The Editorial Team |

Reddit Market Winners Face Hard Choice: Sell or ‘Hold the Line’?

NEW YORK (Capital Markets in Africa) — On Wednesday they watched their fortunes surge. They made gains collectively worth billions and bludgeoned two hedge funds. Then their holdings plummeted, only to rebound again to stratospheric heights unimaginable just a few weeks earlier. Now that members of the Reddit forum WallStreetBets have become a cultural juggernaut on Main Street and a force to be reckoned with on Wall Street, many of the investors who make up…

Citadel Silver Holding Exposes Rifts in WallStreetBets Army

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LAGOS (Capital Markets in Africa) — Ken Griffin’s Citadel has once again found itself at the center of a WallStreetBets drama, this time over the firm’s holdings of silver. The precious metal has become a popular buying target for retail investors keen to inflict losses on hedge funds, after posts on WallStreetBets claimed the market was ripe for a short squeeze. Yet some members of the Reddit forum have responded with pleas to avoid the trade, saying Citadel stands…

Silver Spikes Past $30 as Retail Investors Swarm Biggest Target

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LAGOS (Capital Markets in Africa) — Silver broke above $30 an ounce as the precious metal took center stage in the retail investor frenzy sweeping through markets. Most-active futures jumped as much as 13% to $30.35 an ounce on the Comex, the highest in eight years. That followed a weekend buying binge that overwhelmed online sellers of silver coins and bars from the U.S. to Australia. BlackRock Inc.’s iShares Silver Trust, the largest exchange-traded product tracking the metal, recorded…

Why the Mutated Coronavirus Variants Are So Worrisome: QuickTake

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LAGOS (Capital Markets in Africa) — Viruses mutate all the time, including the novel coronavirus that’s caused the global Covid-19 pandemic. Most of the changes have no apparent effect. But recent variants that have emerged in the U.K., South Africa, and Brazil are causing particular concern. Studies suggest they are more contagious, and some evidence points to the U.K. strain being more deadly. An increase in infections has led to a surge in hospitalizations and…

Musk Says He’s a Bitcoin ‘Supporter,’ Buffeting Price Again

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LAGOS (Capital Markets in Africa) — Elon Musk once again sent ripples through the price of Bitcoin after declaring that he’s a supporter of the largest cryptocurrency. Speaking on social audio app Clubhouse, the billionaire said at this point he thinks “Bitcoin is a good thing,” adding he’s “late to the party” and should have bought the cryptocurrency eight years ago. The digital coin spiked to almost $34,500 Monday amid the comments, before easing back. It…

Greylock Files for Bankruptcy After Losses Spur Withdrawals

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NEW YORK (Capital Markets in Africa) — Greylock Capital Associates filed for bankruptcy protection in New York as investors pulled money from the hedge fund following three consecutive years of losses. The Chapter 11 proceedings will allow Greylock to restructure its debt and terminate its Madison Avenue office lease in Manhattan, according to a Jan. 31 filing signed by Chief Financial Officer David Steltzer. Assets under management at the emerging markets hedge fund — which more…

Just Eat Ex-CEO Backs Food Order App in Booming Egypt Market

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CAIRO (Capital Markets in Africa) — The former chief executive officer of Just Eat is putting his own money into one of Egypt’s main food-delivery apps, looking to tap growth in the nation of over 100 million people where practically everything can be ordered by a phone call. David Buttress, who led the London-based company from 2013 to 2017 before its merger with Takeaway.com, said he’s investing a “relatively significant” sum in elmenus, the Egyptian…

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