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Reuter reports that “regulators may look at GameStop’s retail inventory spike due to Reddit.” In other words, the wrong people made money.
The United States Securities and Exchange Commission said in a statement Wednesday that the agency was “actively monitoring” market volatility without providing details. The Southern District of New York, which may have jurisdiction over a criminal case, declined to comment.
The wild swings in GameStop’s stock have led the New York Stock Exchange (NYSE) to halt the company’s operations several times this week. But lawyers said there was enough confusion in the market to warrant a longer suspension.
Massachusetts state regulator William Galvin on Wednesday called on the NYSE to suspend GameStop for 30 days to allow for a cooling off period. “It’s not investing, it’s gambling,” he told Reuters in an interview. “It’s obviously artificial.”
[Image by Dwight Burdette – Own work, CC BY 3.0]
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