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Note: I am not invested in HTZ or GME. This is not investment advice and is in no way to be construed as investment advice.


Websites like r/wallstreetbets can cause herd investments in various stocks.

This is not unique to WSB and also exists anywhere stocks are discussed publicly (twitter has many accounts touting investment ideas).

Recent examples being Hertz and Gamestop:

Are the websites, and the advice they "appear" to give, illegal? Is this market manipulation or could one be accused by posting on these websites as a "market manipulator"?

Or, are the websites fully legal and are just "opinions" that others reading can construe in any way they want.

I am reminded of SEC vs Lebed:

Thank you for your interpretations


Edit Coincidentally, this article just came out:

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  • Legal analysis of market phenomena like WSB is really interesting, but this question is potentially too broad. It might help to limit it to a particular jurisdiction (eg. US federal securities law) and hypothetical person/activity (eg. holder of stock XYZ encouraging other people to follow the same strategy on a public forum). – sjy Jan 27 at 23:50
  • I am adding a U.S. and SEC tag as that appears to be the intent of the question. Without answering the question, I would note that the line between general discussion of the markets and illegal securities activities it a fine one and that there are colorable arguments both ways that could be quite dependent upon fine factual details. – ohwilleke Jan 28 at 17:35
  • @ohwilleke Thanks I didn't see that tag. – jason m Jan 28 at 19:16

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