Users of an online forum cost Wall Street elites billions this week when they short squeezed GameStop stock and sent shares soaring, disrupting a stock trend hedge funds were heavily invested in. Trading platforms restricted stock buys in response, creating a public outcry that has prompted a Congressional probe into abusive stock market practices, and raised questions about a conflict of interest in the White House.
Here’s what you need to know about the controversy:
The post How a Reddit Subgroup Disrupted the Stock Market and Wall Street Elites Tried to Stop Them appeared first on American Action News.
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