EU's ESMA: Retail investors shouldn't base investment decisions on social media info

In a statement on Wednesday, the European Securities and Markets Authority (ESMA) said retail investors should be wary of taking investment decisions based only on information from social media and unregulated platforms, as reported by Reuters.

"Organising or executing coordinated strategies to trade in certain conditions to move a share price could constitute market manipulation," ESMA added.

Market reaction

This statement doesn't seem to be having a noticeable impact on market sentiment. As of writing, the Euro Stoxx 50 Index was down 0.2% on the day at 3,718.