Tag: Congress

US Congress Plans Hearings on GameStop Market Pumps
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US Congress Plans Hearings on GameStop Market Pumps

Congress plans to hold hearings on short sellers, digital trading platforms and WallStreetBets pumping GameStop stock 25-fold.The price of GameStop ($GME) stock nearly hit $500 per share on Thursday, after a week of meteoric rises instigated by users of the WallStreetBets community on Reddit and bolstered by other retail traders.These everyday traders forced a GME short-seller to close its position and accept a loss of billions of dollars, suggesting that Wall Street doesn’t quite have a monopoly on controlling the stock market. On Thursday, Robinhood and other retail trading platforms suspended purchases of GameStop, as well as AMC and other shares pumped by WallStreetBets in recent days.The question now is how the U.S. government will react. As of Thursday afternoon, mu...