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> Plenty of WSB posts with multi million positions. This is interesting. I wonder what percent of outstanding shares of $GME WSB commenters collectively own an
by elliekelly 6y ago
> Plenty of WSB posts with multi million positions.
This is interesting. I wonder what percent of outstanding shares of $GME WSB commenters collectively own and whether the SEC could make the case they're operating as a "group" for disclosure purposes.
- criddell 6y agoWhat is there to disclose when the group is entirely open for anybody to see?
- teruakohatu 6y agoWhen the SEC requires reddit to disclose Private Messages?
- krustyburger 6y agoNot sure if you’re serious, but there may be much more to the subreddit than meets the eye and regulators would probably be interested in: 1. Back channel communications and coordination between users. 2. User identities, including how many participating Reddit accounts are operated by the same individuals as alt accounts.
- criddell 6y agoOh, right. I never thought about those possibilities. They probably should investigate that stuff.
- andoriyu 6y agoIt's all complicated and up to interpretation to be honest. Basically, doing any effort to raise stock price beyond it's "proper" price in a coordinating way is a violation. Proving it is an entire another thing. I doubt this is what happening right now. I would like to see anyone trying to prove that ":rocket::rocket::rocket: GME to 1000" counts as such. However, liability like that is why AMC is forbidden to mention in r/WSB by its name. It's easy to pump and dump that ticket. This is why many "Let's take over this company with small market cap" threads were removed back in a day.
- elliekelly 6y agoThe % of outstanding shares controlled by a group acting in unison.
- shironandon 6y ago/r/wallstreetbets is private now.
- wcchandler 6y agoI wonder if that was an administrative decision. Browsing to it directly constantly errors out and when browsing /r/all it doesn’t show up. They complained to the mods about limiting comment threads. I wonder just how taxing this activity is on their servers.
- criddell 6y agoLooks like it's back open again.
- pinky1417 6y agoI don't even think the SEC would have to characterize the WSB commenters as a group, merely that "alone or with 1 or more persons" they caused trades that increased GME's price and that their goal was to cause others to buy/sell the stock. The real question is why wouldn't the SEC get involved! 15 U.S. Code § 78(i)(a)(2) - Manipulation of security prices [It shall be unlawful...] ...to effect, alone or with 1 or more other persons, a series of transactions in any security registered on a national securities exchange, any security not so registered, or in connection with any security-based swap or security-based swap agreement with respect to such security creating actual or apparent active trading in such security, or raising or depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others. https://www.law.cornell.edu/uscode/text/15/78i https://www.law.cornell.edu/uscode/text/15/78i