Reddit has not been contacted by authorities over social media-driven stock surges

Business

Social media company Reddit has not been contacted by authorities over stock surges driven by a message board on the platform, a spokeswoman said on Wednesday.

Spurred by the Reddit stock trading discussion group Wallstreetbets, shares of GameStop and AMC Entertainment Holdings soared for a fourth day running, sparking calls for scrutiny of the social media-driven trading frenzy.

“Reddit’s site-wide policies prohibit posting illegal content or soliciting or facilitating illegal transactions. We will review and cooperate with valid law enforcement investigations or actions as needed,” the spokeswoman said in a statement.