Gaming

GameStop Meme Stock Villain buys constitution for a small fortune

Citadel Security CEO Kenneth Griffin poses with GameStop logos in Photoshop.

Image: Citadel / Kotaku

Here are a few words I never thought I would type: The CEO of the hedge fund that bailed out GameStop short sellers earlier this year just surreptitiously outbid a hyped bunch of crypto boards for an ultra rare copy of the original US Constitution. Earlier this year, billionaire Kenneth Griffin became the number one enemy of GameStonk supporters. It has now pulled the ground from another fancy online clique: ConstructionDAO.

As detailed in series of recent reports To Vicecrypto enthusiasts formed the DAO constitution in an attempt to create a new decentralized form of political order by purchasing a copy of the Constitution. As a plot BioShock The game quickly fell into chaos as the group, which raised a whopping $ 40 million, won an auction from a mystery buyer who put up only a few million more, resulting in the most expensive sale of a historic document at $ 43.2.… There are 13 copies of the Constitution. still in circulation, the last of which sold in 1988 for less than $ 200,000.

Griffin said today that he was the one who thwarted ConstructionDAO’s plans. “The US Constitution is a sacred document that enshrines the rights of every American and all those who seek to become one,” Griffin said. Barron’s said in a statement… “That is why I intend to ensure that this copy of our Constitution is available to all Americans and visitors to see and appreciate in our museums and other public places.” The document will begin its new journey at the Crystal Bridges Museum of American Art in Bentonville, Akansas.

More details: Mister DeepFuckingValue goes to Washington

This isn’t the first time Griffin has pissed off a bunch of very online people by throwing his money around. Back in January, when GameStop stock hit record highs due to an unlikely coincidence market forces and internet memes, a hedge fund called Melvin, which short-sold stocks. GameStop meme traders and enthusiasts at places like the WallStreetBets subreddit were delighted to see this happening. But then Griffin and the others swooped in and propped him up. with new capital of over $ 2 billion

As CEO of Citadel, Griffin also runs one of the largest market makers in the world, meaning he actually buys and sells shares on exchanges for clients. One of his big clients is Robinhood, a commission-free trading app that many have used to buy and sell GameStop and other meme stocks. On a decisive day towards the end of January, Robinhood suddenly began blocking users from trading GameStop stock when it hit unthinkable new heights (over $ 300 a share the day before).

Robinhood has argued that it needs to temporarily suspend trading to make sure it has the money to cover potential losses, but WallStreetBets have long speculated, without much factual evidence, that Citadel forced Robinhood to do so to help Melvin. In other words, a classic conspiracy, the worst of all: the goal was to fool Reddit users. Congressional hearings followed, and eventually the Securities and Exchange Commission fully investigated. When Commissioner Gary Gensler finally released SEC results last month, it was full of warnings, but no real answers. Conspiracy theories and Twitter mobs urging Griffin to confess, persisted.

Time will tell if the DAO Constitution becomes equally committed to some type of Griffin’s truth. In the meantime, he can read with pleasure the original of the constituent legal document, which is currently causing damage to our republic.




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