SEC reportedly probing whether fraudulent social media posts boosted GameStop
The Securities and Exchange Commission is looking into whether misinformation posted on social media was used to boost the stocks of GameStop and AMC, according to Bloomberg. The commission is also said to be reviewing trading data as part of its probe into potential market manipulation.
This inquiry comes a week after shares in GameStop and AMC, among other companies, were sent soaring, largely thanks to support from Reddit’s r/WallStreetBets community. The community is ostensibly composed of small-time, amateur traders, but there’s been speculation as to whether some of the members of the community — which describes itself as “like 4chan found a Bloomberg terminal” — may in fact have been professional investors looking to capitalize on…