![]() ![]() In his long-awaited report he concluded that the GameStop rally was not the result of illicit activity and did not make any policy changes, although he highlighted issues of concern Gary Gensler, the chair of the SEC, is pictured testifying before Congress on September 14. It added that hedge funds buying up shares in a bid to minimize losses were not largely-responsible for the price surge. ![]() The report also confirmed that most of the trades were made by retail traders - people who buy shares for themselves. Questions were asked as to whether illegal acts were part of it, but on Monday the SEC said it was legitimate trading, and that the markets were shaken but withstood the pressure. ![]() The Securities and Exchange Commission have spent months investigating the GameStop phenomena, that saw shares in the gaming stores rocket from less than $20 on January 12 to $483 on January 28, and released its 45-page report on the incident on Monday.ĭriving each other on on a chatroom forum called WallStreetBets, the so-called ' Reddit rally' saw shares of GameStop surge 400 per cent in a week, before crashing back to pre-surge levels. GameStop's wild ride on the markets earlier this year was the result of an internet-fueled frenzy of investors, rather than nefarious activity, financial regulators ruled on Monday. ![]()
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