Senator Elizabeth Warren called for an SEC investigation into Reddit posts and other entities, according to a letter she sent to the Acting Chair of the SEC.
After Redditors discovered large hedge funds had shorted massive quantities of GameStop ($GME), retail investors bought $GME in a frenzy, sending it surging 600%, and causing hedge funds to lose approximately $5 billion dollars. Popular investment platforms such as Robinhood responded by halting the ability of investors to freely purchase more shares, making their only option to sell.
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