As an experienced financial analyst, I’ve closely followed the market trends and have observed the GameStop (GME) saga unfold with great interest. Robert Kennedy’s recent announcement of investing in GME shares using the penalty accrued from a lawsuit against Monsanto is indeed noteworthy.
The GameStop (GME) retail upheaval is experiencing a fresh development with Robert F. Kennedy, a contender for the U.S. Presidency, jumping on board.
Robert Kennedy Buys GameStop Shares
As a crypto investor, I’m constantly keeping an eye on market trends, and right now, two topics are generating significant buzz: the potential approval of a spot Ethereum ETF by the US SEC, and the ongoing GameStop meme stock revolution. For those not in the know, GameStop is the retail investors’ way of making a stand against Wall Street short institutions. This movement has already caused quite the stir and proven to be an unprecedented phenomenon.
Using his official X account, Robert Kennedy expressed empathy towards the plight of the typical retail investor. If elected president, he vowed to tackle market manipulation on Wall Street. He labeled this practice as a form of criminal activity, pledging that his administration would back the retail investing community’s efforts.
Robert Kennedy, in addition to advocating for Wall Street reform with a firm stance, has personally invested $24,000 in GameStop shares. With the current share price at around $22.22, this investment would have yielded approximately 1,080 GME shares for him.
An intriguing turn of events in the GameStop purchase was his utilization of the damages obtained from a victorious lawsuit against Monsanto to finance the deal.
He recently put $24,000 of his Monsanto lawsuit winnings into GameStop, expressing his enthusiasm for making GameStop and its supporters, or “Apes,” hold Monsanto accountable. He advocated for a fair market and criticized predatory short selling, declaring his commitment to the cause: “I’m with you all the way, and I’m not backing down.”
Will GME Rally Last?
Robert Kennedy is well-known for his opposition to the establishment and his strong belief in Bitcoin. Additionally, he voiced intentions to intervene in the potential ban of ByteDance’s TikTok within the US. However, some may view his recent support for GameStop as an attempt to win favor among certain groups. Previously, Donald Trump had garnered the backing of several American cryptocurrency influencers.
Expert Greg Davis, the CIO of Vanguard, holds a contrary view regarding the ongoing GameStop rally. According to previous reports from Coingape, Davis expressed skepticism towards the surge in GameStop’s stock price. He pointed out that despite the hype, the company’s financial situation remains unaltered. Davis advised investors to exercise caution when considering investments in the stock, as some who jumped on the bandwagon earlier may have incurred greater losses than their initial investment.
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2024-05-21 23:35