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David Nathanson remembers the moment when the frenzied and risky world of day trading took hold of him. While working at home in late January during the pandemic, his phone lit up with a text from a friend: “Look what’s happening with GameStop!”
The 30-year-old software account exec from Brooklyn, N.Y., wasn’t totally new to investing when the troubled video game retailer became an overnight sensation earlier this year, going from a brick-and-mortar Wall Street laggard to a white-hot “meme” stock. In March 2020, to ward off lockdown boredom and stay connected to friends who were trading stocks on investing apps, he signed up with a discount broker.
Volkswagen of America says its Voltswagen name change was merely a joke in the spirit of April Fools Day to promote a new electric car. But even if it was meant as a lighthearted marketing gag, the move could land the carmaker in some serious trouble.
The situation may have put the company at risk of running afoul of US securities law by wading into the murky waters of potentially misleading investors. This is not the sort of thing that a responsible global company should be doing, said Charles Whitehead, Myron C. Taylor Alumni Professor of Business Law at Cornell Law School.
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