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29 Jan, 8 tweets, 4 min read
It’s been one of Wall Street’s strangest weeks in memory.

@SamAugustDean explains what’s going on: latimes.com/business/techn…
As Times columnist @hiltzikm laid out this week, GameStop’s stock was heavily shorted, meaning that a number of large financial firms had placed bets that its stock price would go down.
latimes.com/business/story…
Reddit users saw an opportunity in that fact.

If they could push the price of GameStop stock up by simply buying a lot of it, then at a certain point all the short sellers would be forced to buy the Redditors’ stock at the new high price. latimes.com/business/techn…
How did Reddit users do this? Enter: Robinhood.

The app gives users an easy way to start trading stocks. By the summer of 2020, more than 13 million people had signed up, stuck at home and looking to cash in on the rising stock market. latimes.com/business/techn…
By Wednesday morning, GameStop stock had hit nearly $350, with more buyers — big and small— piling on while more short sellers white-knuckled it on the expectation that the bubble would soon burst. latimes.com/business/techn…
Then, just before midnight on Wednesday, Robinhood said it would block users holding options on GameStop from buying more options — they could only close out their deals. latimes.com/business/techn…
Critics, including Alexandria Ocasio-Cortez and Ro Khanna, suggested Robinhood, in barring the transactions, served the interests of Wall Street institutions over small investors. latimes.com/business/techn…
After the market closed yesterday, Robinhood announced that it would be allowing “limited buys” of the stocks to resume today.

@SamAugustDean reports: latimes.com/business/techn…

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More from @latimes

Los Angeles Times Profile picture
29 Jan
The University of California’s record-shattering applications for fall 2021 show remarkable surges in Black, Latino and other underrepresented students seeking admission. latimes.com/california/sto…
UCLA and UC Berkeley, the system’s two most selective campuses — where diversity particularly tumbled after affirmative action was banned in public schools more than two decades ago — achieved historic gains, according to preliminary UC data. latimes.com/california/sto…
Overall, UC’s nine undergraduate campuses drew a record number of applicants totaling 249,855, a 16.1% leap over last year.

Among Californians, Black freshman applicants increased by 21.8%. Latinos rose by 12.2%. Image
Read 4 tweets
Los Angeles Times Profile picture
29 Jan
For the first time in more than two months, Angelenos can now grab a bite to eat at one of the region’s restaurants. latimes.com/california/sto…
L.A. County officially lifted its ban on outdoor dining Friday, removing the proverbial padlock from restaurant patios following a lengthy public health closure. latimes.com/food/story/202…
The move represents not just a desperately needed boost for the county’s hospitality industry but the relaxation of what proved to be one of the more controversial rules the county has put in place throughout the course of the pandemic. latimes.com/california/sto…
Read 4 tweets
Los Angeles Times Profile picture
29 Jan
.@WendyWilliams built her empire on gossip, but as her marriage publicly unraveled, the tabloid glare flipped back on her.

We talked to the drama magnet ahead of Lifetime's airing of two projects exploring her career and not-so-private personal struggles
latimes.com/entertainment-…
These 2️⃣ are airing Saturday on Lifetime:

• Wendy Williams: The Movie🎬 — a biopic that speedily traces her rise to shock-jock infamy

• Wendy Williams: What a Mess!🎬 — a documentary in which she opens up about her private life & professional triumphs latimes.com/entertainment-…
Do you think Wendy Williams has ever regretted anything she's ever said? (Here's a hint: No.)

Our @MeredithBlake talked to the queen of celebrity tea spilling, and she had *a lot* to say.

Here's her full interview: latimes.com/entertainment-…
Read 10 tweets
Los Angeles Times Profile picture
29 Jan
It’s the “Hunger Games”-like situation in Los Angeles' vaccine rollout that galls Dr. Jerry P. Abraham, an epidemiologist who has spent much of his career advocating for equity in healthcare, columnist @Erika_D_Smith writes.

latimes.com/california/sto…
Abraham and his team at Kedren Health aren’t waiting for top-down fixes from politicians. In a matter of weeks, they have pioneered a number of workarounds to ensure that the people in South L.A. who need the vaccine most — healthcare workers and those over age 65 — can get it.
Kedren Health is determined to help residents from South L.A., who often don’t have internet access, a computer or even a smartphone. Volunteers with paper forms are on hand to collect people’s information when they arrive and enter it into the county’s online database later.
Read 8 tweets
Los Angeles Times Profile picture
29 Jan
California’s unemployment benefits system remains mired in dysfunction, leaving many jobless workers in dire straits after their efforts to receive financial assistance have been stymied by jammed phone lines and failed technology. latimes.com/california/sto…
Millions of out-of-work Californians are still waiting for money they desperately need to avoid ending up on the streets.

Payments have instead gone to fulfill fraudulent claims filed in the names of prison inmates, infants and people in other states. latimes.com/california/sto…
Adding insult to injury, state officials acknowledged this week that more than $11 billion in benefits were paid on fraudulent claims during the last year and another $19 billion is under investigation for potential fraud. latimes.com/california/sto…
Read 7 tweets
Los Angeles Times Profile picture
29 Jan
The instructions upon getting a first dose of COVID-19 vaccine are clear: People should get the second shot three or four weeks later.

But things get a lot murkier when it comes to actually getting an appointment to meet that deadline. latimes.com/california/sto…
As more L.A. County residents than ever receive their first doses, tightening vaccine supplies and online scheduling problems are hampering their ability to finish the two-dose vaccination process. latimes.com/california/sto…
On Thursday, potentially thousands of people had their vaccine appointments postponed after Ralphs said the county’s Department of Public Health had “recovered” 10,000 doses previously intended for scheduled appointments. latimes.com/california/sto…
Read 7 tweets

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