Florida man flies ‘Purchase GameStop Inventory’ banner over Miami amid buying and selling frenzy

Retail investors have been arguing with hedge fund short sellers over GameStop stock all week, and a Florida man expressed support for the little guy by hoisting a “BUY GAMESTOCK STOCK” banner over Miami.

The banner also had “WSB” at the end, which stands for the popular WallStreetBets Reddit forum, where day traders often discuss the short squeeze.

The popular meme account “Litquidity” posted a video of the banner. Forex Analytix founder Blake Morrow also posted a picture of the banner.

YELLEN RECEIVED $ 800 G $ FROM HEDGE FUND IN GAMESTOP CONTROVERSY, WHICH DOES NOT COMPLETE RECUSAL

GameStop stock is up more than 1,700% since the start of the year as day traders poured money into brick and mortar business, bleeding out hedge fund short sellers.

Robinhood, a trading platform many retail investors use, temporarily stopped buying GameStop stock and other securities targeted by the WallStreetBets crowd on Thursday, enraging day traders who wanted to join the rally.

The platform allowed users to buy limited GameStop shares on Friday.

Short sellers lost $ 70 billion in bets against US companies this year, including $ 19 billion in GameStop stock alone, according to financial data service Ortex.

GAMESTOP CHAOS WOULD “LOOK LIKE CHILDREN’S GAME” IF INVESTORS DECIDE TO PLAY THE SAME GAME IN CHINA

Robinhood’s restrictions on buying GameStop stock resulted in protests outside the company’s headquarters Thursday, as well as protests at the headquarters of the Securities and Exchange Commission and the New York Stock Exchange.

Pictures taken by a New York Times reporter show people holding signs reading “FREE GME” and “ROBINHOOD LIED” outside Robinhood’s California headquarters.

Robinhood co-founder Vladimir Tenev said Thursday that the platform was being forced to cease trading GameStop and other securities due to “financial requirements, including SEC net capital commitments and clearinghouse deposits.”

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Meanwhile, the SEC said Friday that it will “closely examine the actions taken by regulated companies that may disadvantage investors or otherwise impair their ability to trade certain securities.”

“We will act to protect retail investors if the facts show abusive or manipulative trading activity that is prohibited by federal securities laws,” the SEC said in a statement. “Market participants should be careful to avoid such activities. Issuers must also ensure that federal securities laws are complied with for any proposed offer or sale of their own securities.”

James Leggate and Lucas Manfredi of FOX Business contributed to this report.