GameStop stock whipsawed after massive weekly gain [N.Y. Post]
Shares in the struggling video-game retailer had surged in early trading, rising about 7 percent after the opening bell, but then reversed the gain to plummet nearly 16 percent to $223 around 11:20 a.m.
The sudden drop reportedly caused trading on GameStop to be halted for volatility before the stock recovered in the early afternoon. [It closed down 16.79% at $220.14.]
Purdue Pharma Offers Restructuring Plan, Sackler Family Would Give Up Ownership [NPR]
The company said additional payments would be spread over the next decade, including installments on roughly $4.2 billion promised by members of the Sackler family who own the firm…. Two dozen state attorneys general immediately rejected the plan.
Cathie Wood Persuades Investors to Stick With ARK [WSJ]
He says he considered selling more until he watched one of Ms. Wood’s YouTube videos reassuring investors that the volatility would die down and ultimately be a “gift” that would drive further gains.
“She helped me not to sell,” Mr. Call added…. Some investors, like Mr. Call, said Ms. Wood’s conviction kept them from selling out completely. Others said they took her bullish talk and the fact that ARK continued buying shares of Tesla, Roku and other stocks as a sign to double down.
Hedge-Fund Trader Shah Now Faces Cum-Ex Charges in Germany [Bloomberg]
The indictment is linked to a 9.6 billion-krone ($1.5 billion) tax probe in Denmark, where Shah already faces criminal charges…. “The case is about laundering profits from tax fraud” in Denmark and Belgium “by filing tax-refund claims with untrue statements about dividend-arbitrage trades and, in part, distorted misrepresentation of the crucial points,” Oechtering said.
A spokesman for Shah said the charges were “expected,” but “we question the merit as the German court is not competent to decide on Danish tax matters.” He said Shah is in Dubai and hasn’t been arrested as part of any investigation.
Record Breaking $1 Billion Bitcoin Futures Liquidation Sinks Markets [Decrypt]
The crypto pull back continued overnight and into Tuesday morning. Bitcoin is down 4.5% over the last 24 hours according to Nomics, racking up its second consecutive day of losses…. According to a tweet from Glassnode co-founders Jan & Yann, there were $500 million liquidations of Bitcoin long positions - bets that the price would go up - in one hour. That was the most that has ever been liquidated, according to Glassnode. The founders chalked up the massive losses to “excess greed in the system”.
Elon Musk is selling a techno song about NFTs as an NFT [CNET]
The song has a techno beat and repeats "NFT" over and over, eventually getting to the female-sung lyrics "NFT for your vanity, computers never sleep, it's verified, it's guaranteed…."
Musk posted the song with an animation of a spinning "vanity trophy" with lots of references to different elements of the technology, including dogs representing, presumably, Dogecoin. You kind of just have to see it yourself. He hasn't said which platform he'll be selling the song on, or when