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Shares of video game retailer GameStop Corp surged nearly 700% over the past week as retail investors piled in to the stock, appearing to be urged on by bullish posts in popular online forum Reddit as opposed to any fundamental changes in the company's finances or prospects.
Updated:
January 28, 2021 20:13 IST
U.S. law bars the dissemination of false or misleading information with the aim of manipulating investors into buying or selling securities
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The GameStop saga has again shone a spotlight on low-cost retail trading platforms which have allowed millions of ordinary Americans to trade stocks.
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U.S. law bars the dissemination of false or misleading information with the aim of manipulating investors into buying or selling securities
Shares of video game retailer GameStop Corp surged nearly 700% over the past week as retail investors piled in to the stock, appearing to be urged on by bullish posts in popular online forum Reddit as opposed to any fundamental changes in the company s finances or prospects. GameStop s interstellar surge has sparked calls for regulatory scrutiny. Why?
Elon Musk accuses Discord of going corporate after it bans Reddit group that is boosting Gamestop stock
WallStreetBets – a community of young retail investors - was purged from messaging service Discord after they were tied to price surges on Wednesday
Musk tweeted: Even Discord has gone corpo…
WallStreetBets Reddit page has seen millions of new members arriving in recent days after Musk posted a link to the group on Twitter, writing: Gamestonk!!
But such are the fears over the viral investing, Joe Biden s White House staff are monitoring the situation - as is the Securities and Exchange Commission
Robinhood on Thursday halted the ability to purchase new shares of GameStop
Also stopped purchase for AMC, Nokia, Bed Bath & Beyond, BlackBerry, Express
In some cases Robinhood sold off shares without permission from the user
The move drew outrage from Reddit users who had driven share prices up
Both parties in Congress joined the outcry, as well as Dave Portnoy and Ja Rule
Senate Banking Committee planned hearings to investigate the matter
GameStop had surged more than 1,700% percent this month in short squeeze
But shares sank 44% on Thursday after Robinhood banned buying shares
The struggling company runs a chain of video game stores across the country