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GameStop GME Skyrockets 120% Pre Market to a New Local High

by Sham
May 14, 2024
in BUSINESS, FINANCE
Reading Time: 3 mins read
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  • Jay Clayton, the former chair of the Securities and Exchange Commission (SEC), expressed concerns about the recent surge in GameStop (GME) and AMC Entertainment (AMC) stock prices, suggesting it is more akin to gambling than investing.
  • Clayton questioned the validity of social media posts, particularly tweets, as investment advice.
  • The surge in GameStop and AMC stock prices has sparked a debate within the financial community, with some viewing it as a speculative wave driven by retail investors coordinating through online platforms.

The former chair of the Securities and Exchange Commission (SEC), Jay Clayton, has recently voiced concerns over the latest surge in meme stocks like GameStop and AMC. He suggested the trading frenzy resembles gambling more than investing.

ICYMI: GameStop $GME was up 120% pre market today 😳

— BlockNews.com (@blocknewsdotcom) May 14, 2024

Clayton’s Comments

In an interview with CNBC, Clayton expressed apprehension about the sharp rise in GameStop and AMC stock prices. He said the meme stock resurgence is “a lot closer to gambling than it is to trading and certainly not investing.”

Clayton also questioned the validity of investment advice on social media platforms like Twitter. “Is a tweet really investment advice? I think we’ve learned the last five, six, seven years that a tweet is really never investment advice,” he stated.

Reasons Behind Concerns

The meme stock phenomenon first gained attention in early 2021 when retail investors coordinated on Reddit to push up prices of stocks like GameStop and AMC.

Financial experts have called the latest meme stock surge speculative and unpredictable. They warn it carries significant risks for retail investors.

Meanwhile, some believe the rally will continue with GameStop and AMC potentially benefiting by raising capital through stock offerings.

GameStop and AMC Stock Action

On Tuesday, GameStop stock soared 147% and AMC jumped 121% in pre-market trading, continuing the meme stock frenzy.

Conclusion

The return of the meme stock craze has sparked debate around the risks for retail investors. While some see it as a speculative mania, others believe the rally still has room to run. The surge reflects the unpredictable nature of meme stocks driven by social media hype.

Tags: AMCGameStopGMEJay ClaytonSecurities and Exchange Commission
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