Business

GameStop situation unlikely in France, says market regulator

PARIS (Reuters) – France is unlikely to see a situation similar to the volatile trade in shares of U.S. video games retailer GameStop, the head of France’s AMF market regulator said on Friday.

“It is improbable in France and Europe, but it is a situation to which we have to pay close attention,” AMF head Robert Ophele told Boursorama TV.

Investors who followed popular Reddit forum WallStreetBets helped push GameStop shares to a closing high of $347.51 on Jan. 27 as part of a strategy to squeeze hedge funds that had taken short positions on the stock.

GameStop shares have since tumbled back to near $50 a share.

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)

Read the original article on Business Insider

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