Sam Thielman: Redditors took on hedge funds over GameStop and AMC Theatres stock and won. So what now?

It’s somewhat questionable whether what the Redditors did is strictly legal, and Nasdaq has already vowed to halt trading on any stock linked to what it is terming unusual social media activity. On one hand, unlike what Melvin (and many other hedge funds) do, what the Redditors did was all done out in the open. On the other hand, if people who worked for an investment firm stated their intent to change the price of publicly traded stocks by buying them in specific ways, they would probably have gotten into trouble with financial regulators.

But the Redditors aren’t an investment company, and their actions don’t appear to be a pump-and-dump scheme that would allow regulators to get involved; they’re a motley crew, of course, but some truly appear to believe in GameStop. A year ago, they even joked about the subreddit’s formally acquiring the company by purchasing common shares; now some of the users are talking about that possibility a little more seriously.

via www.nbcnews.com

Heh.