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November 2020

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“Instead of having ‘idea dinners’ or quiet whispered conversations amongst hedge funds in the Hamptons these kids have the courage to do it transparently in a forum. What it proves is this retail [investor] phenomenon is here to stay. There are millions of new retail investors flooding the markets. I think they are as important as any hedge or collection of hedge funds.”

Billionaire tech investor Chamath Palihapitiya told CNBC on Wednesday that he closed out his position in GameStop, one day after joining the trading frenzy around the video game retailer.

Palihapitiya also defended the power of individual investors to compete with Wall Street hedge funds.

The CEO of Social Capital and former Facebook executive tweeted Tuesday that he bought $125,000 worth of February $115 GameStop call options after asking his followers on Twitter what to buy. Calls are derivatives that give the buyer the right to purchase a stock at a set price. The trader makes money when the stock rises above the strike price. GameStop stock opened Wednesday at $354 per share, up more than 1,550% this year alone.

(CNBC – Matthew Belvedere)

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