Robert F. Kennedy Jr., an independent presidential candidate, said he had invested $24,000 in the meme stock GameStop to demonstrate his support for individual investors rather than big institutional funds.
Kennedy stated that the $24,000 worth of stock came from his legal action against Monsanto, an agricultural company based in St. Louis.
In the 2018 verdict, it was determined that Monsanto's actions regarding genetically modified organisms, pesticides, and herbicides were deemed negligent. Kennedy, a lawyer involved in the case, secured a significant settlement of almost $300 million.
Kennedy Jr. Expresses Solidarity With Retail Investors
In a post on X, Kennedy Jr. assured his government would back the Ape retail uprising and implement strong Wall Street reforms.
"To match action with words, I just invested $24,000 in GameStop," he added.
These individual or retail investors refer to themselves as "apes" to dispel the moniker "dumb money" that Wall Street had given them. They were instrumental in the wild price surges in 2021 for the faltering video game retailer GameStop stocks and the AMC movie theater chain.
According to CNBC, apes wanted to defy the gloomy predictions of Wall Street experts about the firms' futures, which was a driving factor.
Last week, following the long-awaited return to the internet of "Roaring Kitty," the guy responsible for the 2021 GameStop craze, investors momentarily rekindled the meme stock fad.
Kennedy Jr. is targeting indecisive voters with a borderline political brand that may appeal to meme stock investors opposed to the mainstream.
GameStop's shares experienced a 4.4% decline on Tuesday, although there was a temporary uptick when Kennedy made his announcement at 12:26 p.m.
Kennedy, who declared his bid in October, has made bold commitments to addressing the actions of institutional investors, particularly focusing on what he refers to as "unscrupulous private-equity practices."
In addition, he mentioned his intention to direct the National Economic Council to explore potential strategies for separating corporate and state authority.
I’m very aware of what the average retail investor has been saying about the need for greater transparency in our markets, stronger regulatory oversight and tougher penalties for market manipulation and criminal behavior. My administration will support the Ape retail rebellion… pic.twitter.com/pjDgeSUXcY
— Robert F. Kennedy Jr (@RobertKennedyJr) May 21, 2024
Join the Conversation