Kenneth “Destiny” Bonnell had a blowout argument with TheStockGuy on a recent Twitch stream.
TheStockGuy was brought in as a guest to talk with Destiny about the wackiness surrounding GameStop stock. What was initially shaping up to be some idle chit chat about the news of the day got progressively terser before erupting into a bitter argument.
After discussing RobinHood, a trading app that had controversially prevented users from buying GameStop stocks, TheStockGuy snapped at Destiny for seemingly accusing him of pedaling in conspiracy theories over why this decision was made. Destiny fired back by implying that TheStockGuy was oversimplifying the situation and helping to pump up a bubble that would inevitably burst and leave retail traders who jumped in late at a loss.
Things turned personal from there. After TheStockGuy stated he was looking to educate new viewers about finance and economics, Destiny questioned his sincerity and sparked a heated back-and-forth between the two.
The call between the two lasted for an hour before they split. After the call ended, Destiny stated TheStockGuy was “so fucking mad and defensive and insecure,” and questioned why they had such a blowout.
Destiny’s forays into talking about world news have a tendency of going off the rails, with many spiraling off into bickering. Worse, last year he lost his Twitch partnership for wishing that people protesting for racial justice would get “mowed down” by “redneck militia dudes.”
Why is Destiny talking about GameStop?
GameStop has been one of the hottest topics in news over the last few days. The game retailer’s stock has exploded in value, jumping from about $4 per share in early 2020 to trading for well over $400 at points throughout the week, with struggling mobile device manufacturer BlackBerry and movie theater chain AMC Entertainment also experiencing sudden jumps.
The surge in GameStop’s stock price stems from its popularity in the short-selling market. Short selling typically sees finance companies borrow stocks they’re expecting to dip in value, sell them, buy them back at a lower price, return them to the lender, and then pocket the difference. Users of Reddit forum WallStreetBets keyed into this and profited off of the practice by driving up the value of GameStop. While some made millions of dollars, GameStop’s shaky future as a video game-focused retailer means that this is likely a bubble that will eventually pop.
Reaction to this phenomenon has varied wildly, with some viewing it as an inspiring David vs. Goliath story while others label it as a fraudulent scheme. The ties to Reddit and the game retailer have made this a wild ride, and one that could lead to big changes on Wall Street.