The federal reserve is responsible for more than 90% of stock market movement over the past 10 years.
But this isn't any stock market movement, it's a very risky price action for both sides, and as far as I'm aware, the Fed has never been caught red-handed organizing short squeezes and other risky strategies.
And such things are definitely possible without the Fed, the infamous Martin Shkreli organized similar event in 2015 and later went to prison for financial crimes. When he did it, he wasn't some billionaire elitist part of the 1% of the 1%, just some CEO and trader.