CNBC, Released on 1/29/21
The surge is shares of GameStop and moves Thursday by retail brokerages like Robinhood to restrict trading as a result is dominating the headlines this week. Both Interactive Brokers and Robinhood are planning to ease trading curbs Friday. This comes after Robinhood said Thursday it was raising more than a billion dollars from existing investors. It also drew at least $500 million on a line of credit from a group of banks in order to meet lending requirements from its central clearing house. William Galvin, Massachusetts secretary of state, and Kevin O’Leary, chairman of O’Shares ETFs and co-host of “Shark Tank,” joined “Squawk Box” on Friday to debate whether Robinhood was right to take that move.
Kevin O’Leary is a Canadian businessman, investor, and television personality. From his basement, he launched SoftKey Software Products and In 1999 Kevin sold his company to the Mattel Toy Company for a staggering 3.7 billion dollars, one of the largest deals ever done in the consumer software industry. To keep his money working hard, he took control of his wealth from his lackluster money managers and founded his own mutual fund company, O’Leary Funds. He raised hundreds of millions of dollars from investors who share his “get paid while you wait” yield oriented, value investing philosophy. He is a venture capitalist on the Canadian television show Dragons’ Den as well as a shark on the United States’ version of Dragons’ Den, Shark Tank, which airs on ABC. Kevin has authored 2 books: Cold Hard Truth: On Business, Money & Life and The Cold Hard Truth On Men, Women, and Money: 50 Common Money Mistakes and How to Fix Them.