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Friday, October 22, 2021
HomeTechnologyA Reddit user pumping up GameStop’s stock price was sued

A Reddit user pumping up GameStop’s stock price was sued

The movement from Reddit on the stock exchange caused huge chaos at the end of January 2021, when users of the social site bought a large number of GameStop shares in concert, suddenly increasing its value.

In support of each other on WallStreetBets , people also shorted GameStop and AMC shares, which resulted in, among other things, some stock market applications, such as Robinhood, restricting

The case is currently underway, with Reddit co-founder Robinhood founder and Reddites leader Keith Gill taking part in a virtual hearing. Gill, on the other hand, will also have to defend himself on the other hand, as he has been sued on behalf of Hagens Berman Law Office for market manipulation.

According to Gill . According to a user active on Redditen Roaring Kitty , this is not the case and has stated that he has not encouraged anyone to buy or sell shares in his own interest.

He added that that it does not belong to any group that would manipulate the price of individual shares, or that it worked solely on the basis of public information, has no insider relationship with GameStop. The market value of GameStop has fallen significantly since then.

The court hearing will be available live on YouTube tonight from 6 p.m.:

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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