Dumb Money (2023)

1. So, I'm here.

2. And I do not see anything happening.

3. Right. Right.

4. At all.

5. Look, I'm very sorry, sir.

6. Guess what I'm trying to understand is

7. What is the reason for this delay exactly? Yeah.

8. Specifically? Mr. Plotkin, I'm so sorry.

9. But it's just that when we-we set out...

10. Yeah, we closed in November.

11. We had all the permit applications in

12. before the end of the year. Right.

13. Once we get the final stamp of approval...

14. And we can't get the trucks here a little early?

15. Just, you know, get 'em started?

16. Miami Beach ordinances won't let me do that.

17. Is anyone actually enforcing those right now?

18. Look, Mr. Plotkin, I know that

19. you're eager to move in. Okay?

20. Once we get the final stamp of approval...

21. No. Uh...

22. ...you're gonna be the first... One second.

23. Sure. Hello.

24. And so who's feeling the pain?

25. You see what's going on at GME?

26. There's more of these idiots?

27. The short sellers,

28. now they're getting creamed by the little guy...

29. A lot more.

30. They won't hold much longer.

31. Go away.

32. Oh, Gabe, honey, they're holding.

33. It just crossed a hundred.

34. Gabe, where are you? Fuck.

35. You should probably dial in. Yeah, be on in one sec.

36. ♪ Whores in this house, there's some whores in this house ♪

37. ♪ There's some whores in this house ♪

38. ♪ I said, certified freak ♪ ♪ Hol' up ♪

39. ♪ Seven days a week ♪

40. ♪ Wet-ass pussy, make that pullout game weak, whoo ♪

41. ♪ Yeah, yeah ♪

42. ♪ Yeah, you fucking with some wet-ass pussy... ♪

43. I will tell you, I've never seen anything like it.

44. I'm concerned about it.

45. I'm calling it the ultimate short squeeze.

46. You can lose money to infinity.

47. It's a very different,

48. more highly leveraged game on the other side.

49. ♪ Put this pussy right in your face... ♪

50. Holy fucking shit.

51. Right now we're gonna talk about GameStop.

52. Those shares

53. are nonstop earning of about... Holy fucking shit.

54. ...130% today,

55. as bullish retail traders... Holy shit!

56. What the fuck?!

57. ♪ I want you to park that big Mack truck... ♪

58. Holy shit.

59. - Yes? Hello? - Great news, Mr. Plotkin.

60. I think we'll be able to get you into your new home

61. a little sooner than I actually thought.

62. I think we're having some sort of miscommunication here

63. because I'm not trying to move into that house.

64. I'm trying to tear that house down so I can build

65. a tennis court for me and my family to play

66. during the pandemic. I see.

67. I thought it would be very simple.

68. Apparently, it isn't because the pandemic is almost over

69. and there's no tennis court. Okay, Mr. Plotkin...

70. Thank you for your time.

71. Yes? What? Hello?

72. Hi. It's Ken Griffin.

73. Hi there, Ken. How are you? Great to hear from you.

74. Do you have a minute?

75. I, uh... um...

76. I got to call you right back, if that's okay. I'm so sorry.

77. Sure. Okay, great.

78. Hi. What's happening right now?

79. It looks like there's one guy driving all the buying.

80. What-what-what guy?

81. ♪ Ah ♪ ♪ Whores in this house... ♪

82. I believe his name is "Roaring Kitty."

83. ♪ Yeah, you fucking with some wet-ass pussy... ♪

84. Oh, wait. Or...

85. "DeepFuckingValue."

86. "Roaring Kitty" or "DeepFuckingValue"?

87. What?

88. He's "Roaring Kitty" on YouTube

89. and "DeepFuckingValue" on Reddit.

90. Both? He couldn't pick one name?

91. I don't know. I love this guy.

92. ♪ That's some wet-ass pussy ♪

93. ♪ Macaroni in a pot ♪

94. ♪ That's some wet-ass pussy, huh ♪

95. ♪ There some whores in this house... ♪

96. Who is this schmuck?

97. I don't know, but I think I just came.

98. ♪ Ah. ♪

99. Approaching Downtown Crossing.

100. Doors will open on the right.

101. Change here for the Red Line, Green Line, SL5

102. and bus connections.

103. Next and last stop, Downtown Crossing.

104. Uh, Ruby. Ruby, right? Yeah.

105. Can I get a couple of Heinies, please? Uh, one.

106. Sorry, uh... What?

107. I'm gonna have a... What's wrong with a Heinie?

108. Drinking it since we were 17.

109. Hey, drink what you like. No judgment.

110. Uh, you have a Hamm's? I'll have one of those.

111. The fuck did you just order?

112. Oh, it's a nice one, out of Milwaukee.

113. Good quality. 50 cents a can before markup.

114. Come on, Kitty. Forget about price.

115. Get him a Heineken. Thank you. It's on me.

116. Thanks, man. Thank you. That's nice.

117. I'll have a Hamm's.

118. So a Heineken and a Hamm's? Thank you.

119. Please. Thank you, Ruby.

120. How you been, man?

121. The whole Sara thing?

122. Oh, yeah. Okay.

123. Uh... up and down.

124. Yeah.

125. How's your asshole brother? Still an asshole.

126. Okay. Yeah.

127. Keep busy at least?

128. Uh, got the day job at MassMutual.

129. Working on my portfolio. That's the last thing

130. you should be worrying about right now.

131. Why? It's a... it's a good distraction.

132. Let me take that over for you.

133. We got thousands of analysts at B of A

134. that do just this. All good, man.

135. Thank you. Come on, Kitty.

136. You should be focused on your family right now,

137. not fucking around with penny stocks.

138. They're not all penny stocks.

139. GameStop isn't a penny stock.

140. GameStop? Dude.

141. You used to love GameStop. Yeah, then I grew up.

142. Well, I think it's undervalued.

143. I just sold off a bunch of other shit to double down.

144. How much are we talking? A grand?

145. Fifty. Bucks?

146. Grand. 53 grand.

147. Yeah.

148. Kitty.

149. Man, you don't even own a house.

150. It's got a ton of short interest,

151. which is artificially... You got a one-year-old.

152. ...pushing the price down. Jesus, bro.

153. You never bet against Wall Street.

154. Wall Street gets it wrong all the time.

155. Look at '08. That was a one-off, Kitty.

156. These guys, they have all the money

157. and the fancy degrees and the political juice in the world,

158. and they get it wrong all the time.

159. Are you out of your fucking mind?

160. They got the advantage,

161. and they still get it wrong.

162. No, give me that.

163. I'm drinking it, even if it's 50 cents.

164. It's four bucks.

165. Well, my man just spent 53K on a penny stock,

166. so all he can afford is water.

167. You're a Wall Street guy? Very much no.

168. I'm a Wall Street guy. What was the stock?

169. GameStop.

170. The video game store at the mall.

171. You really bought $53,000 of it?

172. Yeah, I don't believe it. I think he's fucking with us.

173. You're fucking with us, right?

174. You don't even have 50 grand.

175. Let's see.

176. Oh, shit.

177. How is she falling for this? How are you falling for this?

178. He won't spend five bucks for a beer,

179. but he'll put 50k in a stock that you think is a joke.

180. And that's interesting to you?

181. Yeah.

182. It is.

183. Drink your shitty beer.

184. - Hey. - Hey.

185. Bedtime's already done?

186. Yeah, she was exhausted.

187. She skipped her nap.

188. How was Briggsy?

189. Uh, good. Yeah.

190. You guys talk about Sara?

191. Uh...

192. You want to sit down a minute?

193. I'll feel better if I finish these first.

194. No, you won't.

195. Do you think I'm insane? Yeah.

196. Sorry. About what?

197. GameStop.

198. The most compelling asymmetric opportunity in the market?

199. What? Did Briggsy make you jumpy? A little.

200. What was his argument? He didn't have one.

201. Well... He just said it was a reckless bet.

202. He said, "You're putting your money in the next Blockbuster."

203. Enough. Fuck Briggsy.

204. Babe, you literally know more about this damn company

205. than you know about me.

206. It's true.

207. And because of you, I know more about this company

208. than I know about myself.

209. But what if I'm missing something?

210. We can't afford to miss something.

211. It's all our savings.

212. Go do a video.

213. I can finish these first. I'm happy to...

214. Go see what the nerds have to say.

215. Uh, WallStreetBets people aren't nerds.

216. Caroline, they're gangsters.

217. You make a dumb case and post it,

218. they'll rip you apart. Well, then don't make a dumb case.

219. Okay, let's see what's new.

220. Four dollars a share. Okay, here we go.

221. Oh, shit.

222. All right, let me get that.

223. Let's just check on...

224. Let me see here.

225. Yo, what up, everybody? Roaring Kitty here.

226. Uh, I've done a few of these now,

227. mostly on my investing methodology.

228. Uh, but today I'm gonna try something a little different.

229. I appreciate the feedback you guys have been leaving me,

230. by the way.

231. Uh... Oh.

232. More feedback coming in hot.

233. "Less cats."

234. Okay.

235. Great.

236. Uh, uh, like I was saying...

237. Uh, what was I saying? Uh, I'm gonna try...

238. Oh, and here's one from Ballz.

239. "Nerd"?

240. And "nerd" is in all capitals.

241. Like, okay, that's kind of mean.

242. But, okay, fair.

243. Uh, "Nice shirt, Grandpa"?

244. What? How old do you think I am?

245. You know what?

246. Thanks for the comments.

247. Uh, we're gonna come back to them at the end.

248. Here's what I want to talk about.

249. Uh, I'm gonna pick a stock

250. and talk about why I think it's interesting.

251. And that stock is...

252. ...GameStop.

253. Uh...

254. I know it's a polarizing stock

255. and some of you are probably gonna tune out of the stream

256. right now when you hear I'm bullish on GameStop, but I am.

257. You can see it is now the biggest position by far

258. in the Roaring Kitty portfolio.

259. So, yeah, I think everyone else is crazy,

260. and I think I'm right, but I've been wrong

261. plenty of times in the past, so...

262. Uh, so there are a lot of aspects to this bull thesis,

263. a lot of moving parts, but I boil it down

264. to what I consider the three overs:

265. The digital risks seem to me to be overblown,

266. the negative sentiment is overdone--

267. you can see it with the huge short interest--

268. and the value is overlooked.

269. Wall Street just doesn't see it.

270. Why?

271. Mr. Market, why?

272. The hedge funds are overlooking the value in the company

273. just like they overlook the people who shop there.

274. They assume most people download games online now.

275. But, look, 25% of gamers still buy new discs from GameStop,

276. and 40% buy used games from the store.

277. And the market's kind of forced my hand here.

278. What more can I say? I just like the stock.

279. Hey!

280. Shit!

281. Oh, did I wake you? It's okay, Mr. Donaldson.

282. Mr. Donaldson, I need you in your bed.

283. Kieran, can you please make sure that Mr. Donaldson...

284. I don't need to go to bed. I need a cup of coffee.

285. We can get you a cup of coffee.

286. Kieran, coffee?

287. Oh.

288. Well, isn't that beautiful?

289. Oh, shit.

290. "100% short GameStop stock,

291. GME"?

292. It's an investment video.

293. Hey, Jenny, for real,

294. I wouldn't take investment advice

295. from a guy in a cat shirt.

296. Oh, okay. Who do you take investment advice from?

297. I don't have investments. Mm-hmm.

298. And if I did, I'd listen to, like...

299. a banker.

300. Just the way they like it.

301. "They."

302. Oh, boy. Here we go.

303. Just never mind. No, no, no, please tell me.

304. I'm dying to know what Luke Wilson

305. from "The Royal Tenenbaums" thinks we should do

306. with our $68,000 a year.

307. Who from what? Ugly Björn Borg.

308. Okay, fine. Wall Street

309. is betting that this company is gonna fail.

310. It's called shorting.

311. And if it fails, well, then everybody loses their job,

312. but these hedge fund assholes make a shit ton of money.

313. It's bullshit.

314. It's a bullshit way for rich people to get richer.

315. How did you even find this guy?

316. 70,000 people have watched this video.

317. He posts his balance sheets and everything.

318. WallStreetBets is going crazy over this.

319. Who? It's an Internet forum.

320. Uh-huh.

321. On Reddit. Oh, see. No, no, no.

322. I'm not gonna do this with you.

323. The last time you brought up Reddit,

324. it was just all these oil paintings

325. of Donald Trump on horseback.

326. You liked it. Detestable.

327. Look. Okay, yeah.

328. Let's-let's take a look.

329. Um, "Shit's not a pump and dump

330. if it never dumps, you fuckheads."

331. "Feed me your tears. I use it as anal lube on your wives."

332. Okay, but why did you go to that one?

333. Oh, oh, oh, oh.

334. "Strap on your theta dildo and start pounding."

335. Okay. Yes.

336. That shit exists on here.

337. But I also learned the difference between

338. a delta squeeze and a gamma squeeze.

339. And now everyone's talking about call options.

340. Jenny, baby, you're never gonna find a man on there.

341. And you're never gonna date Puff Daddy.

342. First of all, no one has said "Puff Daddy" since the '90s,

343. and second of all, this isn't Puff Daddy.

344. This is Loop Daddy.

345. Okay, well, whatever Daddy

346. he's called, he's weird-looking.

347. Hey, well, my guy has, what, five million TikTok followers?

348. How many does yours have? I don't know.

349. Quick scroll.

350. 412. Who cares?

351. The Internet at large.

352. But, hey, least I aim high.

353. I aim high.

354. ♪ 21 bands for the age of 21 ♪

355. ♪ I'm-a flip the funds up, then I cop the Chevy truck ♪

356. ♪ Buy her what she want and you know she show me love ♪

357. ♪ Then I roll it up, then I roll it up ♪

358. ♪ Motherfuckers wanna hate me and shame me ♪

359. ♪ Motherfuckers wanna drain me, Cobain me ♪

360. ♪ All these bitches trying to chain me and blame me ♪

361. ♪ Motherfuckers wanna change me and hate me... ♪

362. - What up, everybody? - Roaring Kitty here.

363. Yo, yo, yo!

364. This price action, it's getting kind of ridiculous. Am I right?

365. Let's see what happens.

366. See what happens at the end of the week,

367. but it's all about the trend staying intact.

368. But this, this looks sick.

369. Morning, Marcos.

370. Shit. Yo, what's-- Hey, Brad.

371. Yo, um, I was wondering

372. if I could get an advance on my pay.

373. I can run it up the chain,

374. but with all the cutbacks, that's unlikely.

375. Oh, hey, you could do the employee TikTok contest.

376. You do a lip sync, you win ten labor hours.

377. Yeah, man, totally.

378. That's dope.

379. I was thinking "Savage."

380. Yeah. Yeah, sure. I love it.

381. Or, yo, the Drake one with Lil Durk.

382. That's-that's a great one, too.

383. Because I know you love Lil Durk.

384. Come on.

385. No, I'm-a do Megan Thee Stallion,

386. for sure, for sure, for sure.

387. ♪ I'm a savage ♪

388. ♪ Classy, bougie, ratchet ♪

389. ♪ Sassy, moody, nasty... ♪

390. Okay, mask. Mask.

391. Sorry.

392. ♪ Acting stupid, what's happening? ♪

393. ♪ What's happening? I'm a savage. ♪

394. Wow. A-plus, man. You're a...

395. you're a shoo-in with moves like that.

396. Yo, you think so for real, though?

397. That's sweet, bro.

398. Ten labor hours.

399. Damn, it's like Christmas came early.

400. I'm pulling for you.

401. Thanks, man.

402. ♪ I'm that bitch Ay ♪

403. ♪ I'm the hood Mona Lisa, break a nigga into pieces ♪

404. ♪ Had to "X" them cheesy niggas out my circle like a pizza ♪

405. ♪ I'm way too exclusive, I don't shop on Insta boutiques ♪

406. ♪ All them little-ass clothes ♪

407. ♪ Only fit on fake booties ♪

408. ♪ Bad bitch... ♪ ♪ Talking cash shit ♪

409. ♪ Pussy like water... ♪

410. Mmm. Mmm-mmm. Fries.

411. No, fuck!

412. God!

413. Goddamn it! Fuck!

414. But first, cheers. Cheers, everybody.

415. I mean, look, I know we still got

416. a lot of bear takes out there,

417. but as I dive deeper and deeper into this thing,

418. it's looking increasingly compelling to me.

419. And then you got the huge short interest.

420. Now, I'm not betting on a short squeeze, all right?

421. I've been saying that the whole time.

422. You guys have been talking about it.

423. Thesis grounded in the fundamentals, but I'm not--

424. But to-- I mean, today, I mean, I'm...

425. I'm starting to feel a little squeezy, right?

426. Starting to feel a little squeezy. Honk.

427. I mean, hello. Okay. All right, all right.

428. I need a drink. I need a drink.

429. Now, a lot of you are accusing me of talking a big game.

430. Keith? But...

431. Babe, where are you? Oh.

432. Coming!

433. Dah. I'm on daddy duty tonight. I'll be right back.

434. ♪ Stack it, pack it ♪

435. ♪ Stack it, pack it, trap it ♪

436. ♪ Send it to a rich nigga, tell him work his magic ♪

437. ♪ Stack it, pack it ♪

438. ♪ Stack it, pack it, trap it ♪

439. ♪ Send it to a rich nigga, tell him make somethin' happen ♪

440. ♪ I ain't slowing down for no clown... ♪

441. ♪ I'm the best out ♪

442. ♪ Worked on my confidence, got my chest out ♪

443. ♪ Poppin' and I'm blessed now ♪

444. ♪ They only love you when you down ♪

445. ♪ I'm-a stack it, pack it ♪

446. ♪ Stack it, pack it, trap it, send it to... ♪

447. Okay. There you go.

448. Ooh!

449. Sorry. Quick tendie break.

450. Mmm.

451. Got to love those tendies.

452. Sweet, sweet tendies.

453. Speaking of tendies...

454. ...look at this.

455. Look at this chart.

456. We go from four to six to seven.

457. Now ten.

458. Wall Street must be seeing this, right?

459. Or are we just screaming into the void?

460. Hello, Mr. Market. We got tendies, too.

461. We got tendies, too.

462. Maybe we are.

463. They never saw the like nine billion résumés I sent

464. from 2016 to 2019.

465. Or in 2009, right after I graduated college.

466. I guess they were busy

467. with that whole market crash thing then.

468. Fuck.

469. Kevin, you son of a bitch.

470. You can't run with a baby. You can't run with a baby!

471. Don't take my car, man! I fucked up your seat!

472. There's no gas left!

473. I know.

474. You're in the zone, too.

475. How did that taste?

476. Hey. Hey, yo. Can I put my pants back on?

477. No!

478. "Choose a player and put your hand

479. down their panties for a whole minute."

480. Panties? Who's got panties?

481. "Two shots if they refuse."

482. I mean, I got some panties.

483. Bro.

484. - Hello. - All right.

485. All right. Hey, girl.

486. You said two shots, right?

487. Oh, come on. Come on.

488. Fuck, I'll do it.

489. Can someone start the timer?

490. I got you. I got you. Should I just...?

491. Get in there. Okay.

492. You sure? Yeah.

493. Okay.

494. Hi. Hi.

495. How are you?

496. Can you shut the fuck up?

497. Fuck off!

498. So what'd you do today?

499. Well, I attended a Zoom seminar,

500. during which I watched two hours of TikTok.

501. Oh, I, um, purchased three shares of stock.

502. Okay, what stock?

503. GameStop. Yo, Roaring Kitty!

504. Come on. Yes, James. I love that guy.

505. Can I please put some pants back on?

506. No! Sit down.

507. I'm three days into that shit.

508. Look, that's just-- that's only from today.

509. I don't care.

510. I don't know what the fuck I'm doing.

511. I just know I'm making money. I'm not sold on that.

512. It's doubled since summer.

513. And the more people who buy in, the higher it'll go.

514. That sounds like the literal definition of a pyramid scheme.

515. That's time.

516. Bravo.

517. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

518. ♪ Ooh, you make me wanna ♪

519. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

520. ♪ Ooh, you make me wanna ♪

521. ♪ Ooh, you make me wanna... ♪

522. Sorry, I have terrible allergies.

523. And a killer headache.

524. Could just be the music coming from next door, though.

525. You see your buddy Ken's up to 57 billion in short positions?

526. Yeah, smart. The economy's in free fall.

527. Mmm.

528. I honestly can't tell if that was you or Romeo.

529. Very funny.

530. I'm telling you, this is when they drag out the guillotines.

531. You're obsessed with him. The man is an asshole.

532. He stole five analysts from me.

533. All mediocre, by the way.

534. Oh, and two paintings.

535. What paintings? A Picasso and a de Kooning.

536. He overpaid: $500 million.

537. That is my entire nut from last year.

538. The man is an asshole. Just admit it.

539. You're just bitter he stole those analysts.

540. You seen Citadel's projected revenue?

541. Seven billion dollars.

542. That's, uh, double last year.

543. Hoovering up all the stimulus checks.

544. Thank you. They go straight

545. from the retail traders right into Kenny boy's pockets.

546. The man just gets away with murder.

547. Look at what I just sent you.

548. Is this a video of a man drinking his own urine

549. because a stock went up?

550. Number one post on the site.

551. Where did you get this?

552. My analysts sent it to me.

553. They call themselves apes and R-words?

554. "Retard." C-Can they say that?

555. Remarkably self-aware.

556. They've hooked into GameStop for whatever reason.

557. They think it's funny, it seems.

558. I think it's funny.

559. I think they think it's a good investment.

560. Retail traders always lose.

561. We've actually been short GameStop since 2014.

562. The company is, uh, a complete disaster.

563. They've had six CEOs in two years.

564. Guess these guys are ignoring obvious secular market trends

565. or they're the stupidest people on Earth.

566. You're shorting more right now, aren't you?

567. Yeah. 600,000 shares maybe.

568. Dumb money, man.

569. I'm happy to take it.

570. Mmm.

571. Mmm, mmm, mmm. Mmm, mmm, mmm.

572. Listen up, retards.

573. Melvin Capital has declared war on GME

574. by shorting the stock even more.

575. - Ten. Nine. - Ignition sequence fired.

576. Six, five, four,

577. three, two, one.

578. WallStreetBets, I thought, were a bunch of idiots

579. just throwing money at a stock

580. 'cause they thought it was funny.

581. I was wrong.

582. Now I see what WallStreetBets really is.

583. It is a revolution.

584. This is one of those rare moments

585. where Wall Street are the ones being screwed over.

586. And when we decide we're hungry,

587. there's very little the rich can do

588. to stop us from beating them.

589. It's a GameStop to stop the game.

590. Power to the people.

591. I'm jerking off right now. I'm jerking off right now.

592. Ho, ho, ho!

593. What up, everybody?

594. Merry Christmas.

595. Happy New Year's. Happy holidays.

596. Uh, 2020, see ya.

597. 2020's been a very rough year for my family, too,

598. so this GameStop news has been a bit of a bright spot.

599. Uh, look at this. I mean, where it's a...

600. It's a five-bagger from where it was over the summer.

601. You don't often see thesis play out like this,

602. so we gotta-- We can't take it for granted, right?

603. We gotta appreciate it. We gotta--

604. Thank you, Santa. Right?

605. Uh, I wanted to say cheers, all of you.

606. You're why I'm here in the first place.

607. Uh...

608. It's fun to talk about.

609. I mean, I figure, if I worked at a hedge fund,

610. I'd compare notes with my colleagues, but I don't.

611. I'm stuck at home like you guys, so, uh...

612. I believe in this stock.

613. And I believe in this community.

614. Um...

615. I'll be honest.

616. Uh, it's been kind of a shitty year.

617. Uh, for a lot of people.

618. Lot of people lost people the past 12 months.

619. I did, too.

620. Uh, my sister, Sara.

621. Uh...

622. I don't talk about it much.

623. But it felt right to tell you.

624. Uh, we've been through so much together.

625. You've made me feel a part of something, something big.

626. So, uh, Merry Christmas.

627. Cheers.

628. I like your car.

629. It's a classic.

630. '95. Yes.

631. Sadly, it's a gas-guzzler.

632. Yeah. Yup, this one, too.

633. But she's such a beauty I couldn't stand to trade her.

634. '96 Honda Accord?

635. Uh, 2003.

636. Not quite a classic.

637. It's kind of weird to talk to someone

638. and see their whole face, right?

639. It's been so long.

640. I-I work at a hospital.

641. You could probably tell. Essential worker.

642. Thank you for everything you do.

643. Oh, you're very welcome.

644. Hey, uh...

645. Have a good night.

646. Cool.

647. Safe travels.

648. Remember when you were

649. just making fun of me, and now you're literally obsessed?

650. No, I don't recall.

651. How much are you up? 948.

652. Stock dipped a little.

653. It was like 2,000 before Christmas.

654. Maybe you should sell.

655. No. It's not about the money.

656. The stock market is not about the money?

657. No. You just got to read some of the stuff on here.

658. Never understood why my dad was so pissed off

659. about this whole thing, but now I do.

660. I told you about his store, right?

661. Costco?

662. Shopko.

663. It was, like, this, like, big chain in our area.

664. My dad, he worked his way all the way up

665. from bag boy to general manager.

666. Then one of these Wall Street funds came in, bought it

667. and vampire-sucked all the money out of it

668. and then declared bankruptcy.

669. Fuck.

670. Yeah.

671. He lost his pension, everything.

672. It's why he had to work at Pick 'n fucking Save

673. until the day he died,

674. and now that's why I'm up to my ass in debt.

675. And these fuckers are trying to do the same thing to GameStop.

676. Fuck 'em.

677. Fuck 'em all.

678. Wait. Look. Hmm?

679. Look at this.

680. This guy wants to Cash App me $100...

681. Shut the fuck up. ...to send him a selfie

682. or 500 if I live chat him from a bubble bath.

683. Yes! Yes, we should do it.

684. What?

685. Yes, we do it and then put the money into GameStop.

686. Who am I talking to right now?

687. Come on, bitch, let's go get a tub.

688. ♪ We got this motherfucker lit on some money shit ♪

689. ♪ Yeah, yeah ♪ ♪ And we running shit ♪

690. ♪ And we running shit ♪ ♪ Yeah, yeah ♪

691. ♪ We got this motherfucker lit on some money shit ♪

692. ♪ And we running shit and we running shit ♪

693. ♪ Uh ♪ ♪ Please don't pretend... ♪

694. Your entire business is kids spending

695. their lunch money on random stocks.

696. They come to you because it's free.

697. But if you don't charge commission on their trades,

698. how do you make money?

699. The idea for Robinhood

700. really came out of the Occupy Wall Street movement.

701. All those people with no way of getting in.

702. Is that what Occupy was about?

703. I mean, were they trying to get in or...?

704. So, we said it's not enough to occupy.

705. We need to democratize Wall Street.

706. Nat, I'm not sure if you know this,

707. but Baiju and I are both immigrants.

708. I-I was born in Bulgaria,

709. and Baiju's parents emigrated from India to the Deep South.

710. Can you imagine growing up in rural Virginia

711. with a name like, uh, Baiju Prafulkumar Bhatt?

712. We created commission-free trading

713. so that anyone can get in the game.

714. You don't even need a bank account.

715. People have really responded.

716. We've added five million users,

717. uh, in the last six months, for a total of, uh...

718. Close to 20 at this point, million.

719. So, you're one of these tech companies

720. that's exploded growth-wise but doesn't make any money.

721. We make money. But how?

722. If you don't charge commission, then...

723. From interest on people's accounts.

724. But your users are mostly young.

725. So how much money can they really

726. be keeping in their account?

727. There's also payment for order flow.

728. - What's that? - We prefer the term

729. "stock order routing."

730. When you buy or sell stock on our app,

731. we send your order to market makers who process the order.

732. They pay us a tiny rebate on every trade.

733. Tiny. But it adds up.

734. We should really get back to how we started our company.

735. What market maker do you work with?

736. A few. Citadel Securities mostly.

737. Ken Griffin's firm? Isn't that a hedge fund?

738. Well, Ken Griffin's hedge fund is called Citadel,

739. but Citadel Securities is a completely different company.

740. Also owned by Ken Griffin?

741. All right.

742. We weren't gonna do this,

743. but we'll give you a scoop.

744. Off the record for now.

745. Okay.

746. We're looking to IPO soon.

747. Damn.

748. Okay.

749. That's big. ♪ Yeah, yeah ♪

750. ♪ Girl, I can buy your ass the world with my pay stub ♪

751. ♪ Ooh, that pussy good ♪

752. ♪ Won't you sit it on my taste bloods? ♪

753. ♪ I get way too petty once you let me do the extras ♪

754. ♪ Pull up on your block then break it down ♪

755. ♪ We playing Tetris ♪

756. ♪ AM to the PM, PM to the AM, funk ♪

757. ♪ Piss out your per diem, you just gotta hate 'em, funk ♪

758. ♪ If I quit your... ♪

759. ♪ Hol' up, bitch, hol' up, lil ♪ ♪ Sit down ♪

760. ♪ Hol' up, lil bitch ♪ ♪ Be humble... ♪

761. Okay, don't say the bad words. ♪ Be humble ♪

762. ♪ Sit down ♪ ♪ Hol' up, lil bitch ♪

763. ♪ Be humble ♪ ♪ Lil bitch, hol' up, bitch ♪

764. ♪ Sit down ♪

765. ♪ Be humble ♪ ♪ Hol' up, hol' up ♪

766. ♪ Sit down ♪

767. ♪ Hol' up, lil bitch, hol' up, bitch ♪ ♪ Be humble ♪

768. ♪ Sit down ♪ ♪ Hol' up, sit down, lil, sit down ♪

769. ♪ Lil bitch, hol' up, hol' up ♪ ♪ Be humble, bitch ♪

770. ♪ Sit down ♪ ♪ Hol' up, hol' up, lil bitch ♪

771. ♪ Be humble ♪

772. ♪ Sit down... ♪ Kev, please.

773. Your father needs to concentrate.

774. Drove long-haul for 40 years.

775. I don't need to concentrate.

776. Fine. I need to concentrate.

777. What do you need to concentrate about?

778. Oh! What?

779. Thought they were veering over into our lane.

780. - Nobody was veering, Elaine. - It's okay.

781. You talk to any of the girls at the clinic?

782. A few of them have called.

783. I miss it.

784. Boys, never retire.

785. Keith, never retire.

786. Kevin, if you ever get a job, never retire.

787. I have a job.

788. Yet you still live with Ma and Dad.

789. Oh, you're some big professional now

790. 'cause you're fucking king dork on YouTube?

791. Just one of many dorks.

792. This asshole thinks he's Jimmy Buffett now.

793. - Come on. - Warren Buffett.

794. Warren Buffett. See?

795. You're not either of the Buffetts... Kitty.

796. You're Ballz?

797. - Hey! - Ah, good Christ.

798. - Fellas. Ugh. - Ma!

799. Drop! Stop it!

800. DoorDash is not a job.

801. MassMutual is a job.

802. A job's got business cards. DoorDash is a job.

803. Okay? I'm a first responder.

804. And second of all, Ma, nobody uses business cards anymore.

805. We're proud of you, honey.

806. Get a room.

807. Take your time.

808. I'll be in the car.

809. Yeah.

810. Love you.

811. It has been dragging on.

812. Honestly, I don't know when we're gonna

813. be able to start demo,

814. 'cause local ordinances are a nightmare.

815. My heart bleeds for you,

816. having to borrow a tennis court.

817. "Borrower is slave to the lender."

818. Is that Buffett?

819. It's the Bible. Uh, Proverbs.

820. My grandpa Melvin used to say it.

821. When he was starting his convenience store,

822. he refused to borrow one dollar.

823. It was a point of pride.

824. Ah, yes, your humble beginnings.

825. Grandpa Melvin Capital,

826. now with 16 billion under management.

827. Better than "Citadel."

828. You sound like you're preparing for war.

829. I'm a man of the people. You rented out a resort,

830. relocated your entire firm here

831. so you could stay open during lockdown.

832. Says the man who flew his whole firm down private

833. just for a party.

834. And anyway, what kind of company shuts down

835. just 'cause the government tells them to?

836. All the ones in your short portfolio.

837. And yours. Ah.

838. All except for one, actually.

839. KEN Which one?

840. - GameStop. - How?

841. They sell computer mouses. Mice?

842. Uh, they claim it makes them an essential business.

843. That is the smartest, dumbest thing I've ever heard.

844. - I know. - It's actually a fun one.

845. The revenue's in the toilet.

846. 632 million net loss last year.

847. They'd be better off just burning the whole company down.

848. The stock, though, it has been volatile.

849. It's been up.

850. Buybacks? Retail traders.

851. Bro, I don't have it, bro.

852. Damn, brother. Sorry, man.

853. Have a good one, bro. Yeah, yeah, yeah.

854. Yo, stay up, though. Yeah.

855. A'ight, bro. A'ight.

856. I'm gonna put these back real quick.

857. Hey, Marcos.

858. Yes, Bradley?

859. Uh, I... I love how you engaged with that customer,

860. but we really want to close those pre-owned sales.

861. The margin's more than double. Oh, shit, double.

862. Yeah, you didn't do any of the five prongs, dude

863. pre-orders, reward card subscriptions, used sales,

864. new sales, trade-ins.

865. Yeah, I mean, when I was a 16-year-old gamer,

866. all I wanted was a reward card subscription.

867. Five dollars cash back monthly.

868. 20 points for every dollar spent.

869. Don't get me started. A lot of really smart people

870. in corporate put this plan together.

871. Yeah, but have any of them ever played a video game?

872. Uh, it doesn't matter, Marcos, because they own our asses.

873. Yo, they don't own my ass, so...

874. They do.

875. And they always will.

876. Mask.

877. Hey, Bradley.

878. You ever heard of a short squeeze?

879. Is that a sexual thing?

880. No.

881. Oh, yeah!

882. Here-Here's what's going on.

883. Late last year, hedge funds started shorting stock

884. in the retail store GameStop,

885. meaning they had bet against it and needed it to drop in price

886. for their investments to be successful.

887. Now, unfortunately for the hedge funds,

888. small investors started buying the stock,

889. led by something called WallStreetBets,

890. a popular, juvenile, foul-mouthed Reddit page.

891. And when WallStreetBets noticed that hedge funds had taken

892. a large short position in GameStop stock,

893. they decided to punish the Wall Street big boys

894. and launched a coordinated buying spree.

895. The revolutionaries on Reddit are spanking Wall Street's ass.

896. GameStop shares absolutely going nuts.

897. I think, um, it was up over 70% at one point.

898. Massive short squeeze, closing there with a gain of 51%...

899. Show me the tendies!

900. ...after traders on message boards...

901. What?!

902. Happy Wednesday!

903. Happy hump day!

904. Gee-- I mean, look at this!

905. Look at this shit!

906. A 90% increase in one day?

907. In one fucking day?

908. We're going to the moon!

909. Whoa!

910. Okay, now if you've been watching this price action,

911. this is what I'm talking about. Yeah, but you can really feel

912. that panic from Wall Street, right?

913. When they start-starting to feel a little squeeze.

914. Starting to feel-- You're starting to really feel

915. a little squeeze. Oh, I need a drink.

916. I need a drink. I know we all drinking tonight.

917. We fucking did it.

918. We started from the bottom, and now we're here!

919. Let's raise a glass.

920. To a great company that's undervalued.

921. Cheers.

922. Soon may the Tendieman come.

923. Show me the tendies. Show me the tendies.

924. I got 'em right here.

925. Show me the tendies.

926. I just got to... I just got to dip.

927. I just... I just got to dip.

928. Mmm.

929. ♪ No way, and I would do ♪

930. Mmm, mmm, mmm, mmm, mmm. ♪ Anything for... ♪

931. 11 fucking million dollars?!

932. What the fuck?!

933. Oh, language. The baby's here.

934. What are you gonna do?

935. Get a Ferrari? A Lambo?

936. Caroline, you're gonna ask for a big diamond, right?

937. I have a diamond.

938. Keith, you get a fucking diamond!

939. If I were you, I'd look like DJ Khaled right now.

940. Kev, it's not real.

941. I mean, it's real, but it's just paper.

942. Just on paper?

943. You're gonna sell, right?

944. No! May...

945. I mean, I don't know.

946. Uh, we... we haven't talked about it.

947. What the fuck is wrong with you?

948. I'm riding Mom's bike every day to Dorchester

949. to drop off cheeseburgers

950. 'cause you won't let me use your fucking car,

951. and you're Mr. "Oh, I won't sell

952. and take millions of dollars."

953. And, well, what you do with your life is your choice.

954. You think I wanted to get laid off from Dick's

955. during a global pandemic?

956. I love those sneakers, man.

957. I love that store. I love Dick's.

958. Mom's bike doesn't even have gears.

959. We don't even know if it's reached the top.

960. The stock, uh, jumped like 23% yesterday,

961. double from Friday's close. But he's right.

962. I mean, 11 million dollars is a lot of fucking dough.

963. - Thank you! - Okay, yes,

964. but since Ryan Cohen joined the board, the...

965. This fucking guy.

966. ...and a two billion market cap.

967. I mean, could it go...

968. Yeah, but that's not what I'm seeing.

969. That's not what I'm seeing, Kev.

970. Kev? You there?

971. Did he hang up? Yeah.

972. Fuck, I think hold.

973. Girl, you got to sell.

974. I'm not selling.

975. How much are you up?

976. $58,000 and some change.

977. Baby girl, what the fuck?

978. You need to get out while you can.

979. Don't be an idiot.

980. You remember red headband guy?

981. He's worth 11 million dollars, and he's not selling.

982. No fucking way. Yes fucking way.

983. This is what I'm telling you. Diamond hands.

984. Diamond hands.

985. You hold the line no matter what the market does,

986. no matter what Wall Street says.

987. What happens when everyone else sells first

988. and before you get out

989. you've lost all your money?

990. Are there any volunteers?

991. - I'm... - Anyone?

992. - We're gonna hold the line. - Come on.

993. Someone has to go first. Okay, yeah. I'll do it.

994. Here we go, everyone.

995. The first COVID vaccine at Pittsburgh Presbyterian.

996. Ah!

997. Fuck! Fuck! Fuck!

998. Guys, we need your help. What should we do?

999. So, listen, my girl bought in under 20,

1000. and now it is over 60.

1001. So, like, should she sell?

1002. On the one hand, she has principles.

1003. On the other, she has 100K in student debt, so...

1004. One way that you could think about

1005. the comparison between Marxism and Utilitarian tradition

1006. is that they both have a micro story and a macro story.

1007. When you think of utilitarian tradition...

1008. The only thing that would convince her to sell

1009. is if Roaring Kitty sold.

1010. So, where my pussy at?

1011. You have the micro story for the Pareto principle

1012. for how each individual action will go.

1013. But you also have a macro story...

1014. Where my pussy at?

1015. Where my pussy at? Where my pussy at?!

1016. Sorry. Where my pussy

1017. at...?!

1018. I'm so sorry.

1019. ♪ Hey, hey ♪

1020. ♪ Where my pussy at? Ha! ♪

1021. Where is my pussy at?! Not in here.

1022. Whoa.

1023. Wait. Listen. Hold on.

1024. "Future generations will look back

1025. "and say, 'Good men stood here.

1026. "Good men fought and died on this ground,'

1027. "as they point to a TradingView daily chart

1028. "of GME zoomed in on January.

1029. "Since the spawn of the stonk market,

1030. "two classes of people have been pitted against each other..."

1031. "...eternal enemies, forever forced and fated to combat

1032. lions and hyenas."

1033. "These lions,

1034. "these Wall Street hedge funds have it all

1035. "billions of dollars,

1036. "bailouts for reckless trades.

1037. These dirty fucking criminal bastards."

1038. Yup, these fucking... motherfuckers.

1039. "And then there's us,

1040. "the working man, the average joe.

1041. "What do we have?

1042. "What the fuck do we have?

1043. They literally call us 'dumb money.'"

1044. "These lions, these hedge fund guys,

1045. "were born with silver spoons in their mouths.

1046. "The top one percent of the one percent.

1047. "They have massive bank accounts,

1048. eat medium rare, grade A Wagyu steak..."

1049. What the fuck is that? That sounds delicious.

1050. "...with truffle shavings for lunch." Fuck.

1051. "They frequent the finest strip clubs.

1052. They have blow and escorts on their yacht parties."

1053. Why do we hate these guys?

1054. "Then you know what they will tell these escorts?"

1055. What's an escort? Stop listening.

1056. "When the smoking hot blonde asks them,

1057. 'Like, how do you have so much money?'"

1058. "You know what they say? They say..."

1059. "'Dumb money, babe. Dumb money.'"

1060. Something is burning.

1061. Oh. Damn it.

1062. Shit. You said "shit."

1063. "Last, the GME trade is about

1064. "class warfare, plain and simple.

1065. "We may be hyenas, yes,

1066. "but guess what.

1067. You put enough of us together, and we can destroy a lion."

1068. It's on, motherfuckers.

1069. Oh, we coming for y'all.

1070. Y'all better get ready.

1071. We fucking coming for you.

1072. That is some nerdy shit, man.

1073. My brother is a fucking nerd.

1074. Fuck!

1075. Counting down from five, and then I'm coming back in there,

1076. and I don't think you want that.

1077. Five.

1078. Four. Three! Two!

1079. Thank you.

1080. How was your day? Long.

1081. It's so hard to keep them focused on Zoom school.

1082. They're just not into it.

1083. How was your day?

1084. Good.

1085. You're not worried about the short squeeze thing?

1086. The dam will break next week.

1087. A few of them will decide it's gone high enough,

1088. they'll cash out, the rest will follow,

1089. whole thing will come crashing down.

1090. I can't think of the last short squeeze that actually worked.

1091. Ackman and Herbalife.

1092. Before that, Piggly Wiggly.

1093. Piggly Wiggly?

1094. Yeah, 1923, a bear cartel

1095. was shorting the Piggly Wiggly grocery store.

1096. Founder, he takes out a loan

1097. for what would be $150 million today.

1098. He buys back almost all the stock, like 99% of the stock.

1099. The price of the stock goes up 50%.

1100. How much is GameStop up? Then the exchange,

1101. they-they-they halt trading on the stock

1102. so the short sellers can cover their positions.

1103. Is that legal?

1104. The founder had to declare bankruptcy, so...

1105. it was all fine in the end.

1106. And you knew all that or you looked it up?

1107. Every fund manager knows that story.

1108. You looked it up.

1109. Double-checked some numbers maybe.

1110. Do you see what's going on at GME?

1111. There's more of these idiots?

1112. A lot more. They won't hold much longer.

1113. Oh, Gabe, honey, they're holding.

1114. It just crossed a hundred.

1115. Gabe?

1116. Where are you?

1117. You should probably dial in.

1118. Yeah, be on in one sec.

1119. GameStop, extraordinary volatility today.

1120. You know, we might want to make this the stock of the day

1121. now that it's gaining 103%.

1122. - That is volatility. - I will tell you,

1123. I've never seen anything like it.

1124. Uh, I'm concerned about it deeply.

1125. I'm calling it the ultimate short squeeze.

1126. How much money is being made? Holy fucking shit.

1127. ...now we're gonna talk about GameStop. Those shares...

1128. Holy fucking shit. ...that stock is earning about

1129. 130% today, as bullish retail traders

1130. frenetically buy shares. Holy fucking shit.

1131. Yo, holy shit!

1132. Shit balls!

1133. - Holy shit! - You look at the chart

1134. - for the month, it's up 220%. - Oh, fuck!

1135. Everything okay? Oh, there, yeah. It's crazy.

1136. Holy fucking shit. Holy fucking shit.

1137. ...if you go short in some of these elaborate options trades,

1138. you can lose money to infinity.

1139. GameStop now, uh, 123 and change,

1140. another record high.

1141. Holy fucking shit.

1142. ...completely disconnected from

1143. the fundamentals, and this is

1144. very much being driven by retail investors,

1145. many of them trading on Robinhood.

1146. When the music stops,

1147. somebody is gonna be left without a seat.

1148. This is for casino money only.

1149. We're literally putting the "game" in GameStop.

1150. ...GameStop is the craziest I think I've ever seen.

1151. True investors never heard of Reddit a few years ago,

1152. but for that to drive a short squeeze...

1153. It is WallStreetBets.

1154. It's worth going to the site

1155. because it's incredibly compelling.

1156. You may think it's fraught, but they're using arguments

1157. that they think, uh, hold up under scrutiny.

1158. - I just like the stock. - I can't look.

1159. I can't look. I can't look. It's up another four percent.

1160. I'm gonna have a fucking heart attack.

1161. Should we sell? And betray your boyfriend?

1162. Absolutely not. No. Maybe.

1163. Uh, the stock's up 581%.

1164. They are being very specific.

1165. To break the shorts. Yes.

1166. I mean, what's going on at GameStop right now

1167. conceivably could take a couple of firms out,

1168. hedge funds, if they were s-stupid enough to be short.

1169. Babe, how much did we make today?

1170. Five million.

1171. And yesterday?

1172. Four million.

1173. Babe.

1174. Yeah?

1175. We're, like, really fucking rich.

1176. How much did we lose today?

1177. A billion.

1178. And yesterday?

1179. A billion.

1180. Some news

1181. to bring you right now is that Melvin Capital Management--

1182. this is the hedge fund that had shorted, uh, this company,

1183. that had effectively been attacked by

1184. an army of investors trying to push up

1185. and press up the stock of GameStop--

1186. they've taken, uh, a rather huge loss...

1187. Sorry, if you could just put your head up for a sec.

1188. Thanks.

1189. How long you been down here?

1190. A few months.

1191. You like the weather?

1192. Heat is nice. The humidity not-not as much.

1193. I can see that.

1194. All right, I think you're good to go.

1195. Hey. Hey, man.

1196. Hi. It's, uh, it's good to connect.

1197. You, too. Great to be here.

1198. Excited. I'm glad you are.

1199. Listen, I, uh, I want to get right to it.

1200. From what I'm hearing, you guys are-are bankrupt.

1201. No. What? No.

1202. 'Cause the word on the street is that you're-you're drowning.

1203. No, that's... that's crazy.

1204. We're-we're doing great.

1205. You're on the record with that?

1206. Obviously. All right, man.

1207. Well, then we're gonna get the live feed up right now,

1208. and then we're gonna get to you

1209. right after this next, uh, advertising break.

1210. Perfect. Great. Yes, can't wait.

1211. All right, one more spot, and then you're gonna be up.

1212. I-I really do think this is

1213. the right time for you to communicate.

1214. Great, yes. Agreed. Great. Mm-hmm.

1215. Address it all head-on. It's gonna, it's gonna be good.

1216. No. Come on, Gabe.

1217. We're on in ten seconds.

1218. I can't do this. I'm sorry.

1219. Gabe, seriously. Bye.

1220. I'm terribly sorry. Seriously, come on.

1221. - W-We're going on right now. - Good to see you.

1222. Babe.

1223. What's the damage?

1224. Let me guess: you need cash.

1225. Didn't call Ken first, did you?

1226. He had Phillips reach out.

1227. How much did he offer?

1228. I haven't called him back yet.

1229. Well, how much do you need?

1230. You know what? Don't answer that.

1231. The number doesn't matter.

1232. Whatever it is, I'd love to buy in.

1233. Tell Ken to fill in the rest.

1234. Prick.

1235. Hey, Ken.

1236. Hey. Hi.

1237. Um, so I might need...

1238. uh...

1239. a new investor. Consider it done.

1240. Just keep moving forward.

1241. Don't think about what Grandpa Melvin used to say.

1242. Prick.

1243. Thank you.

1244. Both Citadel, uh, and Point72...

1245. Poor guy. ...have infused

1246. three billion dollars into, uh, Melvin Capital

1247. to try to shore up...

1248. Another goddamn bailout.

1249. Can you believe this crap?

1250. Nobody bailed me out when Richard left me alone

1251. with two toddlers, a mortgage, a shit car that never works.

1252. You can say "shit" but we can't?

1253. It's just so damn unfair,

1254. and you know it.

1255. All we've done for the last year is

1256. work our asses off helping people,

1257. and all we've gotten is one $600 check.

1258. This idiot effs up just about as bad as anyone can eff,

1259. and his friends come running in with three billion dollars.

1260. That's why I keep telling you You're never gonna win.

1261. Just take the money and do something nice.

1262. Pay off your mortgage. Get that one braces.

1263. Look who's still holding.

1264. If he's in, I'm in.

1265. Yeah, he's still gonna need braces.

1266. Your teeth are perfect. So what? The stock's up $150?

1267. How much higher is it gonna go? We control the price now,

1268. not Wall Street, and no one on there is selling.

1269. Shoes. Ugh.

1270. You're all so delusional.

1271. Maybe, but look at

1272. what we've managed to do with these hedge funds.

1273. If we keep driving up the price,

1274. maybe we'll scare more of these guys

1275. into closing out their shorts,

1276. and then all of that bailout money...

1277. Wait. ...becomes ours.

1278. Your screen name is "StonkMom"?

1279. Hey. Help your mother.

1280. Why me and not Keith?

1281. Just shut up and do it, okay?

1282. Kev, take the potatoes. 'Cause you're rich now?

1283. Mr. "$23 million on paper but I won't sell."

1284. Kevin, shh. Loser says what?

1285. What? Kevin, let Keith tell them.

1286. Tell us what?

1287. Oh, uh, I was waiting to tell you in person,

1288. but the, uh, stock we bet on, GameStop, is up.

1289. Ah, good.

1290. How much up? He's up 23 million, Pop.

1291. You're an asshole.

1292. Don't kid us. Uh, it's-it's real.

1293. Yeah, it's real, and he's refusing to sell.

1294. What is going on?

1295. You're pulling our leg.

1296. No. Your son's a huge Internet celebrity now.

1297. Millions of people, including StonkMom,

1298. thinks he's some, like-- I don't know-- investment genius.

1299. No, he is a genius. No, he's not.

1300. You're up 23 million?

1301. And you're not selling?

1302. Jesus, Mary and Joseph.

1303. What the fuck is wrong with you?

1304. Do you even know how much $23 million is?

1305. And you're just gonna let it ride?

1306. What's the matter with you?

1307. I know what I'm doing, Dad.

1308. But why aren't you selling?

1309. What-- wait. Is this illegal?

1310. Are you in trouble? No. No, he's not in trouble.

1311. - It's totally legal. - Yeah, he's posting

1312. his balance sheet on the Internet. What?

1313. Hedge fund managers, they go on CNBC

1314. all the time to pump up a stock.

1315. All I do is post my balance sheet on WallStreetBets

1316. after market close.

1317. You post your balance sheet?

1318. Yeah, the same idiot who left a fresh pair of Nikes

1319. out on the bleachers for just anyone to take.

1320. So you admit they were stolen. We got to talk about this.

1321. I admit you're a fucking moron. Least I won the race.

1322. What's the point of winning the race

1323. if you let some dipshit steal the prize?

1324. You would've broke a four if you had the Zooms on.

1325. A four-minute mile isn't everything, Kevin.

1326. Maybe we should get in touch with Briggsy.

1327. You know, he works in finance.

1328. - Yes. - You think Briggsy

1329. knows more about this than Keith does?

1330. Well, can you talk about why you're putting your stocks

1331. in "The Wall Street Journal"? WallStreetBets.

1332. What if somebody tries to rob you, kidnap the baby?

1333. No one's gonna kidnap the baby.

1334. - Nobody wants that baby, Mom. - I'm just saying

1335. that if we're gonna talk to somebody,

1336. - you need to talk to Briggsy. - Yes, honey.

1337. - This is the point I'm... - Enough!

1338. You guys, Keith has literally poured his heart

1339. and his soul into this for the past year.

1340. He knows what he's doing.

1341. I know it's been a tough time, Elaine.

1342. You should still sell.

1343. Think you should sell.

1344. Now, eukaryotic cells...

1345. And just fuck the principle of the whole thing?

1346. I don't like it any more than you do.

1347. ...are cells that have a lot of organelles.

1348. Or tiny little factories.

1349. For instance, the nucleus, the mitochondria.

1350. Now, eukaryotic cells are typically...

1351. You really don't think that he's fucking selling? No.

1352. Ladies.

1353. Masks.

1354. Kids are with their father for a few days,

1355. so I'm going to Florida.

1356. You finally fucking sold. Halle-fucking-lujah.

1357. No, I'm putting it on my Visa. You shitting me?

1358. You're worth hundreds of thousands of dollars in stock,

1359. and you're amassing credit card debt.

1360. You really are out of your mind.

1361. No, babe, I'm all in.

1362. Diamond hand.

1363. Did you know that Gabe Plotkin gave an interview?

1364. He's been getting death threats and anti-Semitic messages

1365. from these WSB guys. It was ten comments.

1366. There's always bad apples.

1367. And the moderators deleted it right away.

1368. You're just gonna ride this thing till zero?

1369. No. I'm buying call options.

1370. That could go to 600 by tomorrow.

1371. Your kid is never getting braces.

1372. There's eight million people in there,

1373. and they're all holding.

1374. It's only gonna go up.

1375. Pops.

1376. Look.

1377. This is real.

1378. - Hold it. Look. - Hey.

1379. Aw, man.

1380. Eight million people is real.

1381. It's a joke.

1382. It's not funny.

1383. Ma.

1384. Look.

1385. I got $175,000 in stock right now.

1386. Like, serious money, like, I could get y'all a house

1387. and get y'all up out of here kind of money.

1388. Uh-huh.

1389. I bought call options, for cheap.

1390. And they hit.

1391. So now you're gonna sell?

1392. Nah. No, I'm-a buy more.

1393. When they hit, I'm-a buy you a mansion.

1394. It's gonna be crazy.

1395. Papi.

1396. Some breaking news right now

1397. on what has turned into, uh, the soap opera

1398. and, uh, saga of the markets right now,

1399. and that is the story of GameStop.

1400. A month ago today, it was trading at

1401. about 20 bucks per share.

1402. Two days ago, it was under $80.

1403. Today, nearly $350 a share.

1404. The GameStop stock frenzy

1405. even now has the attention of the White House.

1406. ...of course, our economic team, including

1407. Secretary Yellen and others,

1408. are monitoring, uh, the situation.

1409. You're witnessing the French Revolution of finance.

1410. There is a rebellion aspect to it.

1411. There is an antiestablishment aspect to it.

1412. I-I don't know if Wall Street's ever seen it

1413. like this before, Cher. No.

1414. We never have. It's generational.

1415. It's like, uh, generational injustices or like...

1416. This is like little poor guys versus rich guys,

1417. and poor guys are winning right now.

1418. - Fucking hold. - If you're new here

1419. and you're trying to make a profit, fuck off.

1420. Stop what you're doing and listen up.

1421. I own GameStop on Robinhood, and I am not selling.

1422. Hold. All you need to do is hold.

1423. Keep fucking holding.

1424. Soon the Tendieman comes to send our rocket to the sun.

1425. See, this right here is the human being

1426. who's largely responsible for all this GameStop stuff.

1427. Just a pure specimen.

1428. A godlike, undefeatable creature.

1429. This is what excellence looks like.

1430. - I just like the stock. - Yesterday he posted this,

1431. that he's in profit-- wait for it--

1432. 47 million.

1433. What the fuck is happening?

1434. Motherfucker!

1435. Hey, did you try a different browser?

1436. I opened the browser. Shit, we're fucked.

1437. Bro, what the fuck? What the fuck, dude?

1438. I told you this shit is rigged.

1439. What the fuck is going on?

1440. I can't get it to load.

1441. Fuck!

1442. What?

1443. They shut down WallStreetBets.

1444. What?

1445. "Hateful and discriminatory content."

1446. That stuff has always been on there.

1447. That's weird.

1448. No?

1449. It's like they're trying to stop people

1450. from talking to each other.

1451. Babe, are you gonna get that? Yes.

1452. Hello?

1453. Uh, yes, I am.

1454. Uh, I am Roaring Kitty and DeepEffingValue.

1455. Uh, no, but-but, uh, nobody ever asked me.

1456. Oh. Okay.

1457. Uh, sir, I just want to say how grateful I am for this job

1458. and how much it means to me and my family.

1459. I would never let a hobby jeopardize...

1460. Okay. I understand.

1461. Yeah? It's MassMutual.

1462. They're getting calls from reporters

1463. concerned about my outside activities.

1464. Was all this against the rules?

1465. Uh, it wasn't.

1466. Maybe now it is.

1467. Okay.

1468. Well, what was that call?

1469. Keith? It's okay.

1470. What, are you gonna lose your job?

1471. It's fine.

1472. They gave me a choice. Between what?

1473. Between your job and Roaring Kitty?

1474. Uh, resign or I'm fired.

1475. That's what he just said?

1476. I got it.

1477. Fuck it, WallStreetBets is down.

1478. I can't see Roaring Kitty's balance sheet.

1479. Oh, fuck. I don't know what to do.

1480. This could be the sell-off.

1481. I really don't want to do that.

1482. Well, me neither, but you can't let it go to zero.

1483. It's 150 grand. You need that money.

1484. And nobody's gonna hold if they can't see what he's doing.

1485. Close your eyes and count to three.

1486. One.

1487. Two.

1488. Three. Three.

1489. ♪ Stop fucking with my heart... ♪

1490. Your phone's ringing.

1491. This is the sound of the world.

1492. Your phone's ringing.

1493. Oh, Robinhood.

1494. Yeah. It's an app.

1495. It's on the phone.

1496. Yeah, no, your-your phone is ringing.

1497. Oh.

1498. Yes. Yes.

1499. ♪ I'm a boss in a fucking dress... ♪

1500. Slow down, Norm. Wh-What did you say?

1501. The NSCC just sent us a file.

1502. They want a deposit of three billion

1503. to clear all the trades coming in.

1504. Sorry.

1505. Wait, who?

1506. They're a subsidiary of the DTCC,

1507. and they're requesting three billion.

1508. Uh, okay.

1509. Sorry, it's a little loud in here.

1510. I thought you just said three billion.

1511. I did.

1512. But we don't have three billion, Norm.

1513. That's correct.

1514. We've only ever raised two billion

1515. in the history of the company.

1516. Holy fuck. What if we don't pay?

1517. They shut us down.

1518. The IPO? Like, everything? Poof?

1519. Gretchen, Dan and I are going to jump on a call

1520. with Citadel at 9:00.

1521. Maybe this would be a good time for me

1522. to chat with Ken Griffin.

1523. Sure. We'll mention that.

1524. I can't sleep. Me neither.

1525. I just feel sick.

1526. We'll buy it back first thing.

1527. Please shut up.

1528. What the fuck?

1529. Oh, what the fuck?

1530. - What the fuck? - Okay, let me try.

1531. Is it frozen?

1532. Th-They cut off the buy option.

1533. What? That's fucking criminal.

1534. I can't hear you, Baiju.

1535. What the fuck did you do? Calm down.

1536. Me calm down? You shut down trading on GameStop?

1537. Not all trading.

1538. Norm worked it out.

1539. The DTCC agreed to lower the deposit

1540. to $700 million if we shut off buying, and that's what I did.

1541. The Depository Trade Commission?

1542. They're like one degree away from Ken Griffin.

1543. One more time, Baiju.

1544. We look like Ken Griffin's butt boys.

1545. What?

1546. It's not gonna be okay. You need to fix this.

1547. Shh, shh. I know. I know. It's okay.

1548. I did fix it, Baiju.

1549. We've been watching shares of GameStop all day long.

1550. After hitting a staggering high of $483,

1551. the shares are now down to about 140.

1552. Now, the best we can tell is the Robinhood app,

1553. that seems to have triggered what really has become

1554. a panic sell-off in this name.

1555. And so if you're a retail investor or a Reddit user

1556. and you've held,

1557. well, you are feeling some serious pain right now.

1558. Oh, God.

1559. - Fuck. - Now the criticism

1560. centered on Robinhood for abandoning their followers here

1561. in favor of helping those who had shorted

1562. all these stocks in the first place.

1563. I don't particularly

1564. like the move on Robinhood today.

1565. I'm talking to people this morning that say... Hey!

1566. "Okay, that is anti-capitalism.

1567. You can't do that." Fuck you, Robinhood!

1568. There's been some controversy

1569. about Citadel and some vague accusations

1570. that somehow Citadel may have been involved

1571. in Robinhood's decision, Wolf,

1572. to stop or restrict trading in GameStop and other shorts.

1573. Who is it from?

1574. "The Tendieman."

1575. Come back inside.

1576. Diamond fucking hands!

1577. We all know how I feel about him.

1578. I think he's a rat and a liar.

1579. Okay, Vlad, you know everybody here who's watching us

1580. hates your guts, right?

1581. Thank you, Dave.

1582. That's, uh, that's what I hear.

1583. Uh, but I'm, uh, I'm a really big fan of your show,

1584. and hopefully I can answer some of your questions.

1585. Vlad, uh, can you hear us?

1586. Vlad the Stock Impaler.

1587. Yes, I'm here. Hi.

1588. Spill the beans, man. What happened last week?

1589. Why couldn't people buy the GameStop shares?

1590. The people demand an answer.

1591. To give you some background,

1592. I'm chief executive of Robinhood.

1593. Yeah, we know that.

1594. And I just want to say, we had no liquidity problem.

1595. Well, did something maybe shady go down here?

1596. Seems weird that you'd get a sudden

1597. ten billion dollar demand,

1598. you know... Three. Three billion.

1599. Okay, thr-three billion

1600. just suddenly out of nowhere, um, and...

1601. Well, I wouldn't impute any shadiness to-to any of this.

1602. Um, I don't have the full context, uh,

1603. as to what was going on with the NSCC

1604. to-to, uh, make these calculations.

1605. To what degree are you beholden to Citadel?

1606. I mean, like, basically, if Citadel is unhappy,

1607. then what happens?

1608. Is anyone, is anyone holding you hostage right now?

1609. Uh, n-no.

1610. There's just no rational explanation

1611. on why they would do what they did

1612. without outside pressure, interference.

1613. And they basically cratered the stock on purpose.

1614. So, I-I just don't believe anything that guy says.

1615. I wanted to take a cold shower after seeing him say that.

1616. Robinhood is facing lawsuits. We know that.

1617. After halting trades,

1618. they are accused of rigging the market.

1619. When the big guys, including one of your main investors

1620. in your company, started to lose,

1621. you shut down the game to starve the little guy.

1622. They're stealing from the poor and giving back to the rich!

1623. They're robbing from the hood!

1624. Why?! I want to be 100% clear.

1625. All of you guys deserve to go burn in hell and go to jail.

1626. This decision to restrict trade was not made...

1627. I'm just trying to get my mom out of the hood.

1628. ...on the direction of Citadel or any market maker.

1629. What the fuck? Fuck you!

1630. And your mama dukes,

1631. you motherfucking... Fuck this guy.

1632. Ugh. This guy is just an obfuscating piece of shit.

1633. Fucker.

1634. There's only one man I want to hear from right now.

1635. And WallStreetBets is down, so it's crickets.

1636. It's crickets out here.

1637. Say it with me.

1638. Where my pussy at?!

1639. - Mr. Gill! - Mr. Gill!

1640. Roaring Kitty, I fucking love you!

1641. Keith Gill!

1642. Keith Gill, please! Okay.

1643. Please. Oh, sorry, this is, like, my house.

1644. Uh, you want my autograph?

1645. Yeah.

1646. You've been served.

1647. Hey! To the moon, baby!

1648. - To the moon! - How long are you gonna

1649. hold on, Mr. Gill?! Holy shit.

1650. Uh, sorry to interrupt.

1651. We need to talk about the GameStop situation.

1652. I thought Mecane was handling it.

1653. So did we.

1654. But the committee specifically requested you, sir.

1655. If they want specifics, they can have Mecane.

1656. It's not a choice, unfortunately.

1657. Shit balls.

1658. Keith?

1659. A congressional subpoena. I never did anything illegal,

1660. and I always had disclaimers.

1661. Why would you have disclaimers

1662. if you weren't worried?

1663. They're standard practice, Caroline.

1664. Everyone has them.

1665. Babe.

1666. The answer is not in your computer. Whoa.

1667. There's a dozen reporters on our lawn.

1668. You have to testify before Congress.

1669. The game has changed. I know. I hear you.

1670. I don't think you do.

1671. I'll make it work.

1672. And we're gonna go to my mother's.

1673. No, she has terrible Wi-Fi.

1674. I'm not talking about you.

1675. I'm talking about me and her.

1676. You need to figure this out.

1677. Where are you going? To the track.

1678. You were just on the track. I'm going again.

1679. Hi. Can I interest you

1680. in some champagne or a mimosa? Is it free?

1681. It is when you sit up here.

1682. Well, there's a last time for everything.

1683. Oh. You'll come back.

1684. I had half a million in stocks last week,

1685. but Wall Street cheated.

1686. Surprise, surprise.

1687. I could've cashed out.

1688. I could've paid my mortgage.

1689. Could've got my kid braces, got a new car.

1690. Honey, I'm gonna get you something stronger.

1691. Thank you. You're welcome.

1692. Meow. Kitty.

1693. You know you can't just eat other people's food?

1694. - They do reviews, right? - Very funny.

1695. Here.

1696. What's this?

1697. Look, they were on sale, all right,

1698. before you get all emotional and shit.

1699. Holy shit, you fucking softy.

1700. Who put you up to this? Caro? Ma?

1701. No, Dad. Called me in tears, said my big brother needed

1702. some moral support. Ha ha. Fuck off.

1703. I can't. Come on, man.

1704. Will you at least try 'em on, please?

1705. Try 'em. Come on, you're the richest man in Brockton.

1706. You dress like an asshole. I lost 15 million yesterday

1707. and another 15 the day before that.

1708. You're still the richest man in Brockton, like, by far.

1709. Bro, you got rich dudes pissing in their pants right now.

1710. I mean, come on, man.

1711. How many people from Brockton High can say that?

1712. This has gone crazy.

1713. I got reporters hounding me outside my house.

1714. Yeah, man, me, too. They're coming after you.

1715. You didn't talk to them, did you?

1716. What do I look like? I said no.

1717. I said, "Give me 50 grand, maybe."

1718. Tell me you're kidding. Well, if you give me 20,

1719. then maybe we wouldn't have to deal with this shit.

1720. The fuck is wrong with you?!

1721. Kevin! I've just been subpoenaed by Congress, man.

1722. I do not have time for your bullshit.

1723. Oh, come off it, man! Seriously, asshole!

1724. Chill! Fuck!

1725. It was a joke!

1726. I know.

1727. Sorry.

1728. We never used to fight this much.

1729. Sara. I miss her.

1730. Me, too.

1731. She kept your ego in check.

1732. Whole fucking world kept my ego in check.

1733. What the fuck are you gonna tell Congress, Keith? Huh?

1734. Beg them not to send me to prison?

1735. Hey.

1736. Hey, do you, do you remember back at Stonehill

1737. when they dared me to run that mile naked?

1738. Yeah, there was a crazy storm that night, you dumb shit.

1739. Fuck you, man.

1740. That was dope, man. I'm a legend over there.

1741. Everybody remembers that. Okay.

1742. They do, man. You don't think people remember

1743. your four-minute, three-second mile? Oh.

1744. What is this, a pep talk?

1745. Motherfucker, stop hiding.

1746. Seriously. Okay?

1747. Stop being all meek and shit and running away.

1748. What, you want me to run through lightning

1749. with my dick out? Yeah.

1750. Please. Exactly that.

1751. Run through lightning with your dick out.

1752. Fuck it.

1753. You didn't go to your mom's?

1754. You took the car.

1755. How was the run? Did it clear your head?

1756. Uh, Kev found me, brought me these.

1757. Mm. You guys talked?

1758. Yeah. He, uh, told me to run naked.

1759. You ran naked? No.

1760. Uh, it's a metaphor.

1761. He's saying I got to take this thing head-on.

1762. Well...

1763. Kind of like to see you run naked.

1764. By the way, uh, WallStreetBets is back up.

1765. The motherfucker held. Holy shit.

1766. He lost $30 million, and he still fucking held.

1767. Robinhood's back up. What?

1768. We got to get back in.

1769. Where's the stock at right now? 109.

1770. Are you sure?

1771. That's, like, all of the money that we made

1772. back into the stock.

1773. Yeah. We can't let them get away with this.

1774. Fuck 'em.

1775. If he's in, I'm in.

1776. If he's in, I'm in.

1777. Okay.

1778. Fuck!

1779. The frenzy continues with retail investors

1780. bidding back up GameStop.

1781. - GameStop mania, it is back. - Up more than 80%,

1782. as those message board traders simply send it higher.

1783. Stock volatility continuing,

1784. it looks like, this morning.

1785. Once again, GameStop involved in an ongoing battle

1786. between retail investors and short sellers.

1787. We're gonna have a lot more on this story.

1788. CEOs of Robinhood, Reddit, Citadel

1789. and Melvin Capital, along with Keith Gill,

1790. better known as Roaring Kitty on social media,

1791. will be in the hot seat.

1792. I'm here testifying today far removed from my background.

1793. I grew up in a middle-class family in Portland, Maine.

1794. My dad was a grocery store executive.

1795. Maybe leave that part out.

1796. The part about my dad?

1797. The executive part.

1798. Okay. Okay.

1799. I went to a public high school.

1800. I studied hard and got into Northwestern.

1801. Upon... Just say "a good college."

1802. I can't say I went to Northwestern?

1803. Too elite. Northwestern's too...

1804. All right.

1805. Upon graduation, I did not have a job.

1806. Today, I'm married with four children.

1807. Gabe, where do you plan on doing your testimony?

1808. Here.

1809. In front of your wine collection?

1810. I mean, this is... I don't have that big

1811. a wine collection, honestly. Yeah, it's huge.

1812. ...digital risks seemed to be overblown.

1813. Two, the negative sentiment was overdone.

1814. Three, the value was overwhelming.

1815. Maybe, uh, here would be nice?

1816. Too many windows. Too many wind-- oh.

1817. It's very bright.

1818. Yeah, oceanfronts, not a great idea.

1819. It's blue. Yeah.

1820. Okay, I hadn't thought of that. That, uh...

1821. Yeah, downstairs there's more...

1822. - There's probably darker rooms. - What a bandit.

1823. Most of you know this guy

1824. who was the Roaring Kitty character,

1825. who was really pushing it... Holy shit.

1826. Yo, Ri, our boy's on the news.

1827. ...and was it potentially a systemic risk?

1828. Those relationships in D.C. are strong.

1829. The guys who run those hedge funds

1830. are the guys who fund presidential campaigns.

1831. That's a good point. You know, Roaring Kittys don't

1832. have that kind of influence, but the hedge fund managers do.

1833. Gill is now being sued for securities fraud

1834. over his alleged role in the GameStop rally.

1835. Is Mr., uh, Gill

1836. likely to appear, and if he appears,

1837. is he likely to talk if he faces, uh,

1838. the potential of prosecution?

1839. The fundamentals are based on three things.

1840. One, the digital risks are overblown.

1841. Two, the negative sentiment is overdone.

1842. And three...

1843. Fuck.

1844. Ah, come on. Shut up. I know all this.

1845. You guys, you guys, stop!

1846. Stop. Let's keep going. All right, let's go again.

1847. You're right. This is serious. You can go to jail forever.

1848. A long time. Long, long time. All right. Ready?

1849. You ready? Here we go. Back in the game.

1850. Mr. Gill, Mr. Gill--

1851. May I call you Mr. Gill, sir? It's my name.

1852. Why the fuck wouldn't you be able to

1853. - call him Mr. Gill? - What were your

1854. intensions with the YouTube videos

1855. and your social media posts on GameStop?

1856. - Yes. - Thank you, Congresswoman.

1857. You're welcome. I developed a theory

1858. that the company was undervalued

1859. despite the significant short interests.

1860. Oh, so you were aware of the short interest?

1861. It is public knowledge.

1862. You can see it in the SEC filings.

1863. And your goal was to break these shorts, yes?

1864. To rally an online mob to artificially push the price

1865. of GameStop soaring, uh, "to the moon," as they say?

1866. Isn't that correct, Mr. Gill?

1867. Objection, objection! You're leading the witness.

1868. Kev... I yield my time to the chair.

1869. You were hoping for the short squeeze, weren't you, Mr. Gill?

1870. You short-squeezing bastard.

1871. The short squeeze was a marginal point of the thesis.

1872. Then why'd you talk about it in your videos all the time?

1873. You did talk about it in your videos.

1874. Uh-huh. You talked about it a lot.

1875. You remember about the squeeze? Exactly.

1876. You were like, "It's just a little squeeze."

1877. Exactly. And you're really asking us

1878. to believe that you weren't

1879. a leader to all these retail traders?

1880. You're fucked, buddy.

1881. My point of view... Asking-- Yes or no?

1882. - Yes or no? Yes or no? - Yes. So yes.

1883. You are admitting it. Yes. Yes or no?

1884. Remember you-you had the cheap bottle of champagne?

1885. Kevin! Kevin! You were dunking tendies

1886. in there like a fucking-- What?

1887. I'm running with my dick out.

1888. Okay, why didn't you just say that?

1889. Okay. I'll stop. All right.

1890. Mr. Gill, what exactly about the fundamentals

1891. led you to build this bull case?

1892. What the fuck's with the voice?

1893. I don't know. I was trying to do AOC, but it was flat.

1894. I don't even think she's on the panel.

1895. You shut the fuck up, Briggsy.

1896. I'll slap the shit out of you. Is she on that panel?

1897. I swear to God. You're gonna slap me?

1898. Yeah, let's go. Let's go. You ready to go?

1899. I've been waiting for this, dawg.

1900. Come here.

1901. You're gonna be great.

1902. If it goes bad, it's gonna be real bad.

1903. Well, don't let it go bad.

1904. This hearing will be the first

1905. in a series of hearings by the committee

1906. to examine the recent market volatility involving GameStop.

1907. I want to know how each of the witnesses here today

1908. contributed to the historic... Gabe, can you sit up?

1909. ...trading events in January.

1910. This recent market volatility has put a national spotlight

1911. on institutional practices by Wall Street firms.

1912. And they have demonstrated the enormous potential power

1913. of social media in our markets.

1914. We will hear firsthand from the witnesses

1915. regarding these events.

1916. The hearing will be an opportunity

1917. for this committee to get the facts

1918. about the role each of the witnesses represent

1919. played in the events we are examining today.

1920. Well, now, Mr. Griffin, if I could just

1921. ask you the first question? Of course.

1922. How many people are in the room with you?

1923. That's your question?

1924. If you can just count how many people

1925. are in the room with you.

1926. There are five people, including myself, in this room.

1927. Did anyone in your organization...

1928. Prick. ...since January 1st,

1929. contact Robinhood?

1930. We of course talk to Robinhood routinely

1931. in the ordinary course of business.

1932. We manage a substantial portion of their order flow.

1933. But did you talk to them about restricting or doing anything

1934. to prevent people from buying GameStop?

1935. I want to be perfectly clear.

1936. We had no role in Robinhood's decision

1937. to limit trading in GameStop. Fuck you, Ken Griffin.

1938. So, if we depose everyone in your organization,

1939. we will find that?

1940. That is correct.

1941. Looks like a Disney Channel villain.

1942. Mr. Plotkin, do you believe that there is, uh,

1943. manipulation, distrust

1944. and overall inequality within American finance?

1945. My focus is on my company, Melvin...

1946. Hello?

1947. You're on mute, dick.

1948. Uh, I'm sorry. You're on mute.

1949. He just keeps going.

1950. ...my area of expertise.

1951. You're still on mute.

1952. I haven't been able to hear a word you said, unfortunately.

1953. Mr. Tenev, would you be willing to commit today

1954. to voluntarily pass on the proceeds...

1955. Ah. Marry me. ...of the payment for order flow

1956. to Robinhood customers?

1957. Congresswoman, I appreciate that question.

1958. When the statement you refer to was made,

1959. it was before Robinhood forced the entire industry

1960. to drop commissions and replicate our...

1961. I should take that as a no.

1962. You're not willing to pass on the proceeds

1963. of payment for order flow to your customers?

1964. When the other brokers drop... I'm just talking about today.

1965. Asshole! I don't want to be rude.

1966. I just have limited time.

1967. Uh, but if removing the revenues that you make

1968. from a payment for order flow,

1969. uh, would cause the removal of free commissions,

1970. doesn't that mean that trading on Robinhood

1971. isn't actually free to begin with?

1972. Good question.

1973. Thank you very much, uh, Mr. Gill.

1974. You are now recognized for five minutes

1975. to present your oral testimony.

1976. Thank you, members of the committee.

1977. I am happy to discuss my purchase of GameStop shares

1978. and my discussions of their fair value on social media.

1979. But before I do that,

1980. a few things I am not.

1981. I am not a cat.

1982. - What did he say? - He just said "cat," Ma.

1983. It's like a, it's like a Kitty thing.

1984. Nor am I a hedge fund.

1985. I do not have clients,

1986. and I do not provide personalized investment advice

1987. for fees or commissions.

1988. I grew up in Brockton, Mass.

1989. My family was not wealthy.

1990. My father was a truck driver and my mom a registered nurse.

1991. That's you, Ma!

1992. I was one of three kids and the first in my family

1993. to earn a four-year college degree when I graduated

1994. from Stonehill College in 2009.

1995. That was not a good time to be looking for a job.

1996. From 2010 to 2017,

1997. there were significant periods when I was unemployed.

1998. I took an interest in the stock market,

1999. and even though I had very little money,

2000. I used those times to educate myself

2001. and learn more about investing.

2002. Mr. Gill, I find it hard to believe

2003. that you predicted everything

2004. that happened to GameStop

2005. with no inside information.

2006. Uh, I didn't predict it.

2007. I honestly couldn't explain everything

2008. that happened in January.

2009. I've seen your videos.

2010. You honestly couldn't recount

2011. to the committee

2012. what caused every single up and down

2013. of the stock in January?

2014. I think you could.

2015. Um, I did follow the stock, uh, very closely,

2016. but threshold lists, order flows,

2017. halting purchases-- according to the press--

2018. these all had a material impact on the stock.

2019. Here's the thing

2020. I-I have a bit of experience with this stuff,

2021. and even I barely understand these matters.

2022. It's alarming how little we all know

2023. about the inner workings of the market.

2024. Which is why I'm glad

2025. this committee is examining what happened,

2026. particularly with the exorbitant short interest,

2027. as well as any potentially manipulative shorting practices

2028. and brokers' reported failures

2029. to timely deliver shares and settle trades.

2030. A lot of people feel the system is broken.

2031. The whole idea of the stock market is to be, like,

2032. kind of a fair playing field, where if you're smart

2033. and maybe with a little luck, you can make your fortune.

2034. But if it ever was that, it's certainly not anymore.

2035. The big firms have such a big advantage

2036. in terms of technology and information

2037. and just sheer wealth,

2038. there's no hope for the little guy anymore.

2039. Or there was no hope.

2040. Maybe now there is.

2041. And as for me, I like the stock.

2042. He's gangster for that.

2043. And I don't plan on selling anytime soon.

2044. Hold it! Hold it! Say that shit.

2045. Diamond fucking hand.

2046. Diamond hands, baby.

2047. Attaboy.

2048. What a nerd.

2049. Thank you.

2050. It was good.

2051. I think.

2052. Yesterday's Reddit hearing in Congress

2053. brought together some of the power players

2054. behind the January trading frenzy.

2055. Representative Maxine Waters

2056. did say that there will be, uh,

2057. additional hearings on this

2058. and there will be two more to follow

2059. - to find more answers... - Ultimately,

2060. whether it's markets or social media--

2061. or I'll just call it media, 'cause that's what it is now--

2062. do you think any new regulation gets done?

2063. What's clear is that we're in the Wild West

2064. and that there is so much activity that's going on

2065. on these online forums.

2066. And we've seen in the last month, in the last six weeks,

2067. how much force day traders en masse

2068. can bring to the market and actually affect it.

2069. They used to just make some noise around the edges.

2070. Now they can actually move markets and move securities.

2071. Cheers, everyone.

2072. You're a fucking gangster.

2073. Hey, man, I noticed you've been selling a lot of new games,

2074. and I just want to remind you again

2075. that we really want to be pushing customers

2076. towards the higher margin pre-owned games.

2077. Yeah, I'm not gonna do that.

2078. Excuse me?

2079. Oh, and in fact, I'm not gonna do any of

2080. the "Circle of Life" bullshit or your TikTok dance contest.

2081. You're quitting, then?

2082. Okay.

2083. Nah, I mean, I-I thought about it, but...

2084. like, yo, I love it here.

2085. So I think I'm-a stay.

2086. Oh, you're awfully smug for a kid

2087. who lost all his money buying stock.

2088. What'd you say it was going to? A thousand?

2089. I'm also not gonna work

2090. at the ass crack of dawn anymore.

2091. You're fired!

2092. No, I'm not.

2093. You got to get that approved

2094. by like seven levels of people, yo.

2095. Thanks to the geniuses who put that together.

2096. The ones who used to own my ass.

2097. You sold?

2098. Half.

2099. Right at the tippy-tippy top.

2100. And I'm holding the other half for the long haul.

2101. ♪ 'Cause I'm a savage ♪

2102. ♪ Classy, bougie, ratchet ♪

2103. ♪ Sassy, moody, nasty ♪

2104. ♪ Acting stupid, what-what's happening? ♪

2105. ♪ Ay, I'm a savage ♪ ♪ Yeah ♪

2106. ♪ Classy, bougie, ratchet ♪ ♪ Whoa, yeah, oh ♪

2107. ♪ Sassy, moody, nasty ♪ ♪ Whoa, yeah, oh ♪

2108. ♪ Acting stupid, what's happening, bitch? ♪

2109. ♪ What's happening? ♪ ♪ Bitch ♪

2110. ♪ I'm a savage ♪ ♪ Yeah, hey ♪

2111. ♪ Classy, bougie, ratchet ♪ ♪ Whoa, yeah, whoa ♪

2112. ♪ Sassy, moody, nasty ♪ ♪ Hey, whoa, yeah, hey ♪

2113. ♪ Acting stupid, what's happening, bitch? ♪

2114. ♪ What's happening? ♪

2115. ♪ Eat me and record it, but your edge-up all I'm showing ♪

2116. ♪ I keep my niggas private ♪

2117. ♪ So his AP all I'm showing ♪

2118. ♪ Beefing with you bitches really getting kinda boring ♪

2119. ♪ If it ain't about the money ♪

2120. ♪ Then you know I'm gon' ignore it ♪

2121. ♪ I'm the shit ♪ ♪ Ooh, ay ♪

2122. ♪ I need a mop to clean the floor ♪

2123. ♪ It's too much drip ♪ ♪ Too much drip, ooh ♪

2124. ♪ I keep a knot, I keep a watch, I keep a whip... ♪

2125. Fuck yeah.

2126. I'm here testifying today

2127. far removed from my background.

2128. I grew up in a middle-class family in Portland, Maine.

2129. I went to a public high school.

2130. I studied hard and got into a good college.

2131. Upon graduation, I did not have a job.

2132. ♪ What's happening, bitch? ♪ ♪ Whoa, whoa ♪

2133. ♪ What's happening? ♪ ♪ Whoa, bitch... ♪

2134. When the statement you refer to was made,

2135. uh, I believe, 2015 or 2016,

2136. it was before Robinhood forced the entire industry

2137. to drop commissions and... I should take that as a no.

2138. You're not willing to pass on the proceeds

2139. of payment for order flow to your customers?

2140. ♪ That body right, but you know this pussy fat, ooh ♪

2141. ♪ I drop a picture, now these bitches feel attacked, ay ♪

2142. ♪ Don't let that nigga gas you up and get you whacked, ooh ♪

2143. ♪ I make a call and get that... ♪

2144. But did you talk to them about

2145. restricting or doing anything to prevent people from buying--

2146. not selling but buying-- in GameStop?

2147. Let me be perfectly clear.

2148. Absolutely not.

2149. As for me, I like the stock.

2150. ♪ Mwah. ♪

2151. Hurry up, dick. It's cold.

2152. I can't believe you're my brother.

2153. You look like a fucking Ninja Turtle.

2154. Ready? Yup.

2155. Set. Fuck you!

2156. What?! Kevin!

2157. Come on, Kitty!

2158. ♪ I'm gonna fight 'em off ♪

2159. ♪ A seven-nation army couldn't hold me back ♪

2160. ♪ They're gonna rip it off ♪

2161. ♪ Taking their time right behind my back ♪

2162. ♪ And the message coming from my eyes says ♪

2163. ♪ "Leave it alone" ♪

2164. ♪ Don't want to hear about it ♪

2165. ♪ Every single one's got a story to tell ♪

2166. ♪ Everyone knows about it ♪

2167. ♪ From the queen of England to the hounds of hell ♪

2168. ♪ And if I catch it coming back my way ♪

2169. ♪ I'm gonna serve it to you ♪

2170. ♪ And that ain't what you want to hear ♪

2171. ♪ But that's what I'll do ♪

2172. ♪ And the feeling coming from my bones says ♪

2173. ♪ "Find a home" ♪

2174. ♪ I'm going to Wichita ♪

2175. ♪ Far from this opera forevermore ♪

2176. ♪ I'm gonna work the straw ♪

2177. ♪ Make the sweat drip out of every pore ♪

2178. ♪ And I'm bleeding and I'm bleeding and I'm bleeding ♪

2179. ♪ Right before the Lord ♪

2180. ♪ All the words are gonna bleed from me ♪

2181. ♪ And I will think no more ♪

2182. ♪ And the stains coming from my blood tell me ♪

2183. ♪ "Go back home." ♪

2184. ♪ Ooh, you make me wanna ♪

2185. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2186. ♪ Ooh, you make me wanna ♪

2187. ♪ Ooh, you make me wanna ♪

2188. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2189. ♪ Ooh, you make me wanna ♪

2190. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2191. ♪ Ooh, you make me wanna ♪

2192. ♪ You make me wanna ♪

2193. ♪ Ooh, you make me wanna ♪

2194. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2195. ♪ Ooh, you make me wanna ♪

2196. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2197. ♪ Ooh, you make me wanna ♪

2198. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2199. ♪ Ooh, you make me wanna ♪

2200. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2201. ♪ Ooh, you make me wanna ♪

2202. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2203. ♪ Ooh, you make me wanna ♪

2204. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2205. ♪ Ooh, you make me wanna ♪

2206. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2207. ♪ Ooh, you make me wanna ♪

2208. ♪ You make me wanna ♪

2209. ♪ Ooh, you make me wanna ♪

2210. ♪ Ooh, you make me wanna, ooh, you make me wanna ♪

2211. ♪ Ooh, you make me wanna ♪

2212. ♪ Ooh, you make me wanna, ooh, you make me wanna. ♪