Nokia investors took a ride Wednesday, to put it mildly.

After months of inaction at around $4 per share, the telecom equipment maker's stock suddenly doubled in value to $8 per share amid massive trading. The company's stock hasn't seen those levels for almost a decade.

Why? Nokia pleaded ignorance.

"Nokia is issuing this stock exchange release to comment on recent trading activity of its stock," the company said in a statement Wednesday afternoon. "Nokia is not aware of any material, undisclosed corporate developments or material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in the market price or trading volume of its shares."

What's probably happening is that Nokia's stock has been dragged into a widening battle between individual investors rallying on social media and professional hedge fund managers. According to a number of reports, the situation appears to trace its origins to users of social media site Reddit buying stock in GameStop, a video game retailer. GameStop's stock has risen from a few dollars per share earlier this month to over $300 per share in trading Wednesday.

Other companies that have been embroiled in the upheaval include AMC Entertainment and BlackBerry.

The financial mechanics involved are complex, but likely have little to do with the actual businesses of the companies involved. Indeed, the reason that Nokia is involved in the excitement probably has more to do with the fact that it used to sell phones, like BlackBerry, than its recent restructuring or its embrace of open RAN.

But the financial implications are very real. For example, hedge fund manager Gabe Plotkin told CNBC he had to raise $2.75 billion due to his position in GameStop.

There may be little that can be done. Some trading platforms have slowed or halted trading, and the Biden administration is "monitoring the situation," but stock tips obtained through social media aren't necessarily illegal.

"Regulators kind of have to catch up with the technology that's now available," Nasdaq CEO Adena Friedman told CNBC on Wednesday.

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— Mike Dano, Editorial Director, 5G & Mobile Strategies, Light Reading | @mikeddano