The Anonymity Of Redditors Who Discussed GameStop Stock Will Likely Be Protected By The First Amendment
GameStop, the video game retail chain, saw its stock rise as much as 1,800% in January 2021 after fans, who believe the stock was unfairly devalued by large investors, championed the stock’s purchase.
Because WallStreetBets, an online group on the social news platform Reddit, generated intense interest in the stock, some financial experts have speculated as to whether the group engaged in market manipulation – that is, engaging in deceptive speech or stock purchasing tactics to artificially inflate the price of a stock.
Experts also wonder whether the commission-free investment app Robinhood engaged in improper behavior when it restricted buyers’ ability to purchase GameStop shares, resulting in their subsequent decline.
As a law professor who teaches classes on the First Amendment, I f...