GME - Meme Stock Surge 'Bothers' Former SEC Chair As GameStop AMC Shares Rise Nearly 80% On Tuesday: 'A Lot Closer To Gambling…Certainly Not Investing' | Benzinga
Jay Clayton, the former chair of the Securities and Exchange Commission (SEC), has voiced his apprehension regarding the recent surge in GameStop Corp. (NYSE:GME) and AMC Entertainment Holdings Inc. (NYSE:AMC) stock prices.
What Happened: Clayton, in an interview with CNBC on Friday, expressed his concerns about the recent surge in the stock prices of GameStop and AMC. The former SEC chair suggested that the recent stock surge is more akin to gambling than trading or investing.
“It bothers me. It bothers me on many levels…It is a lot closer to gambling than it is to trading and certainly not investing,” Clayton said in the interview.
He also questioned the validity of social media posts, particularly tweets, as investment advice.
“Is a tweet really investment advice? I think we’ve learned the last five, six, seven years that ...