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Clover Health rides Reddit-fueled ‘meme stock’ wave amid record-high trading volume

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Reuters

Clover Health shares surge as ‘meme stock’ rally expands

Traders had exchanged more than $14 billion worth of Medicare-backed insurance seller Clover Health shares by the close, eclipsing the company’s overall stock market value of about $9 billion. Clover Health shares, which closed up 85.8% at $22.15 after earlier hitting a record high of $24.93, had the highest trading volume on U.S. exchanges Tuesday. The “meme stock” phenomenon, which began with video game retailer GameStop Corp in January and spread to cinema operator AMC Entertainment Holdings Inc in May, has prompted the U.S. Securities and Exchange Commission to say it was looking into signs of market manipulation.

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