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Aussie Reddit traders shut down 'short squeeze' plot

The Australian version of the Reddit forum at the centre of the GameStop trading frenzy is cracking down on local attempts to organise a similar ‘market play’. ....

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Gamestop shareprice surge: Retail investors warned on overhyped Reddit stocks

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Professional money managers are warning retail investors the Reddit-fuelled rush into unloved tech stocks such as GameStop will end in tears, amid fresh signs the euphoria that has lifted share prices to stratospheric levels is spreading to Australia.
Shares in GameStop, the NYSE-listed video games retailer, surged 92.7 per cent in Tuesdayâs session as day traders on the Reddit forum Wallstreetbets continued their quest to inflate the stock, fuelled by attention from prominent entrepreneurs including Elon Musk.
US regulators are likely to scrutinise the quadrupling of GameStop Corp.âs shares over the past two weeks.
Credit:AP
But fund managers warned Australian retail investors should tread carefully because share prices will inevitably come back down to earth. âAs much as anything itâs just important to realise this is unusual behaviour and unlikely to end well,â said technology portfolio manager at Platinum Asset Manage ....

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