Morning Brew Daily Roaring Kitty's $116M Stake Sends GameStop Soaring & Spotify is Hiking Prices... AGAIN
Jun 4, 2024
Discover how Roaring Kitty wields his influence to sway stock prices, especially with GameStop. Spotify is raising prices, and the discussion reveals why they face little backlash. Investigate the risky appeal of 0% down payment mortgages and the echo of past financial crises. Also, learn about the rising popularity of dad sneakers and how American Express captures the attention of Gen Z with its benefits. Finally, find out why consumers are increasingly favoring laptops for big purchases over mobile devices.
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Stock Market Glitch
- A New York Stock Exchange glitch made stocks like Berkshire Hathaway appear to drop 99%.
- One person mistakenly bought $631,000 worth of shares on margin due to the glitch.
Roaring Kitty's GameStop Stake
- Keith Gill (Roaring Kitty) revealed a $260 million GameStop position, sending meme stocks soaring.
- His net worth is estimated at $485 million, thanks to his GameStop holdings and options.
Spotify's Price Hike
- Spotify raised its U.S. streaming prices again, but its stock price went up.
- The company believes its subscribers are loyal enough to handle the increase, despite competition.
