Reddit post causes AMC and GameStop shares to soar; Biden Administration faces second lawsuit

The Biden administration is facing another lawsuit, this time over an executive order halting oil and gas leasing on federal lands. The lawsuit argues that the administration’s suspension of the federal oil and gas leasing program is “an unsupported and unnecessary action that is inconsistent with the Secretary’s statutory obligations” and is “both arbitrary and capricious.”

Six state attorneys general are warning President Biden not to overreach his authority. They say if he does, it won’t go unchallenged. They say although they stand ready to help the new administration – they will take legal action if it does anything unconstitutional or goes beyond its authority. The Republican AGs who put Biden on notice are from West Virginia, Arkansas, Indiana, Mississippi, Montana, and Texas.

It seems Reditters took things into their own hands against Wall Street. GameStop and AMC shares are soaring, hitting record highs. Even Tesla CEO Elon Musk weighed in. Establishment players appear to view the GameStop rush as misguided if not malicious. But small investors seem to view it as a form of revolt as they see institutional Wall Street as unfairly playing the market to its advantage and their disadvantage.

Tune into Deep Dive as we explore these topics and more.