Billionaires are blaming the GameStop surge on Covid stimulus checks

Mr Gundlach was equally critical of all sides in the dispute, where mainstreet investors organized on the social network and bet against big firms on stocks like GameStop, which Wall Street houses had bet would fail through a stock instrument called a “short.” The whipsawing share prices eventually led trading apps like Robinhood to temporarily limit stock-buying around the suddenly hot companies.

“I have no sympathy whatsoever for these hedge funds,” he said, while also chastising the Reddit warriors for their triumphant attitude. “There’s a little bit of hubris that seems to be going on with this network that makes me less likely to view is as David vs Goliath. The hubris bothers me.”

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