Article: Want to Make $1 Million? Market Manipulation Is Back! (Thanks to Social Media)

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Want to Make $1 Million? Market Manipulation Is Back! (Thanks to Social Media)

Thomas Yeung, 16 July 2021

When Keith “Roaring Kitty” Gill announced he was buying GameStop (NYSE:GME) shares and options on Reddit’s r/WallStreetBets, regulators might have considered his outrageous claims as parody — speech protected by First Amendment rights. Who could take $20 calls on GME seriously when the stock was trading at $5?

Since then, other social media forums have blurred the lines between satire and intentional deception. This week, shares in SCWorks (NASDAQ:WORX) doubled after traders on Discord and Twitter banded together to push prices higher. MINM, DTSS and an alphabet soup of other small-cap stocks have followed the same path Continue reading “Article: Want to Make $1 Million? Market Manipulation Is Back! (Thanks to Social Media)”

Author: Jordan Belfort

Author, People

Jordan Ross Belfort  (/ˈbɛlfɔːrt/; born July 9, 1962) is an American author, motivational speaker, former stockbroker, and convicted felon.

In 1999, he pled guilty to fraud and related crimes in connection with stock-market manipulation and running a boiler room as part of a penny-stock scam. Belfort spent 22 months in prison as part of an agreement under which he gave testimony against numerous partners and subordinates in his fraud scheme. Continue reading “Author: Jordan Belfort”

Article: ‘Wolf of Wall Street’ Jordan Belfort Lauds ‘Brilliant’ Stock Revolt: ‘This is a Paradigm Shift’

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Yael Halon | 21.02.02

“My hat’s off to them…it’s brilliant what they did.” — Jordan Belfort

The share price of video game retailer GameStop surged dramatically last week after a group of Reddit users teamed up to buy up the struggling retailer’s call options – hurting market short sellers.

“I believe this is a paradigm shift right now,” Belfort, who spent 22 months in prison after pleading guilty to charges of securities fraud and money laundering, told host Tucker Carlson.

Continue reading “Article: ‘Wolf of Wall Street’ Jordan Belfort Lauds ‘Brilliant’ Stock Revolt: ‘This is a Paradigm Shift’”