Business

Black Investors Took Note of Reddit’s Rescue of the GameStop Stock

Stacy M. Brown WI Senior Writer

The story of 10-year-old Jaydyn Carr and his mother, Nina Carr, is the stuff that creates legends on Wall Street.

Their financial windfall came about as a result of the recent trading frenzy not before witnessed in the industry – and one that left even the most astute struggling to explain.

The band of amateur traders, influenced by the platform Reddit, encouraged whoever was listening to buy shares of the flailing GameStop, AMC and Koss stocks because hedge funds had bet against them and were swooping in to make big profits.

In one day, because of the amateurs’ actions, the hedge funds lost over $14 billion. And, despite recent declines, GameStop shares remained well up at about 184 percent this year. AMC (up 200 percent) and Koss (more than 400 percent) also remain up in 2021.

African Americans and other minorities have generally shown little interest in stock trading, but the exposure of how Wall Street works have intrigued many.

Jaydyn had been a GameStop customer when, in 2019, his mother decided to purchase ten shares of the company’s stock for a little over $6.

Nina Carr told the New York Times that her phone blew up during the recent trading frenzy, and she noticed the stock soaring to an eye-popping $351 per share. She consulted Jaydyn on what he wanted to do since she had purchased the stock for him.

“I was trying to explain to him that this was unusual,” the Times reported her saying. “I asked him, ‘Do you want to stay or sell?’”

Jaydyn decided to sell his shares, earning $3,200 — a return of more than 5,000 percent on an investment of about $60.

The development left the most seasoned puzzled. U.S. Treasury Secretary Janet Yellen admitted that she needed to understand what occurred.

The trading term to explain what happened is called a short squeeze.

But before the squeeze by the amateur traders, hedge fund giants attempted short sales.

A short sale is when someone borrows a share of a stock and then sells it. If the price falls, the purchaser can buy the stock at a lower price and

Six Flags America Hires New Park President

Top Executive Arrives from the Company's North America Location

Brenda C. Siler WI Contributing Writer

Richard Pretlow has been named park president of the Bowie, Md. - based Six Flags America theme park and Hurricane Harbor waterpark. Pretlow most recently served as director of in-park services at Six Flags Great Escape Resort, located in Lake George, N.Y.

“It is an honor to join the innovative Six Flags America & Hurricane Harbor team,” said Richard Pretlow. “We have made major investments in this park in recent years and we are well-positioned for long-term growth.

Pretlow has worked at every level of the theme park industry. A graduate of Hampton University, he began his theme park career in 2009, at Busch Gardens Williamsburg, in culinary operations, where he found his passion for the theme park industry. In 2010, he relocated to Langhorne, Pa. as culinary operations manager at Busch Gardens’ sister park, Sesame Place, before departing to become the revenue manager for the Crayola Experience, based in Easton, Pa. He joined the Six Flags team in 2018 as director of in-park services at Six Flags Great Escape Resort, prior to being promoted to this latest role. Pretlow also holds an MBA from Norwich University.

“Richard brings a fresh perspective, proven track record of success, an understanding of the market, and a collaborative leadership style that will serve him well as park president,” said Six Flags Regional Vice President of Park Operations Chris Thorpe. “I am confident he will make an immediate, positive impact as we continue our work to emerge from the COVID-19 pandemic stronger than ever.”

Six Flags Entertainment Corporation is the world’s largest regional theme park company and the largest operator of waterparks in North America. WI keep the difference.

In other words, as explained by CNBC, if you short a $7 stock and it slides in price, and you buy it at $2, your profit is $5.

“However, if the price goes up, at some point, you still would need to finish the transaction – that is, you’d have to buy that stock to repay the brokerage. So, if that $7 stock rises, and you have to buy it at $10 to cover your short position, you’ve lost $3.”

The GameStop situation has opened eyes – including that of Black investors.

“What this means for the African American investor is that it shows the power of unity and a united front,” Christon’ The Truth’ Jones, the 14-year-old African American wunderkind investor from Baltimore.

“Showing that it is possible to take back the power from the Institutional investors like the big banks, and hedge funds. Because for years, the Wall Street investors have bet against the struggling GameStop, which has been a failing business ever since gamers began buying directly from the consoles,” Christon added.

“With the big Institutional investors on Wall Street betting against GameStop they were sure the game retailer would fail, and they would receive big payouts from betting against the retailer. All in all, it represents our ability to come together as a people and use our numbers, resources, and intellect to our advantage to break down the systems that have been put in place to oppress us.”

Film producer Jimmy Philémond-Montout of PHILEMOND LTD said the Reddit investors democratized World Street and Hedge Funds’ opaque world.

“What it means is that more African American investors will appear, thanks to the slew of information that is readily available online, not just the run-of-the-mill, textbook information but the gritty and dirty,” Philémond-Montout offered.

“We see this in many different avenues, and to me, that is the beauty of online message boards and the internet in general. Thorvald McGregor or Lawrence Lewis are credited with being the first registered African-American securities salesman in 1949.

“Harvey Thomas, Forrest Tomlinson, and George King were the first three African-American brokers to be hired by Merrill Lynch in 1965. Travers Bell and Willie Daniels established Daniels & Bell, Inc. in 1971, making it the first African American firm on the New York Stock Exchange.

“Now, thanks to Robinhood, Etoro, and TD, among others, everyone can be an investor. We have to read and learn to understand how it works fully, the good and the bad stuff, but we have access to the market. I think wild times are ahead in general, and that the Afro-descendant community has to take part in this.” WI @StacyBrownMedia

5 Richard Pretlow, new park president at Six Flags America and Hurricane Harbor waterpark in Bowie, Md. (Photo provided by Six Flags Entertainment Corporation) 5 Christon “Truth” Jones (Courtesy Baltimore Times)

4 GameStop store/ Courtesy Grossmount Center

What’s Cooking For Valentine’s Day?

Restaurants, Chefs Transform Dining Amid Pandemic

Lindiwe Vilakazi WI Contributing Writer

February marks yet another Valentine’s Day, however, this year, the national health pandemic is causing restaurants, and chefs alike to explore divergent celebratory dining options for local couples.

Community food favorites including Blue Dolphin, and various fine dining eateries are not able to present their annual entertainment for the love festivities per Maryland state, and District mandates.

“Our main concern is for our employees, and keeping them safe so they can stay employed,” said Blue Dolphin Seafood Bar and Grill Manager, Brian McCann. “I want people to feel safe and comfortable, as we will continue practicing safety protocols.”

Last year, the four-star restaurant presented a Valentine’s Day music special for guests, with an imitation of Luther Vandross singing classics for attending audiences. However, COVID operating restrictions have forced the business to cancel their scheduled plans, now accommodating only 50% capacity in respect to the latest mandates.

On Feb. 1, Gov. Larry Hogan lifted the 10 p.m. closing ban on bars and restaurants, allowing couples longer dining availability, but with one-hour sitting windows.

“Nom.”, a food entertainment company founded by Maryland business owner Tyler Lassiter, is hosting a bevy of meal-centered events for clientele across the D.C. metropolitan area to shake up the mundanity of life under COVID-19.

While Igloo dining has served as a trendy eating option in a few fine dining establishments, the business looks to bring a more personable experience to customers, providing underrepresented chefs with direct access to consumers, and a high-quality kitchen space to operate.

For Valentine’s Day weekend, the group is hosting a series of events for those seeking a personal chef experience beyond private dining, inclusive of a 5-course meal in the form of cooking classes where couples can learn, and enjoy great meals, virtual cooking classes, and several other presentations.

“The feedback has been overwhelming. I feel like people are connecting more with in-person experiences versus virtual. Our in-person experiences are booked and sold out, and people have requested their own private events,” said Lassiter. “Mostly “Nom,” is invite only, so you can work with us to create your own, and people are wanting that personal experience in their homes, or for us to provide the facility.”

The newly emerging business just so happens to be launching on Valentine’s Day weekend, hosting their premier events throughout the holiday weekend.

Amid the health emergency, local Washingtonians debate best practices for this year’s Valentine’s Day in consideration of the safety protocols needed to keep safe while enjoying their weekend plans.

“Honestly, this year I don’t have a Valentine, so I decided to book a private chef to come to my parents house to cook for them,” said Ernest Cowan. “But for myself, if I liked someone I probably would have done the same, just because I don’t like to go out for Valentine’s Day per se. I enjoy cooking, or booking a rental, or being out of town. Doing something different.” WI

Bowser Announces Program to Help Local Businesses Reduce Energy Costs

“District Buying Power” to Allow Opportunity to Leverage Purchasing Power by Joining Larger Groups

WI Staff Report

Mayor Muriel Bowser and the Department of Energy & Environment [DOEE] recently announced “District Buying Power” – a new program to allow local businesses to aggregate into larger buying groups, enabling them to lower their energy costs by taking advantage of bulk purchase prices.

“There is power in numbers. By allowing our businesses to form larger purchasing groups, we can even the playing field and help them save money on their energy costs,” Bowser said. “District Buying Power is another innovative solution that will provide much-needed financial relief to our small business community.”

By joining larger groups under District Buying Power, the D.C. business community will have access to a proven and effective way to get the best available pricing and contract terms, which typically are only available for large energy users.

BUSINESS Page 16

5 Tyler Davis (left) founder of NOM and Simone Clark share a laugh while participating in an in-person cooking class. (Photo courtesy Owen Hart)

THE DISTRICT OF COLUMBIA HOUSING AUTHORITY REQUEST FOR PROPOSALS (RFP) SOLICITATION NO.: 0002-2021 GENERAL LEGAL SERVICES

The District of Columbia Housing Authority (DCHA) requires qualified law firms to provide professional General Legal Services in connection with DCHA’s operations.

SOLICITATION DOCUMENTS will be available beginning Monday, February 8, 2021 on DCHA’s

website at www.dchousing.org under “Business” and “Solicitations”.

SEALED PROPOSAL RESPONSES ARE DUE ON OR BEFORE Monday, March 8, 2021 at 11:00 AM.

Email LaShawn Mizzell-McLeod, Contract Specialist at LMMCLEOD@dchousing.org with copy to business@dchousing.org for additional information.

INVITATION FOR BIDS Solicitation GAGA-2021-I-0015 DCIAA STUDENT ATHLETICS AND STAFF TRANSPORTATION SERVICES DISTRICT OF COLUMBIA PUBLIC SCHOOLS OFFICE OF CONTRACTS AND ACQUISITIONS

The District of Columbia Public Schools (DCPS), Office of Contracts and Acquisitions (OCA), on behalf of the Athletics Department is soliciting bids from prospective bidders to provide transportation services for the students and staff of DCPS that are participating in a full range of organized athletics program through the District of Columbia Interscholastic Athletic Association (DCIAA).

Solicitations will be available to download on Friday, February 12, 2021 D.C. 20002, between the

hours of 10:00 a.m. and 3:00 p.m. Monday through Friday. This solicitation may also be downloaded from the OCA website delineating all the details of the solicitation at: http://dcps.dc.gov/DCPS/About+DCPS/Doing+Business+with+DCPS/Procurement.

Bids will be accepted at DCPS/OCBO on Thursday, February 25, 2021, no later than 1:00 p.m. at the address indicated above.