Schwab reports GME stock price above $40,000 in latest glitch

In a strange turn of events, retail investors are raising concerns (and excitement) over yet another GME stock glitch report by broker Charles Schwab.

The latest GameStop price glitch, shared by @Malone_Wealth on X, shows a mobile notification from Schwab detailing GME’s price alert.

“GME price alert — Last is above $40000”, the notification read.

A second alert shows GameStop’s stock price rose above $150 as well, leaving investors pondering on why the ticker has had these discrepancies quite frequently.

“@CharlesSchwab — Isn’t this malpractice and negligence? Why do you think this is okay?

Or is it real price action you are suppressing,” posted on user on X.

Another user believes one of two things could have triggered Charles Schwab to make these reports.

“I came from an IT background and I can tell everybody that this just doesn’t happen on it’s own.

Behind the scenes at Schwab is their “engine” and sending alerts is hard coded into their software to alert investors.

The only way this happens is if somebody messed with that code nefariously or they had some type of new software that was installed and interfered with their alert system.

They need to tell investors which it was,” they stated.

According to the New York Stock Exchange, GME stock is trading at $27 per share at the time of this writing.

While these type of glitches have become all too common now with GameStop, it leaves retail investors speculating the possibility and illegal role of naked short selling.

Recently, the SEC rejected a FOIA request for missing GameStop FTD data from an investor who posted on Reddit the entire process leading to the agency’s decision.

The SEC claimed that releasing the data could cause foreseeable harm.

This is particularly frustrating to the retail community, as the SEC routinely publishes similar FTD data.

FTDs happens when the seller fails to deliver the shares they promised to sell within a specific time frame.

In the context of naked short selling, if someone sells shares they don’t have, they might not be able to deliver those shares on time, leading to an FTD.

When there’s a lot of naked short selling, it often leads to a higher number of FTDs, which can indicate market instability or manipulation.

The lack of transparency from the SEC regarding FOIA requests related to GameStop FTDs raises significant concerns.

Even more troubling is the question of whom and what interests are being protected by this withholding of information.

But I’m curious to know what you think — leave your thoughts below.

Read Daily Market News for more news and developments like this.

Follow Frank Nez on X for community insights.

Check out: Pro Forma Invoice Receipt Template

---