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media captionAOC calls the GameStop saga a weird collision of social forces and economic factors
Regulators have fired warning shots over frenzied share dealing in GameShop and other firms fuelled by social media chat on sites like Reddit and Facebook.
Watchdogs in the US and UK said they were monitoring activity and potential lawbreaking, and warned traders they risked facing huge losses.
Traders should ensure they are familiar with all rules, including market abuse , the UK s regulator said.
GameStop is the focus of a trading war between amateurs and Wall Street pros.
media captionWATCH: What s been going on at GameStop?
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Just weeks before Elon Musk became the richest person in the world thanks to the soaring value of Tesla shares, the eccentric billionaire reflected on the fickle nature of the public markets.
“The stock market is a strange thing,” Musk said in an interview with Business Insider in December. “It’s like having a manic depressive who’s constantly telling you how much your company’s worth. And sometimes they have a good day, and sometimes they have a bad day, but the company is basically the same. The public markets are crazy.“
“The public markets are crazy.”
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This post originally appeared on Grist. Grist is a nonprofit news agency working toward a planet that doesn t burn and a future that doesn t suck. Sign up to receive Grist s top stories in your inbox.
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