Bitcoin
GameStop, Bitcoin, Saudi Aramco and Hipgnosis
Paul Dano in the 2023 film Dumb Money, which chronicles the January 2021 GameStop short squeeze. GameStop shares soared on Monday after Keith Gill, the man who inspired the 2021 short squeeze, appeared to show a position of $181.4 million in GameStop shares and options. (Reference media, Reference media)
GameStop (GME)
Meme GameStop shares rebounded and were the number one trending ticker in pre-market trading on Monday on speculation that Keith Gill, the man who inspired the 2021 short squeeze, could currently have a significant position at the video game retailer.
Gill, who goes by Roaring Kitty on X and YouTube and DeepF — Value on Reddit, appeared to post a screenshot showing a $181.4 million (£142.6 million) position in GameStop shares and options.
The options would allow him to buy the shares at $20 per share.
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“The recent renewed interest in meme stocks, coming as major U.S. indexes struggle to reach new highs, is a sign of excessive exuberance and is more likely a negative omen given the growing headwinds in the markets,” Robert Lea, a Bloomberg Intelligence analyst, he said.
GameStop largely relies on brick-and-mortar stores and has struggled with customers turning to the Internet to buy video games and collectibles.
The price of Bitcoin rose slightly on Monday, adding 1.74% on the day, reaching $68,858 at the time of writing. However, overall it has remained heavily range-bound since failing to break above $70,000 again in late May.
Bitcoin saw little price movement even as El Salvador President Nayib Bukele – who adopted the cryptocurrency as legal tender in 2021 – was re-elected to a second term over the weekend.
See more information: Live Crypto Prices
The price was also supported by Donald Trump fans after the former US president added the option to accept bitcoin as campaign donations.
Despite the drop in earnings, bitcoin investor Peter Brandt is predicting that the cryptocurrency could reach $150,000 by September 2025.
Saudi Aramco (2222.SR)
Saudi Aramco executives are expected to hold a series of events in the UK and US as they look to drum up interest for a $12 billion share sale.
Saudi Arabia’s state-owned oil giant abandoned an international roadshow for its $29.4 billion initial public offering five years ago after foreign investors raised doubts about its valuation expectations, leaving the government dependent on local buyers. .
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See more information: Stocks that are trending today
However, its secondary listing plans were exceeded within hours of the opening of trading on Sunday.
As a result, Aramco is planning investor-attracting events in London this week, at least one of which will be attended by Chief Executive Amin Nasser, according to Bloomberg News.
The Saudi government owns about 82% of Aramco, while the kingdom’s wealth fund holds an additional 16% stake.
Black stone (BX) announced plans to improve its bid for Hipgnosis as part of a restructured offer for the music rights owner designed to facilitate the completion of the deal.
On Monday, the US private equity firm said it had revised the offer price following discussions with Hipgnosis’ board.
It rose by a cent per share, valuing Hipgnosis at around $1.58 billion (£1.27 billion), a premium of almost 50% over the closing price of Hipgnosis shares before an offer was made .
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The two companies had previously agreed to a deal that will see Hipgnosis removed from the public markets.
However, the process was complicated by tensions between the London-listed fund and its founder, Merck Mercuriadis, who runs consultancy firm Hipgnosis Songs Management (HSM).
Watch: What Happened in Meme Star GameStop’s $933 Million Stock Sale
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