Bloomberg(Bloomberg) — A retail investor buys shares in a small company, touts his position on social media and inspires a horde of followers to do the same.
The stock price goes to the moon — before crashing back to earth.It’s an all-too-familiar tale to anyone watching the market in 2021, but this wasn’t GameStop Corp.
“People don’t know the rules.”Calls and direct Twitter messages to Yamada went unanswered.
The Securities and Exchange Surveillance Commission, Japan’s market watchdog, wasn’t immediately available to comment.
Their intention was to keep the share price below a certain level to ensure restrictions on new margin trades on the stock were lifted, the reports said.