New SEC Chief Says Rules Need to be Updated to Counter Social Media Manipulation of Markets

Gary Gensler, the new SEC chief in a recent interview with CNBC talked about the need of updating regulations to counter the growing trend of social media manipulation of financial markets. The social media frenzy started this year with the GameStop short squeeze where a Reddit group by the name of wallstreetbets, that led to the skyrocketing of $GME stock Price and billion in liquidation in a short position. Gensler during the interview said,