.
- I'm jerking off right now.
Copy !req
463. Jerking off right now.
Copy !req
464. So welcome aboard, grab your peanuts,
Copy !req
465. and get the fuck in, retard.
Copy !req
466. Ho, ho, ho!
Copy !req
467. What up, everybody? Merry Christmas,
Happy New Year's, happy holidays. Uh...
Copy !req
468. 2020... See ya.
Copy !req
469. 2020 has been a very rough year
for my family too.
Copy !req
470. So this GameStop news
has been a bit of a bright spot.
Copy !req
471. Uh, look at this, I mean, where it's at.
Copy !req
472. It's a five bagger
from where it was over the summer.
Copy !req
473. You don't often see a thesis
play out like this.
Copy !req
474. So we gotta—
Copy !req
475. We can't take it for granted, right?
We gotta appreciate it.
Copy !req
476. Thank you, Santa. Right.
Copy !req
477. Uh, I wanted to say cheers all of you.
Copy !req
478. You're why I'm here in the first place.
Copy !req
479. Uh, it's fun to talk about.
I mean, I figure,
Copy !req
480. if I worked at a hedge fund,
I'd compare notes with my colleagues.
Copy !req
481. But I don't.
I'm stuck at home like you guys. So...
Copy !req
482. Uh, I believe in this stock.
Copy !req
483. And I believe in this community.
Copy !req
484. Um...
Copy !req
485. I'll be honest, uh,
it's been kind of a shitty year.
Copy !req
486. Uh, for a lot of people. Lotta people
lost people the past 12 months. I did too.
Copy !req
487. Uh, my sister, Sara.
Copy !req
488. Uh...
Copy !req
489. I don't talk about it much.
Copy !req
490. But it felt right to tell you.
Copy !req
491. Uh, we've been through so much together.
Copy !req
492. You've made me feel a part of something,
something big.
Copy !req
493. So, uh, Merry Christmas. Cheers.
Copy !req
494. I like your car.
Copy !req
495. It's a classic.
Copy !req
496. - '95.
- Yes!
Copy !req
497. Sadly, it's a gas-guzzler.
Copy !req
498. Yeah, yup, this one too.
Copy !req
499. But she's such a beauty
I couldn't stand to trade her.
Copy !req
500. '96 Honda Accord?
Copy !req
501. Uh, 2003. Not quite a classic.
Copy !req
502. It's kinda weird to talk to someone
and see their whole face. Right?
Copy !req
503. It's been so long.
Copy !req
504. I... I work at a hospital,
you could probably tell.
Copy !req
505. Essential worker.
Copy !req
506. Thank you for everything you do.
Copy !req
507. Oh, you're very welcome.
Copy !req
508. Hey, uh...
Copy !req
509. Have a good night.
Copy !req
510. Cool.
Copy !req
511. Safe travels.
Copy !req
512. Remember when
you were just making fun of me
Copy !req
513. - and now you're literally obsessed.
- No, I don't recall.
Copy !req
514. - How much are you up?
- 948.
Copy !req
515. Stock dipped a little,
it was like 2,000 before Christmas.
Copy !req
516. Maybe you should sell.
Copy !req
517. No. It's not about the money.
Copy !req
518. The stock market is not about the money?
Copy !req
519. No. You just gotta read
some of the stuff on here.
Copy !req
520. Never understood why my dad
was so pissed off about this whole thing,
Copy !req
521. but now I do.
Copy !req
522. I told you about his store, right?
Copy !req
523. Costco?
Copy !req
524. Shopko.
Copy !req
525. It was like, this like...
Copy !req
526. big chain in our area.
Copy !req
527. My dad, he worked his way all the way up
from bag boy to general manager.
Copy !req
528. Then one of these Wall Street funds
came in, bought it,
Copy !req
529. and vampire-sucked all the money out of it
and then declared bankruptcy.
Copy !req
530. Fuck.
Copy !req
531. Yeah.
Copy !req
532. He lost his pension. Everything.
Copy !req
533. It's why he had to work at
Pick 'n fuckin' Save till the day he died.
Copy !req
534. And now that's why
I'm up to my ass in debt.
Copy !req
535. And these fuckers are trying to do
the same thing to GameStop.
Copy !req
536. Fuck 'em.
Copy !req
537. Fuck 'em all.
Copy !req
538. - Wait, look.
- Hm?
Copy !req
539. Look at this.
Copy !req
540. - This guy wants to CashApp me $100
- Shut the fuck up.
Copy !req
541. to send him a selfie. Or 500
if I live chat him from a bubble bath.
Copy !req
542. Yes! Yes, we should do it.
Copy !req
543. - What?
- Yes, we do it.
Copy !req
544. And then put the money into GameStop.
Copy !req
545. - Who am I talking to right now?
- C'mon, bitch, let's go get a tub.
Copy !req
546. Your entire business
Copy !req
547. is kids spending their lunch money
on random stocks.
Copy !req
548. They come to you because it's free.
Copy !req
549. But if you don't charge a commission
on their trades,
Copy !req
550. how do you make money?
Copy !req
551. The idea for Robinhood really came out
of the Occupy Wall Street movement.
Copy !req
552. All those people
with no way of getting in.
Copy !req
553. Is that what Occupy was about?
Copy !req
554. I mean, were they trying to get in or...
Copy !req
555. So we said, it's not enough to occupy.
Copy !req
556. - We need to democratize Wall Street.
- Nat, I'm not sure you know this,
Copy !req
557. but Baiju and I are both immigrants.
Copy !req
558. I was born in Bulgaria,
Copy !req
559. and Baiju's parents immigrated from India
to the Deep South.
Copy !req
560. Can you imagine growing up
in rural Virginia with a name like
Copy !req
561. Baiju Prafulkumar Bhatt?
Copy !req
562. We created commission-free trading
so that anyone can get in the game.
Copy !req
563. You don't even need a bank account.
People have really responded.
Copy !req
564. We've added 5 million users,
uh, in the last six months,
Copy !req
565. - for a total of, um...
- Close to 20 at this point. Million.
Copy !req
566. So, you're one of these tech companies
Copy !req
567. that's exploded growth-wise,
but doesn't make any money.
Copy !req
568. - We make money.
- But how?
Copy !req
569. - If you don't charge commission then...
- From interest on people's accounts.
Copy !req
570. But your users are mostly young.
Copy !req
571. So, how much money can they
really be keeping in their account?
Copy !req
572. There's also payment for order flow.
Copy !req
573. What's that?
Copy !req
574. We prefer the term "stock order routing."
Copy !req
575. When you buy or sell a stock on our app,
Copy !req
576. we send your order to market makers,
who process the order.
Copy !req
577. They pay us a tiny rebate on every trade.
Copy !req
578. - Tiny.
- But it adds up.
Copy !req
579. We should really get back to how we...
started our company.
Copy !req
580. What market maker do you work with?
Copy !req
581. A few. Citadel Securities mostly.
Copy !req
582. Ken Griffin's firm?
Isn't that a hedge fund?
Copy !req
583. Well, Ken Griffin's hedge fund
is called Citadel.
Copy !req
584. But Citadel Securities
is a completely different company.
Copy !req
585. Also owned by Ken Griffin?
Copy !req
586. All right,
Copy !req
587. we weren't gonna do this,
but we'll give you a scoop.
Copy !req
588. Off the record for now.
Copy !req
589. Okay.
Copy !req
590. We're looking to IPO soon.
Copy !req
591. Damn. Okay.
Copy !req
592. That's big.
Copy !req
593. Okay, don't say the bad word.
Copy !req
594. Kev, please.
Your father needs to concentrate.
Copy !req
595. Drove long-haul for forty years.
I don't need to concentrate.
Copy !req
596. - Fine. I need to concentrate.
Copy !req
597. - What do you need to concentrate about?
Copy !req
598. What?
Copy !req
599. I thought they were veering over
into our lane.
Copy !req
600. Nobody was veering, Elaine.
It's okay.
Copy !req
601. You talk to any of the girls
at the clinic?
Copy !req
602. A few of them have called.
Copy !req
603. I miss it.
Copy !req
604. Boys, never retire.
Copy !req
605. Keith, never retire.
Copy !req
606. Kevin, if you ever get a job,
never retire.
Copy !req
607. I have a job!
Copy !req
608. Yet you still live with Ma and Dad.
Copy !req
609. Oh, you're some big professional now
cuz you're fucking king dork on YouTube?
Copy !req
610. Just one of many dorks.
Copy !req
611. This asshole
thinks he's Jimmy Buffett now.
Copy !req
612. - C'mon.
- Warren Buffett.
Copy !req
613. - Warren Buffett.
- See?
Copy !req
614. You're not either of the Buffetts, Kitty!
Copy !req
615. You're Ballz?
Copy !req
616. - Hey!
- Ah, good Christ.
Copy !req
617. - Fellas.
- Ma.
Copy !req
618. - Drop! Stop it!
Copy !req
619. Door Dash is not a job.
Copy !req
620. MassMutual's a job.
Copy !req
621. - A job's got business cards.
- Door Dash is a job.
Copy !req
622. Okay, I'm a first responder.
Copy !req
623. And second of all, Ma,
nobody uses business cards anymore.
Copy !req
624. We're proud of you, honey.
Copy !req
625. Get a room.
Copy !req
626. Take your time. I'll be in the car.
Copy !req
627. Yeah.
Copy !req
628. Love you.
Copy !req
629. It has been dragging on.
Copy !req
630. Honestly, I don't know
when we'll be able to start demo
Copy !req
631. because local ordinances are a nightmare.
Copy !req
632. My heart bleeds for you.
Having to borrow a tennis court.
Copy !req
633. "Borrower is slave to the lender."
Copy !req
634. Is that Buffett?
Copy !req
635. It's the Bible. Uh, Proverbs.
My Grandpa Melvin used to say it.
Copy !req
636. When he was starting
his convenience store,
Copy !req
637. he refused to borrow one dollar.
Copy !req
638. It was a point of pride.
Copy !req
639. Ah, yes, your humble beginnings.
Copy !req
640. "Grandpa Melvin" Capital,
now with 16 billion under management.
Copy !req
641. Better than "Citadel."
You sound like you're preparing for war.
Copy !req
642. I'm a man of the people.
Copy !req
643. You rented out a resort,
Copy !req
644. and relocated your entire firm here
so you could stay open during lockdown.
Copy !req
645. Says the man who flew his whole firm
down private just for a party.
Copy !req
646. And anyway,
what kind of company shuts down
Copy !req
647. just because the government tells them to?
Copy !req
648. All the ones in your short portfolio.
Copy !req
649. - And yours.
- Ah!
Copy !req
650. - All except for one actually.
- Which one?
Copy !req
651. - GameStop.
- How?
Copy !req
652. They sell computer mouses. Mice?
Copy !req
653. They claim it makes them
an essential business.
Copy !req
654. That is the smartest dumbest thing
I've ever heard.
Copy !req
655. I know, it's actually a fun one.
The revenue's in the toilet.
Copy !req
656. 632 million net loss last year.
Copy !req
657. They'd be better off just burning
the whole company down.
Copy !req
658. The stock though, it has been volatile.
It's been up.
Copy !req
659. - Buybacks?
- Retail traders.
Copy !req
660. - Bro. I don't have it, bro.
Copy !req
661. - Damn, brother.
- Sorry, man.
Copy !req
662. - Yeah, yeah, yeah.
- Have a good one, bro.
Copy !req
663. - Yo, stay up though! Aight, bro. Aight.
- Yeah.
Copy !req
664. I'm gonna put these back real quick.
Copy !req
665. Hey, Marcos.
Copy !req
666. Yes, Bradley?
Copy !req
667. Uh, I... I love how you engaged
with that customer,
Copy !req
668. but we really wanna close
those pre-owned sales.
Copy !req
669. The margin's more than double.
Copy !req
670. Oh shit, double.
Copy !req
671. Yeah, you didn't do
any of the five prongs, dude:
Copy !req
672. Pre-orders. Reward-card subscriptions.
Used sales. New sales. Trade-ins.
Copy !req
673. Yeah, I mean,
when I was a 16-year old gamer,
Copy !req
674. all I wanted was a reward-card
subscription.
Copy !req
675. $5 cash back monthly,
20 points for every dollar spent...
Copy !req
676. Don't get me started.
Copy !req
677. A lot of really smart people in corporate
put this plan together.
Copy !req
678. Yeah, but any of them
ever played a video game?
Copy !req
679. Uh, it doesn't matter, Marcos,
because they own our asses.
Copy !req
680. Yo, they don't own my ass, so.
Copy !req
681. They do,
Copy !req
682. and they always will.
Copy !req
683. Mask.
Copy !req
684. Hey, Bradley.
Copy !req
685. You ever heard of a short squeeze?
Copy !req
686. Is that a sexual thing?
Copy !req
687. No.
Copy !req
688. Oh, yeah!
Copy !req
689. Here's what's going on.
Late last year,
Copy !req
690. hedge funds started shorting stock
in the retail store GameStop.
Copy !req
691. Meaning they had bet against it
and needed it to drop in price
Copy !req
692. for their investments to be successful.
Now unfortunately for the hedge funds,
Copy !req
693. small investors started buying the stock
led by something called Wall Street Bets,
Copy !req
694. a popular, juvenile,
foul-mouthed Reddit page.
Copy !req
695. And when Wall Street Bets noticed
Copy !req
696. that hedge funds had taken
a large short position in GameStop stock,
Copy !req
697. they decided to punish
the Wall Street big boys
Copy !req
698. and launched a coordinated buying spree.
Copy !req
699. The revolutionaries on Reddit
are spanking Wall Street's ass.
Copy !req
700. GameStop shares absolutely going nuts.
I think it was up over 70% at one point.
Copy !req
701. - Massive short squeeze,
- Show me...
Copy !req
702. - closing there, with a gain of 51%
- the tendiesss!
Copy !req
703. after traders on message boards...
Copy !req
704. What?
Copy !req
705. Happy Wednesday! Happy hump day!
Gee... look at this!
Copy !req
706. Look at this shit!
Copy !req
707. A 90% increase in one day?
In one fucking day!
Copy !req
708. We're goin' to the mooooon.
Copy !req
709. Whoa-ho-ho-ho!
Copy !req
710. Okay, now, if you've been watching
this price action,
Copy !req
711. this is what I'm talking about.
Copy !req
712. Yeah, but you can really feel that panic
from Wall Street, right.
Copy !req
713. When they... we're starting to feel
a little squeeze. Starting to feel it.
Copy !req
714. You're starting to really feel
a little squeeze.
Copy !req
715. I need a drink. I need a drink.
I know we all drinking tonight.
Copy !req
716. We fucking did it!
Copy !req
717. We started from the bottom
and now we're here!
Copy !req
718. - Let's raise a glass
Copy !req
719. to a great company
that's undervalued, cheers.
Copy !req
720. Soon may the tendiemen come...
Show me the tendies. Show me the tendies.
Copy !req
721. I got 'em right here.
Copy !req
722. Show me the tendies. I just gotta...
I just gotta dip.
Copy !req
723. I just gotta... I just gotta dip. Ah!
Copy !req
724. Mmm.
Copy !req
725. Mmm-mmm-mmm.
Copy !req
726. 11 fucking million dollars?
Copy !req
727. What the fuck!
Copy !req
728. - Oh, language. The baby's here.
- What are you gonna do?
Copy !req
729. Get a Ferrari? A Lambo?
Copy !req
730. Caroline, you're gonna ask for
a big diamond, right?
Copy !req
731. I have a diamond.
Copy !req
732. Keith, you get a fucking diamond!
If I were you, I'd look like
Copy !req
733. - DJ Khaled right now.
- Kev! It's not real.
Copy !req
734. I mean, it's real, but it's just paper.
Copy !req
735. Just on paper! You're gonna sell, right?
Copy !req
736. - No!
- Maybe.
Copy !req
737. I mean, I don't know. Uh...
Copy !req
738. - We... we haven't talked about it.
- What the fuck is wrong with you?
Copy !req
739. I'm riding Mom's bike every day
to Dorchester to drop off cheeseburgers
Copy !req
740. because you won't let me use
your fucking car.
Copy !req
741. And you're mister "I won't sell
and take millions of dollars."
Copy !req
742. And, well, what you do with your life
is your choice.
Copy !req
743. You think I wanted to get laid off
from Dick's during a global pandemic?
Copy !req
744. I love those sneakers, man.
I loved that store. I love Dick's.
Copy !req
745. - Mom's bike doesn't even have gears.
- We don't know if it's reached the top.
Copy !req
746. The stock jumped like 23% yesterday.
Copy !req
747. - Double from Friday's close.
- But he's right.
Copy !req
748. I mean, 11 million dollars
is a lot of fucking dough.
Copy !req
749. - Thank you!
- Okay, yes,
Copy !req
750. but since Ryan Cohen
joined the board, the...
Copy !req
751. This fucking guy.
Copy !req
752. got a 2 billion market cap.
I mean, could it go pff? Yeah.
Copy !req
753. But that's not what I'm seeing.
That's not what I'm seeing, Kev.
Copy !req
754. Kev? You there?
Copy !req
755. Did he hang up?
Copy !req
756. Yeah.
Copy !req
757. Fuck, I think hold.
Copy !req
758. - Girl, you gotta sell.
- I'm not selling.
Copy !req
759. How much are you up?
Copy !req
760. 58,000 and some change.
Copy !req
761. Baby girl, what the fuck?
Copy !req
762. You need to get out while you can.
Copy !req
763. - Don't be an idiot.
- You remember red headband guy.
Copy !req
764. He's worth 11 million dollars.
And he's not selling.
Copy !req
765. - No fucking way.
- Yes fucking way.
Copy !req
766. This is what I'm telling you.
Diamond hands.
Copy !req
767. Diamond hands. You hold the line
no matter what the market does.
Copy !req
768. No matter what Wall Street says.
Copy !req
769. What happens
when everyone else sells first,
Copy !req
770. and before you get out
you've lost all your money?
Copy !req
771. Are there any volunteers?
Copy !req
772. - I'm...
- Anyone?
Copy !req
773. - We're gonna hold the line.
- C'mon.
Copy !req
774. - Someone has to go first.
- Okay, yeah. I'll do it.
Copy !req
775. Here we go everyone.
Copy !req
776. The first Covid vaccine
at Pittsburgh Presbyterian.
Copy !req
777. Ah!
Copy !req
778. Fuck! Fuck!
Copy !req
779. Fuck! Guys, we need your help.
What should we do?
Copy !req
780. So listen, my girl bought in under 20
and now it is over 60.
Copy !req
781. So like, should she sell?
Copy !req
782. On the one hand, she has principles.
Copy !req
783. On the other,
she has 100k in student debt. So...
Copy !req
784. One way you could think
about the comparison between
Copy !req
785. Marxism and Utilitarian tradition
Copy !req
786. is that they both have a micro story
and a macro story.
Copy !req
787. When you think of Utilitarian tradition...
Copy !req
788. The only thing that would convince her
to sell is if Roaring Kitty sold.
Copy !req
789. So... Where my pussy at?
Copy !req
790. You have the micro story
for the Pareto principle
Copy !req
791. for how each individual action will go.
Copy !req
792. But you also have a macro story.
Copy !req
793. Where my pussy at? Where my pussy at?
Copy !req
794. - Where my pussy at?
- Sorry.
Copy !req
795. - Where my pussy aaaaatttt?
Copy !req
796. I'm so sorry.
Copy !req
797. Hey, hey, where my pussy at? Ha!
Copy !req
798. - Where is my pussy at?
- It's not in here.
Copy !req
799. Whoa,
Copy !req
800. - wait, listen, hold on.
Copy !req
801. "Future generations will look back
and say 'Good men stood here,
Copy !req
802. good men fought,
and died on this ground...
Copy !req
803. as they point to a TradingView daily chart
of GME zoomed in on January.'
Copy !req
804. Since the spawn of the stonkmarket,
Copy !req
805. two classes of people
have been pitted against each other..."
Copy !req
806. "Eternal enemies, forever forced and
fated to combat: lions and hyenas."
Copy !req
807. "These lions...
these Wall Street hedge funds have it all.
Copy !req
808. Billions of dollars,
Copy !req
809. bail outs for reckless trades,
these dirty fucking criminal bastards."
Copy !req
810. Yup, these fucking motherfuckers.
Copy !req
811. "And then there's us.
Copy !req
812. The working man, the average Joe.
What do we have?
Copy !req
813. What the fuck do we have?
Copy !req
814. They literally call us 'dumb money.'"
Copy !req
815. "These lions, these hedge fund guys,
Copy !req
816. were born with silver spoons
in their mouths.
Copy !req
817. The top 1% of the 1%.
Copy !req
818. They have massive bank accounts,
eat medium rare Grade A Wagyu steak."
Copy !req
819. What the fuck is that?
That sounds delicious.
Copy !req
820. "With truffle shavings for lunch."
That's fuck!
Copy !req
821. "They frequent the finest strip clubs.
Copy !req
822. They have blow and escorts
on their yacht parties."
Copy !req
823. Why do we hate these guys?
Copy !req
824. "Then you know what
they will tell these escorts?"
Copy !req
825. - What's an escort?
- Stop listening!
Copy !req
826. "When the smoking hot blonde asks them,
'Like, how do you have so much money?'"
Copy !req
827. "You know what they say? They say
'Ha, dumb money, babe. Dumb money.'"
Copy !req
828. - Something's burning.
Copy !req
829. Oh... damn it.
Copy !req
830. - Shit!
- You said "shit".
Copy !req
831. "Last, the GME trade is about
class warfare. Plain and simple.
Copy !req
832. We may be hyenas, yes. But guess what?
Copy !req
833. You put enough of us together,
and we can destroy a lion."
Copy !req
834. It's on, motherfuckers!
Copy !req
835. Aw, we coming for y'all.
Copy !req
836. Y'all better get ready.
Copy !req
837. We fucking coming for you.
Copy !req
838. That is some nerdy shit, man.
Copy !req
839. My brother is a fucking nerd.
Copy !req
840. Fuck!
Copy !req
841. Counting down from 5
and then I'm coming back in there.
Copy !req
842. I don't think you want that.
Copy !req
843. 5.
Copy !req
844. - 4.
- 3.
Copy !req
845. 2.
Copy !req
846. Thank you.
Copy !req
847. - How was your day?
- Long.
Copy !req
848. It's so hard to keep them focused
on Zoom school. They're just not into it.
Copy !req
849. How was your day?
Copy !req
850. Good.
Copy !req
851. You're not worried
about the short squeeze thing?
Copy !req
852. The dam'll break next week.
Copy !req
853. A few of them will decide it's gone
high enough, they'll cash out,
Copy !req
854. the rest will follow,
whole thing will come crashing down.
Copy !req
855. I can't think of the last short squeeze
that actually worked.
Copy !req
856. Ackman and Herbalife.
Copy !req
857. Before that... Piggly Wiggly?
Copy !req
858. Piggly Wiggly.
Copy !req
859. Yeah. 1923, a bear cartel was shorting
the Piggly Wiggly grocery store.
Copy !req
860. The founder, he takes out a loan
for what would be $150 million today.
Copy !req
861. He buys back almost all the stock,
like 99% of the stock.
Copy !req
862. The price of the stock goes up 50%.
Copy !req
863. - How much is GameStop up?
- Then, the exchange,
Copy !req
864. they halt trading on the stock
Copy !req
865. so the short sellers
can cover their positions.
Copy !req
866. Is that legal?
Copy !req
867. The founder had to declare bankruptcy. So...
Copy !req
868. it was all fine in the end.
Copy !req
869. And you knew all that or you looked it up?
Copy !req
870. Every fund manager knows that story.
Copy !req
871. You looked it up.
Copy !req
872. Double checked some numbers maybe.
Copy !req
873. Oh, do you see what's going on at GME?
Copy !req
874. - There's more of these idiots.
- A lot more.
Copy !req
875. - They won't hold much longer.
- Oh, Gabe, honey, they're holding.
Copy !req
876. It just crossed a hundred.
Copy !req
877. Gabe?
Copy !req
878. Where are you?
Copy !req
879. You should probably dial in.
Copy !req
880. Yeah, be on in one sec.
Copy !req
881. GameStop, extraordinary volatility today.
Copy !req
882. You know, we might want
to make this the stock of the day.
Copy !req
883. Now that it's gaining 103%.
That is volatility.
Copy !req
884. I will tell you,
I've never seen anything like it.
Copy !req
885. Um, I'm concerned about it deeply.
Copy !req
886. I'm calling it the ultimate short squeeze.
Copy !req
887. - How much money is being made...
- Holy fucking shit.
Copy !req
888. now we're gonna talk about GameStop.
Those shares...
Copy !req
889. - nonstop earning about of 130% today.
- Holy fucking shit!
Copy !req
890. As bullish retail traders
frenetically buy shares.
Copy !req
891. Holy fucking shit!
Copy !req
892. Yo, holy shit!
Copy !req
893. - Shit balls.
- Holy shit!
Copy !req
894. You look at the chart for the month.
Copy !req
895. - It's up 220%.
- Oh, fuck!
Copy !req
896. - Look there... It's crazy.
- Everything okay?
Copy !req
897. Holy fucking shit!
Copy !req
898. Holy fucking shit!
Copy !req
899. if you go short in some of these
elaborate options trades,
Copy !req
900. you can lose money to infinity.
Copy !req
901. GameStop now at 123
and change, another record high.
Copy !req
902. Holy fucking shit!
Copy !req
903. Completely disconnected
from the fundamentals.
Copy !req
904. And this is very much being driven
by retail investors.
Copy !req
905. Many of them trading on Robinhood.
Copy !req
906. When the music stops,
somebody is gonna be left without a seat.
Copy !req
907. This for casino money only.
Copy !req
908. They're literally putting the game
in GameStop.
Copy !req
909. is the craziest I think I've ever seen.
Copy !req
910. True investors never heard of Reddit
a few years ago.
Copy !req
911. But for that to drive a short squeeze...
Copy !req
912. It is Wall Street Bets.
Copy !req
913. It's worth going to the site
because it is incredibly compelling.
Copy !req
914. You may think it's froth,
but they are using arguments
Copy !req
915. that they think hold up under scrutiny.
Copy !req
916. - I just like the stock!
- I can't look.
Copy !req
917. - I can't look. I can't look.
- It's up another 4%.
Copy !req
918. I'm gonna have a fucking heart attack.
Should we sell?
Copy !req
919. And betray your boyfriend?
Absolutely not. No.
Copy !req
920. - The stock is up 581%.
- Maybe.
Copy !req
921. they are being very specific:
Copy !req
922. - To break the shorts.
- Yes.
Copy !req
923. I mean, what's going on
in GameStop right now
Copy !req
924. conceivably could take
a couple of firms out.
Copy !req
925. Hedge funds if they were
stupid enough to be short.
Copy !req
926. Babe, how much did we make today?
Copy !req
927. 5 million.
Copy !req
928. And yesterday?
Copy !req
929. 4 million.
Copy !req
930. Babe...
Copy !req
931. Yeah?
Copy !req
932. We're, like, really fucking rich.
Copy !req
933. How much did we lose today?
Copy !req
934. A billion.
Copy !req
935. And yesterday?
Copy !req
936. A billion.
Copy !req
937. Some news to bring you right now
is that Melvin Capital Management,
Copy !req
938. this is the hedge fund
that had shorted this company,
Copy !req
939. that had effectively been attacked
by an army of investors trying to push up
Copy !req
940. and press up the stock of GameStop.
Copy !req
941. They've taken a rather huge loss...
Copy !req
942. Sorry, if you could just
put your head up for a sec?
Copy !req
943. Thanks.
Copy !req
944. How long've you been down here?
Copy !req
945. A few months.
Copy !req
946. You like the weather?
Copy !req
947. Heat is nice. The humidity not as much.
Copy !req
948. I can see that.
Copy !req
949. - Hm.
- All right, I think you're good to go.
Copy !req
950. - Hey!
- Hey, man.
Copy !req
951. - Hi.
- It's good to connect.
Copy !req
952. You too. Great to be here.
Copy !req
953. - Excited.
- I'm glad you are.
Copy !req
954. Listen, I want to get right to it.
Copy !req
955. From what I'm hearing,
you guys are bankrupt.
Copy !req
956. No! What? No.
Copy !req
957. 'Cause the word on the street
is that you're drowning.
Copy !req
958. No, that's... That's crazy.
Copy !req
959. - We're doing great.
- You're on the record with that?
Copy !req
960. Obviously.
Copy !req
961. All right, man. Well, then, we're gonna
get the live feed up right now,
Copy !req
962. and then we're gonna get to you
right after this next advertising break.
Copy !req
963. Perfect, great. Yes, can't wait.
Copy !req
964. All right, one more spot
and then you're gonna be up.
Copy !req
965. I really do think this is the right time
for you to communicate.
Copy !req
966. - Great, yes. Agreed.
- Great. We're gonna do it.
Copy !req
967. Address it all head on.
It's gonna be good.
Copy !req
968. - No.
- What? Gabe, we're on in 10 seconds.
Copy !req
969. I can't do this. I'm sorry.
Copy !req
970. Gabe, seriously.
Copy !req
971. - Bye, I'm terribly sorry.
- Seriously, c'mon.
Copy !req
972. - Good to see you. The pleasure's here.
- We're going on right now.
Copy !req
973. Babe,
Copy !req
974. what's the damage?
Copy !req
975. Let me guess, you need cash.
Copy !req
976. Didn't call Ken first, did you?
Copy !req
977. He had Phillips reach out.
Copy !req
978. How much did he offer?
Copy !req
979. I haven't called him back yet.
Copy !req
980. Well, how much do you need?
Copy !req
981. You know what? Don't answer that.
The number doesn't matter.
Copy !req
982. Whatever it is, I'd love to buy in.
Copy !req
983. Tell Ken to fill in the rest.
Copy !req
984. Prick.
Copy !req
985. - Hey, Ken.
- Hey.
Copy !req
986. Hi, um... So, I might need...
Copy !req
987. Uh...
Copy !req
988. A new investor.
Copy !req
989. Consider it done.
Copy !req
990. Just keep moving forward.
Copy !req
991. Don't think about
what Grandpa Melvin used to say.
Copy !req
992. Prick.
Copy !req
993. - Thank you.
- Both Citadel
Copy !req
994. - and Point72 have infused
- Poor guy.
Copy !req
995. $3 billion into Melvin Capital
Copy !req
996. - to try to shore up...
- Another goddamn bailout.
Copy !req
997. Can you believe this crap?
Copy !req
998. Nobody bailed me out
Copy !req
999. when Richard left me alone
with two toddlers, a mortgage,
Copy !req
1000. a shit car that never works.
Copy !req
1001. You can say "shit" but we can't?
Copy !req
1002. It's just so damn unfair and you know it.
Copy !req
1003. All we've done for the last year
is work our asses off helping people,
Copy !req
1004. and all we've gotten is one $600 check.
Copy !req
1005. This idiot effs up just about as bad
as anyone could eff,
Copy !req
1006. and his friends come running in
with $3 billion.
Copy !req
1007. That's why I keep telling you:
you're never gonna win.
Copy !req
1008. Just take the money and do something nice.
Pay off your mortgage.
Copy !req
1009. Get that one braces.
Copy !req
1010. Look who's still holding.
Copy !req
1011. If he's in, I'm in.
Copy !req
1012. Yeah, he's still gonna need braces.
Copy !req
1013. Your teeth are perfect.
Copy !req
1014. So what? The stock's up $150.
How much higher is it gonna go?
Copy !req
1015. We control the price now. Not Wall Street.
Copy !req
1016. And no one on there is selling.
Copy !req
1017. Shoes.
Copy !req
1018. - Ugh. You're all so delusional.
- Maybe.
Copy !req
1019. But look at what we managed to do
with these hedge funds.
Copy !req
1020. If we keep driving up the price,
Copy !req
1021. maybe we'll scare more of these guys
into closing out their shorts,
Copy !req
1022. and then all of that bailout money...
Copy !req
1023. - Wait...
- becomes ours.
Copy !req
1024. your screen name...
Copy !req
1025. is Stonkmom?
Copy !req
1026. - Hey!
- Help your mother.
Copy !req
1027. - Why me and not Keith?
- Just shut up and do it, okay?
Copy !req
1028. - Kev, take the potatoes.
- 'Cause you're rich now?
Copy !req
1029. Mr. 23 million on paper but I won't sell.
Copy !req
1030. - Kevin.
- Loser says what?
Copy !req
1031. - What?
- Kevin, let Keith tell them.
Copy !req
1032. Tell us what?
Copy !req
1033. Oh, uh...
I was waiting to tell you in person.
Copy !req
1034. But the, uh, stock we bet on,
GameStop, is up.
Copy !req
1035. Ah, good.
Copy !req
1036. - How much up?
- He's up 23 million, Pop.
Copy !req
1037. You're an asshole.
Copy !req
1038. - Don't kid us.
- Uh, it's real.
Copy !req
1039. Yeah, it's real.
And he's refusing to sell.
Copy !req
1040. What is going on?
Copy !req
1041. - You're pulling our leg.
- No.
Copy !req
1042. Your son's a huge Internet celebrity now.
Copy !req
1043. Millions of people including "Stonkmom"
thinks he's some like,
Copy !req
1044. - I don't know, investment genius.
- No, he is a genius.
Copy !req
1045. No, he's not.
Copy !req
1046. You're up 23 million?
Copy !req
1047. And you're not selling.
Copy !req
1048. Jesus, Mary and Joseph.
Copy !req
1049. What the fuck is wrong with you?
Copy !req
1050. Do you even know
how much $23 million is?
Copy !req
1051. And you're just gonna let it ride?
What's the matter with you?
Copy !req
1052. - I know what I'm doing, Dad.
- But why aren't you selling?
Copy !req
1053. What, wait! Is this illegal?
Are you in trouble?
Copy !req
1054. No. No, he's not in trouble.
Copy !req
1055. - It's totally legal.
- Yeah.
Copy !req
1056. He's posting his balance sheet
on the Internet.
Copy !req
1057. - What?
- Hedge fund managers,
Copy !req
1058. they go on CNBC all the time
to pump up the stock.
Copy !req
1059. All I do is post my balance sheet
on Wall Street Bets
Copy !req
1060. - after market close.
- You post your balance sheet?
Copy !req
1061. Yeah, the same idiot
Copy !req
1062. who left a fresh pair of Nikes out on
the bleachers for just anyone to take.
Copy !req
1063. So you admit they were stolen!
Copy !req
1064. - We gotta talk about this.
- You're a fuckin' moron.
Copy !req
1065. - Least I won.
- What's the point of winning
Copy !req
1066. if you let some dipshit steal the prize?
Copy !req
1067. You would've broke a four
if you had the Zooms.
Copy !req
1068. A four minute mile
isn't everything, Kevin.
Copy !req
1069. Maybe we should get in touch
with Briggsy.
Copy !req
1070. - You know, he works in finance.
- Yes.
Copy !req
1071. You think Briggsy knows
more about this than Keith does?
Copy !req
1072. Well, can you talk about why
you're putting your stocks
Copy !req
1073. - in the Wall Street Journal?
- Wall Street Bets.
Copy !req
1074. What if someone tries to rob you?
Kidnap the baby?
Copy !req
1075. No one's gonna kidnap the baby.
Copy !req
1076. - Nobody wants that baby, Mom.
- I'm just saying,
Copy !req
1077. that if we're gonna talk to somebody,
Copy !req
1078. - you need to talk to Briggsy.
- Yes, honey.
Copy !req
1079. - This is the point...
- Enough!
Copy !req
1080. You guys, Keith has literally
Copy !req
1081. poured his heart and his soul
into this for the past year.
Copy !req
1082. He knows what he's doing.
Copy !req
1083. I know it's been a tough time, Elaine.
Copy !req
1084. You should still sell.
Copy !req
1085. Think you should sell.
Copy !req
1086. And just fuck the principle
of the whole thing?
Copy !req
1087. I don't like it any more than you do.
Copy !req
1088. You really don't think
that he's fucking selling?
Copy !req
1089. No!
Copy !req
1090. Ladies.
Copy !req
1091. Masks.
Copy !req
1092. Kids are with their father for a few days.
So, I'm going to Florida.
Copy !req
1093. You finally fucking sold.
Hallefuckin-lujah.
Copy !req
1094. No, I'm putting it on my Visa.
Copy !req
1095. You shitting me?
Copy !req
1096. You're worth hundreds of thousands
of dollars in stock,
Copy !req
1097. and you're amassing credit card debt.
Copy !req
1098. You really are out of your mind.
Copy !req
1099. No, babe, I'm all in. Diamond hand.
Copy !req
1100. Did you know that Gabe Plotkin
gave an interview?
Copy !req
1101. He's been getting death threats,
anti-Semitic messages
Copy !req
1102. - from these WSB guys.
- It was ten comments.
Copy !req
1103. There's always bad apples.
And the moderators deleted it right away.
Copy !req
1104. You're just gonna ride this thing
till zero?
Copy !req
1105. No. I'm buying call options.
Copy !req
1106. - That could go to 600 by tomorrow.
- Your kid is never getting braces.
Copy !req
1107. There's 8 million people in there
and they're all holding.
Copy !req
1108. It's only going to go up.
Copy !req
1109. It's a joke, Marcos.
Copy !req
1110. But you're treating it
like it's real life.
Copy !req
1111. Pops.
Copy !req
1112. Look.
Copy !req
1113. - This is real. Hold it. Look.
- Hey.
Copy !req
1114. Aw, man.
Copy !req
1115. 8 million people is real.
Copy !req
1116. H-O-D-L.
Copy !req
1117. 8 million don't even know
how to spell "hold."
Copy !req
1118. It's a joke.
Copy !req
1119. - A corny joke.
- It's not funny.
Copy !req
1120. Mom,
Copy !req
1121. look.
Copy !req
1122. I got $175,000 in stock right now.
Copy !req
1123. What?
Copy !req
1124. Like serious money,
Copy !req
1125. like I could get you a house
and get you up out of here, kind of money.
Copy !req
1126. Baby.
Copy !req
1127. Where did you get the money to buy this?
Copy !req
1128. Uh-huh.
Copy !req
1129. I bought call options, for cheap.
Copy !req
1130. - And they hit.
- So now you're gonna sell?
Copy !req
1131. Nah. No, I buy more.
Copy !req
1132. At this price!
Copy !req
1133. When they hit,
I'm gonna buy you a mansion.
Copy !req
1134. It's gonna be crazy.
Copy !req
1135. My son, I don't need a mansion.
Copy !req
1136. Papi.
Copy !req
1137. Be careful.
Copy !req
1138. Don't get addicted to this, my son.
Copy !req
1139. This can be like a drug.
Copy !req
1140. Some breaking news right now
on what has turned into the soap opera
Copy !req
1141. and, uh, saga of the markets right now.
And that is the story of GameStop.
Copy !req
1142. A month ago today, it was trading
at about 20 bucks per share.
Copy !req
1143. Two days ago, it was under $80.
Copy !req
1144. Today, nearly $350 a share.
Copy !req
1145. The GameStop stock frenzy even now
has the attention of the White House.
Copy !req
1146. our economic team
including Secretary Yellen and others
Copy !req
1147. are monitoring the situation.
Copy !req
1148. You're witnessing
the French Revolution of finance.
Copy !req
1149. There is a rebellion aspect to it.
Copy !req
1150. There is
an anti-establishment aspect to it.
Copy !req
1151. I don't know if Wall Street's ever seen it
like this before.
Copy !req
1152. - No. It's generational.
- We never have.
Copy !req
1153. It's like generational injustices.
Copy !req
1154. This is like
little poor guys vs. rich guys.
Copy !req
1155. - And poor guys are winning right now.
Copy !req
1156. Fucking hold! If you're new here
and you're trying to make a profit,
Copy !req
1157. - fuck off!
- Stop what you're doing, and listen up.
Copy !req
1158. I own GameStop on Robinhood
and I am not selling.
Copy !req
1159. Hold. All you need to do is hold.
Keep fucking holding.
Copy !req
1160. Soon the Tendieman comes
to send our rocket to the sun.
Copy !req
1161. See this right here is the human being
who's largely responsible
Copy !req
1162. for all this GameStop stuff.
Copy !req
1163. Just a pure specimen.
A God-like undefeatable creature.
Copy !req
1164. This is what excellence looks like.
Copy !req
1165. I just like the stock.
Copy !req
1166. Yesterday he posted this,
that he's in profit, wait for it...
Copy !req
1167. 47 million.
Copy !req
1168. - What the fuck is happening?
Copy !req
1169. - What the fuck?
Copy !req
1170. Hey, did you try a different browser?
Copy !req
1171. - I plugged the browser.
- Shit, we're fucked.
Copy !req
1172. Bro, what the fuck?
Copy !req
1173. - What the fuck, dude?
- I told you this shit is rigged.
Copy !req
1174. What the fuck is going on?
Copy !req
1175. I can't get it to load.
Copy !req
1176. Fuck!
Copy !req
1177. What?
Copy !req
1178. They shut down Wall Street Bets.
Copy !req
1179. - What?
- "Hateful and discriminatory content."
Copy !req
1180. That stuff has always been on there.
Copy !req
1181. That's weird.
Copy !req
1182. No?
Copy !req
1183. I mean, it's like they're trying
to stop people from talking to each other.
Copy !req
1184. Babe, are you gonna get that?
Copy !req
1185. Yes.
Copy !req
1186. Oh.
Copy !req
1187. Hello?
Copy !req
1188. Ah, yes, I am...
Copy !req
1189. I am the Roaring Kitty
and Deep F-ing Value.
Copy !req
1190. Ah, no, but nobody ever asked me.
Copy !req
1191. Oh, okay.
Copy !req
1192. Sir, I just want to say
how grateful I am for this job
Copy !req
1193. and how much it means
to me and my family.
Copy !req
1194. I would never let a hobby jeopardize...
Copy !req
1195. Okay. I understand.
Copy !req
1196. - Yeah?
- It's MassMutual. They're...
Copy !req
1197. getting calls from reporters "concerned"
about my "outside activities."
Copy !req
1198. Was all this against the rules?
Copy !req
1199. I wasn't...? Maybe now it is...
Copy !req
1200. Okay.
Copy !req
1201. Well, what was that call?
Copy !req
1202. - Keith?
- It's okay.
Copy !req
1203. What, are you going to lose your job?
Copy !req
1204. - What?
- It's fine.
Copy !req
1205. - They gave me a choice.
- Between what?
Copy !req
1206. Between your job and Roaring Kitty?
Copy !req
1207. - Uh...
Copy !req
1208. - Resign or I'm fired.
- That's what he just said?
Copy !req
1209. I got it.
Copy !req
1210. Fuck it, Wall Street Bets is down,
Copy !req
1211. I can't see Roaring Kitty's balance sheet.
Copy !req
1212. Oh fuck.
Copy !req
1213. I don't know what to do.
Copy !req
1214. This could be the sell-off.
Copy !req
1215. I really don't wanna do that.
Copy !req
1216. Well, me neither.
But you can't let it go to zero.
Copy !req
1217. It's 150 grand. You need that money.
Copy !req
1218. And nobody is gonna hold
if they can't see what he's doing.
Copy !req
1219. Close your eyes and count to three.
Copy !req
1220. One.
Copy !req
1221. - Two.
- Two.
Copy !req
1222. - Three.
- Three.
Copy !req
1223. - Your phone's ringing.
Copy !req
1224. This is the sound of the world.
Copy !req
1225. Your phone is ringing!
Copy !req
1226. Oh, Robinhood. Yeah. It's an app.
Copy !req
1227. It's on the phone.
Copy !req
1228. - Yeah, no, your phone is ringing.
- Oh.
Copy !req
1229. Yes...
Copy !req
1230. Slow down, Norm, what did you say?
Copy !req
1231. The NSCC just sent us a file,
they want a deposit of 3 billion
Copy !req
1232. to clear all the trades coming in.
Copy !req
1233. Sorry.
Copy !req
1234. Wait, who?
Copy !req
1235. They're a subsidiary of the DTCC.
And they're requesting 3 billion.
Copy !req
1236. Ah... Okay. Sorry, it's a little loud in
here. I thought you just said 3 billion.
Copy !req
1237. I did!
Copy !req
1238. - But we don't have 3 billion, Norm.
- That's correct.
Copy !req
1239. We've only ever raised 2 billion
in the history of the company.
Copy !req
1240. Holy fuck! What if we don't pay?
Copy !req
1241. They shut us down.
Copy !req
1242. The IPO, like, everything... poof.
Copy !req
1243. Gretchen, Dan and I are going to
jump on a call with Citadel at 9.
Copy !req
1244. Maybe this would be a good time
for me to chat with Ken Griffin.
Copy !req
1245. Sure. We'll mention that.
Copy !req
1246. I can't sleep.
Copy !req
1247. Me neither.
Copy !req
1248. I just feel sick!
Copy !req
1249. We'll buy it back first thing.
Copy !req
1250. Please shut up.
Copy !req
1251. What the fuck.
Copy !req
1252. Oh! What the fuck!
Copy !req
1253. - What the fuck!
- Okay, let me try.
Copy !req
1254. Is it frozen?
Copy !req
1255. They cut off the buy option.
Copy !req
1256. What? That's fucking criminal.
Copy !req
1257. I can't hear you, Baiju!
Copy !req
1258. What the fuck did you do?
Copy !req
1259. - Calm down.
- Me calm down?
Copy !req
1260. You shut down trading on GameStop?
Copy !req
1261. Not all trading.
Copy !req
1262. Norm worked it out.
Copy !req
1263. The DTCC agreed to lower the deposit
to 700 million
Copy !req
1264. if we shut off buying,
and that's what I did.
Copy !req
1265. - The Depository Trade Commission?
Copy !req
1266. They're like one degree away
from Ken Griffin.
Copy !req
1267. - One more time, Baiju.
Copy !req
1268. butt boys!
Copy !req
1269. - What?
- It's not going to be okay.
Copy !req
1270. You need to fix this...
Copy !req
1271. Shh. I know, it's okay.
Copy !req
1272. I did fix it, Baiju.
Copy !req
1273. We've been watching shares
of GameStop all day long
Copy !req
1274. after hitting a staggering high of $483.
Copy !req
1275. The shares are now down to about 140.
Copy !req
1276. Now, the best we can tell
is the Robinhood app
Copy !req
1277. that seems to have triggered what really
has become a panic sell-off in this name.
Copy !req
1278. And so if you're a retail investor
or a Reddit user and you've held,
Copy !req
1279. well, you are feeling some serious pain
right now.
Copy !req
1280. Oh God.
Copy !req
1281. Fuck.
Copy !req
1282. Now the criticism centered on Robinhood
Copy !req
1283. for abandoning their followers here
in favor of helping those who had shorted
Copy !req
1284. all these stocks in the first place.
Copy !req
1285. I don't particularly like the move
on Robinhood today.
Copy !req
1286. I'm talking to people this morning
that say,
Copy !req
1287. "Okay, that is anti-capitalism.
Copy !req
1288. - You can't do that."
- Fuck you, Robinhood!
Copy !req
1289. There's been some controversy
about Citadel and some vague accusations
Copy !req
1290. that somehow Citadel may have been
involved in Robinhood's decision, Wolf,
Copy !req
1291. to stop or restrict trading
in GameStop and other shorts...
Copy !req
1292. Who is it from?
Copy !req
1293. The Tendieman...?
Copy !req
1294. Come back inside.
Copy !req
1295. Diamond fucking hands!
Copy !req
1296. We all know how I feel about him.
I think he's a rat, a liar.
Copy !req
1297. Okay, Vlad, you know everybody here
who's watching us hates your guts, right?
Copy !req
1298. Thank you, Dave, that's, uh...
that's what I hear.
Copy !req
1299. But I'm a really big fan of your show
and hopefully I can answer
Copy !req
1300. - some of your questions.
- Vlad, can you hear us?
Copy !req
1301. - Vlad the stock impaler.
- Yes, I'm here... Hi.
Copy !req
1302. Spill the beans, man,
what happened last week?
Copy !req
1303. Why couldn't people buy GameStop shares?
Copy !req
1304. The people demand an answer.
Copy !req
1305. To give you some background,
I'm chief executive of Robinhood...
Copy !req
1306. - Robbing executive.
- Yeah, we know that.
Copy !req
1307. And I just want to say,
Copy !req
1308. - we had no liquidity problem.
- Well, did something maybe shady
Copy !req
1309. go down here?
Seems weird that you'd get a sudden
Copy !req
1310. - 10 billion dollar demand... You know.
- Three, 3 billion...
Copy !req
1311. - Okay, but 3 billion just suddenly,
- Yeah.
Copy !req
1312. - out of nowhere and...
- Well, I wouldn't impute
Copy !req
1313. any shadiness to any of this, um...
Copy !req
1314. I don't have the full context, uh,
Copy !req
1315. as to what was going on
with the NSCC to,
Copy !req
1316. to, uh, make these calculations.
Copy !req
1317. To what degree
are you beholden to Citadel?
Copy !req
1318. I mean, like, basically,
if Citadel is unhappy, then what happens?
Copy !req
1319. - It was a hard temperance.
- Is anyone holding you hostage right now?
Copy !req
1320. Uh, no.
Copy !req
1321. There's just no rational explanation
on why they would do what they did
Copy !req
1322. without outside pressure, interference.
Copy !req
1323. And they basically cratered the stock
on purpose.
Copy !req
1324. So, I just don't believe
anything that guy says.
Copy !req
1325. I wanted to take a cold shower
after seeing him say that.
Copy !req
1326. Robinhood is facing lawsuits,
we know that.
Copy !req
1327. After halting trade, they are accused
Copy !req
1328. - of rigging the market.
- When the big guys,
Copy !req
1329. including one of your main investors
in your company started to lose,
Copy !req
1330. you shut down the game
to starve the little guy.
Copy !req
1331. They're stealing from the poor
and giving back to the rich.
Copy !req
1332. They're robbing from the 'hood! Why?
Copy !req
1333. - I want to be 100% clear,
- All of you guys deserve to burn in hell.
Copy !req
1334. - this decision to...
- And go to jail.
Copy !req
1335. restrict trade was not made
on the direction
Copy !req
1336. I'm just trying to get my mom
out the 'hood.
Copy !req
1337. - of Citadel or any market maker.
- What the fuck? Fuck you!
Copy !req
1338. And your Mama Dukes,
you motherfucking fraud.
Copy !req
1339. Fuck this guy.
Copy !req
1340. This guy is just
an obfuscating piece of shit.
Copy !req
1341. Fucker.
Copy !req
1342. There's only one man
I wanna hear from right now.
Copy !req
1343. And Wall Street Bets is down,
so it's crickets.
Copy !req
1344. It's crickets out here.
Copy !req
1345. Say it with me.
Copy !req
1346. - Where my pussy at!
- Where my pussy at!
Copy !req
1347. - Mr. Gill!
- Mr. Gill!
Copy !req
1348. - Roaring Kitty, I fucking love you!
- Keith Gill!
Copy !req
1349. - Keith Gill, please!
- Okay.
Copy !req
1350. - Please.
- Oh, sorry, this is, like, my house, uh...
Copy !req
1351. - You want my autograph?
- Yeah.
Copy !req
1352. You've been served.
Copy !req
1353. Hey, to the moon, baby! To the moon.
Copy !req
1354. Holy shit.
Copy !req
1355. Sorry to interrupt. We need to talk
about the GameStop situation.
Copy !req
1356. I thought Mecane was handling it.
Copy !req
1357. So did we. But the committee's
specifically requested you, sir.
Copy !req
1358. If they want specifics,
they can have Mecane.
Copy !req
1359. It's not a choice, unfortunately.
Copy !req
1360. Shitballs.
Copy !req
1361. Keith?
Copy !req
1362. - A congressional subpoena.
- I never did anything illegal.
Copy !req
1363. And I always had disclaimers...
Copy !req
1364. Why would you have disclaimers
if you weren't worried?
Copy !req
1365. They're standard practice, Caroline,
everyone has them.
Copy !req
1366. Babe...
Copy !req
1367. - the answer is not in your computer.
- Whoa!
Copy !req
1368. There's a dozen reporters on our lawn!
You have to testify before Congress.
Copy !req
1369. - The game has changed.
- I know. I hear you.
Copy !req
1370. I don't think you do.
Copy !req
1371. Oh, my God. We're...
Copy !req
1372. We're gonna go to my mother's.
Copy !req
1373. No, she has terrible Wi-Fi.
Copy !req
1374. I'm not talking about you.
Copy !req
1375. I'm talking about me and her.
Copy !req
1376. You need to figure this out.
Copy !req
1377. - Where are you going?
- To the track.
Copy !req
1378. - You were just on the track.
- I'm going again.
Copy !req
1379. Hi. Can I interest you in
some champagne or a mimosa?
Copy !req
1380. - Is it free?
- It is when you sit up here.
Copy !req
1381. Well, there is a last time for everything.
Copy !req
1382. Oh, you'll be back.
Copy !req
1383. I had half a million in stocks last week,
but Wall Street cheated.
Copy !req
1384. Surprise, surprise.
Copy !req
1385. I could have cashed out.
Copy !req
1386. I could have paid my mortgage.
Copy !req
1387. Could have gotten my kid braces.
Copy !req
1388. Got a new car.
Copy !req
1389. Honey, I'm gonna get you
something stronger.
Copy !req
1390. - Thank you.
- You're welcome.
Copy !req
1391. Meow!
Copy !req
1392. Kitty!
Copy !req
1393. You know you can't just eat other people's
food. They do reviews, right?
Copy !req
1394. Very funny.
Copy !req
1395. Here.
Copy !req
1396. What's this?
Copy !req
1397. Look, they were on sale, all right,
Copy !req
1398. - before you get all emotional and shit.
- Holy shit, you fucking softy.
Copy !req
1399. Who put you up to this? Caro? Ma?
Copy !req
1400. No, Dad called me in tears,
Copy !req
1401. said my big brother
needed some moral support.
Copy !req
1402. Ah, fuck off. I can't.
Copy !req
1403. C'mon, man.
Will you at least try 'em on? Please?
Copy !req
1404. Try 'em. C'mon,
you're the richest man in Brockton,
Copy !req
1405. - you dress like an asshole.
- I lost 15 million yesterday.
Copy !req
1406. And another 15 the day before that.
Copy !req
1407. You're still the richest man in Brockton,
like, by far.
Copy !req
1408. Bro, you got rich dudes
pissing in their pants right now.
Copy !req
1409. I mean, c'mon, man, how many people
from Brockton High can say that?
Copy !req
1410. This has gone crazy,
Copy !req
1411. I got reporters hounding me
outside my house.
Copy !req
1412. Yeah, man, me too.
They're coming after you.
Copy !req
1413. You didn't talk to them, did you?
Copy !req
1414. What do I look like? I said no.
I said give me 50 grand maybe.
Copy !req
1415. Tell me you're kidding.
Copy !req
1416. Well, if you give me 20, then maybe
we wouldn't have to deal with this shit.
Copy !req
1417. The fuck is wrong with you!
Copy !req
1418. Kevin, I've just been subpoenaed
by Congress, man.
Copy !req
1419. I do not have time for your bullshit.
Copy !req
1420. - Oh, come off it, man!
- Seriously, asshole.
Copy !req
1421. - Chill! It was a joke!
- Fuck!
Copy !req
1422. I know.
Copy !req
1423. Sorry.
Copy !req
1424. We never used to fight this much.
Copy !req
1425. - Sara.
- I miss her.
Copy !req
1426. Me too.
Copy !req
1427. She kept your ego in check.
Copy !req
1428. Whole fuckin' world kept my ego in check.
Copy !req
1429. What the fuck are you gonna tell
Congress, Keith? Huh?
Copy !req
1430. Beg them not to send me to prison?
Copy !req
1431. Hey...
Copy !req
1432. Hey, do you remember back at Stonehill
when they dared me to run that mile naked?
Copy !req
1433. Yeah, there was a crazy storm that night.
Copy !req
1434. - You dumb shit.
- Fuck you, man.
Copy !req
1435. That was dope, man.
I'm a legend over there.
Copy !req
1436. Everybody remembers that!
Copy !req
1437. - Okay.
- They do, man.
Copy !req
1438. You don't think people remember
your 4-minute 3-second mile?
Copy !req
1439. Oh... what is this, a pep talk?
Copy !req
1440. Motherfucker, stop hiding.
Copy !req
1441. Seriously. Okay, stop being all meek
and shit and running away.
Copy !req
1442. What, you want me to run through
lightning with my dick out?
Copy !req
1443. Yeah.
Copy !req
1444. Please, exactly that.
Copy !req
1445. Run through lightning with your dick out.
Fuck it.
Copy !req
1446. You didn't go to your mom's?
Copy !req
1447. You took the car.
Copy !req
1448. How was the run? Did it clear your head?
Copy !req
1449. Kev found me, brought me these.
Copy !req
1450. Hm. You guys talked?
Copy !req
1451. Yup, he, uh, told me to run naked.
Copy !req
1452. - You ran naked?
- No.
Copy !req
1453. Uh, it's a metaphor. He's saying
I gotta take this thing head on.
Copy !req
1454. Well...
Copy !req
1455. I'd kinda like to see you run naked.
Copy !req
1456. By the way, Wall Street Bets is back up.
Copy !req
1457. The motherfucker held.
Copy !req
1458. Holy shit! He lost 30 million,
and he still fucking held.
Copy !req
1459. - Robinhood's back up.
- What?
Copy !req
1460. - We gotta get back in.
- Where's the stock at right now?
Copy !req
1461. 109.
Copy !req
1462. Are you sure?
Copy !req
1463. That's like all of the money
that we made back into the stock.
Copy !req
1464. Yeah. We can't let them
get away with this.
Copy !req
1465. Fuck 'em.
Copy !req
1466. If he's in, I'm in.
Copy !req
1467. If he's in, I'm in.
Copy !req
1468. Okay.
Copy !req
1469. Fuck!
Copy !req
1470. The frenzy continues with retail investors
bidding back up GameStop.
Copy !req
1471. - Meme stock mania is back.
- ... up more than 80%
Copy !req
1472. as those message board traders
simply sent it higher.
Copy !req
1473. Stock volatility continuing,
Copy !req
1474. it looks like this morning once again
GameStop are involved in
Copy !req
1475. an ongoing battle between
retail investors and short sellers.
Copy !req
1476. We're gonna have a lot more
on this story.
Copy !req
1477. CEOs of Robinhood, Reddit,
Citadel and Melvin Capital.
Copy !req
1478. Along with Keith Gill,
better known as Roaring Kitty
Copy !req
1479. on social media, will be in the hot seat.
Copy !req
1480. I'm here testifying today
far removed from my background.
Copy !req
1481. I grew up in a middle-class family
in Portland, Maine.
Copy !req
1482. My dad was a grocery store executive.
Copy !req
1483. Maybe leave that part out.
Copy !req
1484. The part about my dad?
Copy !req
1485. The executive part.
Copy !req
1486. Okay... okay.
Copy !req
1487. I went to a public high school.
I studied hard and got into Northwestern.
Copy !req
1488. - Just say "a good college."
- Upon...
Copy !req
1489. I can't say I went to Northwestern?
Copy !req
1490. - Too elite.
- Northwestern's too...
Copy !req
1491. All right.
Copy !req
1492. Upon graduation, I did not have a job.
Today, I'm married with four children.
Copy !req
1493. Gabe, where do you plan on
doing your testimony?
Copy !req
1494. - Here.
- In front of your wine collection?
Copy !req
1495. I mean, this is... I don't have that big
of a wine collection honestly.
Copy !req
1496. Yeah, it's huge.
Copy !req
1497. Digital risks seem to be overblown.
Copy !req
1498. Two, the negative sentiment is overdone.
Copy !req
1499. - Three, the value...
- Maybe... here would be nice.
Copy !req
1500. - Too many windows.
- Too many windows... Oh.
Copy !req
1501. It's very bright.
Copy !req
1502. - Yeah, ocean front's not a great idea.
- It's blue.
Copy !req
1503. Yeah. Okay, I hadn't thought of that.
Copy !req
1504. That, uh, yeah, downstairs there's more...
there's probably darker rooms.
Copy !req
1505. What a bandit.
Most of you know this guy,
Copy !req
1506. who is the Roaring Kitty character,
Copy !req
1507. - who was really pushing it.
- Holy shit.
Copy !req
1508. - You know, voicing the information.
- Yo, Riri, our boy's on the news.
Copy !req
1509. And what's the potentially systemic risk?
Copy !req
1510. Those relationships in D.C. are strong.
Copy !req
1511. The guys who run those hedge funds are
the guys who fund presidential campaigns.
Copy !req
1512. - You know Roaring Kitties don't have
- That's a good point.
Copy !req
1513. - that kind of influence,
- Gill is now being sued
Copy !req
1514. - but the hedge fund managers do.
- for securities fraud
Copy !req
1515. over his alleged role
in the GameStop rally.
Copy !req
1516. Is Mr. Gill likely to appear,
and if he appears,
Copy !req
1517. is he likely to talk
if he faces the potential of prosecution?
Copy !req
1518. Fundamentals are based on three things:
One, digital risks are overblown.
Copy !req
1519. Two, the negative sentiment is overdone.
Copy !req
1520. And three...
Copy !req
1521. Fuck.
Copy !req
1522. - Ah, c'mon, shut up.
- I know all this.
Copy !req
1523. You guys, you guys, stop.
Stop, let's keep going.
Copy !req
1524. All right, let's go again.
Copy !req
1525. You're right, this is serious.
You can go to jail forever.
Copy !req
1526. - A long time. Long, long time.
- All right. You ready?
Copy !req
1527. You ready here we go. Back in the game.
Copy !req
1528. - Mr. Gill. May I call you Mr. Gill, sir?
- It's my name.
Copy !req
1529. Why the fuck wouldn't you be able
to call him Mr. Gill?
Copy !req
1530. What were your intentions
with the YouTube videos
Copy !req
1531. and your social media posts on GameStop?
Copy !req
1532. - Yes.
- Thank you, congresswoman.
Copy !req
1533. You're welcome.
Copy !req
1534. I developed a theory
that the company was undervalued
Copy !req
1535. despite the significant short interest.
Copy !req
1536. Oh, so you were aware
of the short interest.
Copy !req
1537. It is public knowledge.
You can see it in the SEC filings.
Copy !req
1538. And your goal
was to break these shorts, yes?
Copy !req
1539. To rally an online mob to artificially
push the price of GameStop soaring,
Copy !req
1540. ah, "to the moon" as they say,
isn't that correct, Mr. Gill?
Copy !req
1541. Objection, objection,
you're leading the witness.
Copy !req
1542. - Kev...
- Witness.
Copy !req
1543. I yield my time to the chair.
Copy !req
1544. You were hoping for the short squeeze,
weren't you, Mr. Gill?
Copy !req
1545. You short squeezing bastard.
Copy !req
1546. The short squeeze
was a marginal point of the thesis.
Copy !req
1547. Then why did you talk about it
in your videos all the time?
Copy !req
1548. You did talk about it in your videos.
You talked about it a lot.
Copy !req
1549. - You remember about the squeeze.
- Exactly.
Copy !req
1550. You were like
"It's just a little squeeze."
Copy !req
1551. Exactly.
Copy !req
1552. Are you really asking us to believe
that you weren't a leader
Copy !req
1553. - to all these retail traders?
- You're fucked, buddy.
Copy !req
1554. - My point of view...
- Asking. Yes or no?
Copy !req
1555. - Yes or no?
- Yes. So yes.
Copy !req
1556. - Yes or no?
- You are admitting it. Yes.
Copy !req
1557. Remember you with a cheap bottle
of champagne.
Copy !req
1558. At any moment... Kevin!
Copy !req
1559. - Kevin!
- Dunking tendies like a fucking—
Copy !req
1560. What?
Copy !req
1561. I'm running with my dick out.
Copy !req
1562. Okay, why don't you just say that?
Copy !req
1563. Okay, I'll stop.
Copy !req
1564. All right. Mr. Gill, what exactly
about the fundamentals
Copy !req
1565. - led you to build this bull case?
- What the fuck's with the voice?
Copy !req
1566. I don't know, I was trying to do AOC,
but it was flat.
Copy !req
1567. I don't even think she's on the panel.
Copy !req
1568. You shut the fuck up, Briggsy.
Copy !req
1569. - I'll slap the shit out of you.
- Is she on that panel?
Copy !req
1570. - I swear to God.
- You're gonna slap me?
Copy !req
1571. - Yeah, let's go.
- You ready to go?
Copy !req
1572. - Let's go.
- I've been waiting for this, dog.
Copy !req
1573. Come here.
Copy !req
1574. You're gonna be great.
Copy !req
1575. If it goes bad, it's gonna be real bad.
Copy !req
1576. Well, don't let it go bad.
Copy !req
1577. This hearing will be first
in a series of hearings by the committee
Copy !req
1578. to examine the recent market volatility
involving GameStop.
Copy !req
1579. I want to know how each
of the witnesses here today
Copy !req
1580. - contributed to the historic...
- Gabe, can you sit up?
Copy !req
1581. trading events in January.
Copy !req
1582. This recent market volatility
Copy !req
1583. has put a national spotlight
on institutional practices
Copy !req
1584. by Wall Street firms.
Copy !req
1585. And they have demonstrated
the enormous potential power
Copy !req
1586. of social media in our markets.
Copy !req
1587. We will hear firsthand from the witnesses
regarding these events.
Copy !req
1588. The hearing will be an opportunity
for this committee to get the facts
Copy !req
1589. about the role
each of the witnesses represent,
Copy !req
1590. played in the events
we are examining today.
Copy !req
1591. Well, now, Mr. Griffin,
if I could ask you this first question.
Copy !req
1592. Of course.
Copy !req
1593. How many people
are in the room with you?
Copy !req
1594. That's your question?
Copy !req
1595. If you can just count how many
people are in the room with you.
Copy !req
1596. There are five people,
including myself, in this room.
Copy !req
1597. - Anyone in your organization...
- Such a prick.
Copy !req
1598. since January 1st, contact Robinhood?
Copy !req
1599. We of course talk to Robinhood routinely
in the ordinary course of business.
Copy !req
1600. We manage a substantial portion
of their order flow.
Copy !req
1601. But did you talk to them about restricting
Copy !req
1602. or doing anything to prevent people
from buying GameStop?
Copy !req
1603. I want to be perfectly clear.
Copy !req
1604. We had no role in Robinhood's decision
Copy !req
1605. - to limit trading in GameStop.
- Fuck you, Ken Griffin.
Copy !req
1606. So, if we depose everyone
in your organization, we would find that?
Copy !req
1607. That is correct.
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1608. Looks like a Disney Channel villain.
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1609. Mr. Plotkin, do you believe
that there is manipulation, distrust,
Copy !req
1610. and overall inequality
within American finance?
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1611. My focus is on my company, Melvin...
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1612. Hello?
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1613. You're on mute, dick!
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1614. Ah, I'm sorry, you're on mute.
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1615. He just keeps going.
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1616. my area of expertise.
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1617. You're still on mute. I haven't been able
to hear a word you said, unfortunately.
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1618. Mr. Tenev,
would you be willing to commit today
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1619. - to voluntarily pass on the proceeds...
- Oh. Marry me.
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1620. of the payment for order flow
to Robinhood customers?
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1621. Congresswoman, I appreciate that question.
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1622. When the statement you refer to was made,
it was before Robinhood forced
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1623. the entire industry to drop
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1624. - commissions and replicate our...
- I should take that as a no.
Copy !req
1625. You're not willing to pass on
the proceeds of payment for order flow
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1626. to your customers?
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1627. - When the other brokers drop...
- I'm just talking about today.
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1628. - Asshole.
- I don't want to be rude.
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1629. I just have limited time,
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1630. but if removing the revenues that you make
from a payment for order flow
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1631. would cause the removal
of free commissions,
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1632. doesn't that mean that
trading on Robinhood
Copy !req
1633. isn't actually free to begin with?
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1634. Good question.
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1635. Thank you very much, Mr. Gill.
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1636. You are now recognized for five minutes
to present your oral testimony.
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1637. Thank you, members of the committee.
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1638. I am happy to discuss my purchase
of GameStop shares
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1639. and my discussions of their fair value
on social media.
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1640. But before I do that,
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1641. a few things I am not:
Copy !req
1642. I am not a cat.
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1643. - What did he say?
- He just said cat, Ma.
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1644. It's like a kitty thing.
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1645. Nor am I a hedge fund.
I do not have clients,
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1646. and I do not provide personalized
investment advice for fees or commissions.
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1647. I grew up in Brockton, Mass.
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1648. My family was not wealthy.
Copy !req
1649. My father was a truck driver
and my mom a registered nurse.
Copy !req
1650. - That's you, Ma!
- I was one of three kids
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1651. and the first in my family
to earn a four-year college degree
Copy !req
1652. when I graduated from Stonehill College
in 2009.
Copy !req
1653. That was not a good time
to be looking for a job.
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1654. From 2010-2017,
Copy !req
1655. there were significant periods
when I was unemployed.
Copy !req
1656. I took an interest in the stock market,
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1657. and even though I had very little money,
Copy !req
1658. I used those times to educate myself
and learn more about investing.
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1659. Mr. Gill, I find it hard to believe
that you predicted everything
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1660. that happened to GameStop
with no inside information.
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1661. Uh, I didn't predict it.
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1662. I honestly couldn't explain everything
that happened in January.
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1663. I've seen your videos. You honestly
couldn't recount to the committee
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1664. what caused every single up and down
of the stock in January?
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1665. I think you could.
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1666. I did follow the stock, uh, very closely,
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1667. but threshold lists, order flows,
halting purchases, according to the press,
Copy !req
1668. these all had a material impact
on the stock.
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1669. Here's the thing: I have
a bit of experience with this stuff,
Copy !req
1670. and even I barely understand
these matters.
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1671. It's alarming how little we all know
about the inner workings of the market.
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1672. Which is why I'm glad this committee
is examining what happened,
Copy !req
1673. particularly with the exorbitant
short interest
Copy !req
1674. as well as any potentially
manipulative shorting practices
Copy !req
1675. and brokers' reported failures to
timely deliver shares and settle trades.
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1676. A lot of people feel the system is broken.
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1677. The whole idea of the stock market is to
be, like, kind of a fair playing field,
Copy !req
1678. where if you're smart, maybe with a little
luck, you could make your fortune.
Copy !req
1679. But, if it ever was that,
it's certainly not any more.
Copy !req
1680. The big firms have such a big advantage,
in terms of technology and information
Copy !req
1681. and just sheer wealth, there's no hope
for the little guy anymore.
Copy !req
1682. Or there was no hope.
Copy !req
1683. Maybe now, there is.
Copy !req
1684. And as for me,
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1685. I like the stock.
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1686. He's a gangster for that.
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1687. I don't plan on selling any time soon.
Copy !req
1688. - Hold it.
- Say that shit.
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1689. Diamond fucking hands.
Copy !req
1690. Diamond hands, baby.
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1691. Attaboy.
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1692. What a nerd.
Copy !req
1693. Thank you.
Copy !req
1694. It was good. I think.
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1695. Yesterday's Reddit hearing
in Congress brought together
Copy !req
1696. some of the power players
behind the January trading frenzy.
Copy !req
1697. Representative Maxine Waters did
say there will be additional hearings...
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1698. What you got here involves people
named DFV and Roaring Kitty, ultimately...
Copy !req
1699. two more to follow to find
more answers, one market expert...
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1700. Whether it's markets
or social media,
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1701. I'll just call it media because it is now.
Copy !req
1702. Do you think any new regulation gets done?
Copy !req
1703. What's clear is that
we're in the Wild West
Copy !req
1704. and that there is so much activity
that's going on, on these online forums.
Copy !req
1705. And we've seen in the last month
and the last six weeks how much force
Copy !req
1706. day traders en masse can bring
to the market and actually affect it.
Copy !req
1707. They used to just make some noise
around the edges.
Copy !req
1708. Now they can actually move markets,
move securities.
Copy !req
1709. Cheers, everyone.
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1710. Ah.
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1711. You're a fucking gangster.
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1712. Hey, man, I notice you've been
selling a lot of new games,
Copy !req
1713. and I just wanted to remind you, again,
that we really wanna be pushing customers
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1714. towards the higher-margin pre-owned games.
Copy !req
1715. Yeah, I'm not gonna do that.
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1716. Excuse me?
Copy !req
1717. Oh, and in fact, I'm not gonna do
any of the Circle of Life bullshit.
Copy !req
1718. Or your TikTok dance contest.
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1719. You're quitting, then.
Copy !req
1720. Okay.
Copy !req
1721. No, I mean, I thought about it, but...
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1722. Like, yo, I love it here.
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1723. So I think I'm gonna stay.
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1724. Well, you're awfully smug for a kid
who lost all his money buying stock.
Copy !req
1725. What did you say it was going to?
A thousand?
Copy !req
1726. I'm also not gonna work
at the ass crack of dawn any more.
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1727. You're fired.
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1728. No, I'm not.
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1729. You gotta get that approved
by like seven levels of people, yo.
Copy !req
1730. Thanks to the geniuses
who put that together.
Copy !req
1731. The ones who used to own my ass.
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1732. You sold?
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1733. Half.
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1734. Right at the tippy tippy top.
Copy !req
1735. And I'm holding the other half
for the long haul.
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1736. Fuck yeah!
Copy !req
1737. I'm here testifying today
far removed from my background.
Copy !req
1738. I grew up in a middle-class family
in Portland, Maine.
Copy !req
1739. I went to a public high school.
Copy !req
1740. I studied hard
and got into a good college.
Copy !req
1741. Upon graduation, I did not have a job.
Copy !req
1742. When the statement you refer to was made,
uh, I believe 2015 or 2016,
Copy !req
1743. it was before Robinhood
forced the entire industry
Copy !req
1744. - to drop commissions and replicate our...
- I should take that as a no.
Copy !req
1745. You're not willing to pass on
the proceeds of payment for order flow
Copy !req
1746. to your customers?
Copy !req
1747. But did you talk to them about restricting
or doing anything to prevent people
Copy !req
1748. from buying, not selling
but buying, in GameStop?
Copy !req
1749. Let me be perfectly clear.
Copy !req
1750. Absolutely not.
Copy !req
1751. As for me, I like the stock.
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1752. Hurry up, dick, it's cold.
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1753. I can't believe you're my brother.
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1754. You look like a fucking Ninja Turtle.
Copy !req
1755. - Ready?
- Yup.
Copy !req
1756. - Set... What?
- Fuck you!
Copy !req
1757. Kevin!
Copy !req
1758. C'mon, Kitty!
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