FT News Briefing Reddit traders eye silver, Republicans float smaller relief bill, Mance talks to Bellingcat founder
Feb 1, 2021
Amateur traders from Reddit shift their focus to silver markets after the GameStop frenzy, raising questions about market manipulation. Meanwhile, Republican senators propose a $600 billion stimulus deal, significantly smaller than the president's plan. The founder of Bellingcat shares insights on combating misinformation and the challenges of investigative journalism. They discuss the group's innovative methods and notable cases like the MH17 tragedy, highlighting Bellingcat's impact in challenging official narratives.
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Reddit Traders' Impact
- Retail traders on Reddit significantly impacted GameStop's stock, targeting short-sellers.
- They then shifted focus to silver, causing a surge in silver prices and related mining firms.
Legal Ramifications
- Legal experts believe it's unlikely Reddit traders will face prosecution based on current information.
- Coordinated buying isn't manipulation unless there's deception involved, which hasn't been evident so far.
COVID-19 Relief Proposal
- Republican senators proposed a $600 billion COVID-19 relief package, significantly smaller than Biden's.
- The Republican plan offers smaller paychecks to fewer Americans, and excludes a minimum wage increase.