Reddit group WallStreetBets behind large GameStop, AMC calls develop into personal, invitation required
Rafael Henrique | SOPA Pictures | LightRocket via Getty Images
The Reddit chat room “Wallstreetbets”, in which private investors compete against short sellers, was privatized on Wednesday evening and restricted access to outsiders.
“You need to be invited to visit this community,” the site says. Forum members exceeded three million on Wednesday.
The community gathered an army of rookie day traders who were heavily shorting, pushing stock prices higher, and crowding out short selling by hedge funds. GameStop, a popular Wallstreetbets destination, saw its shares rise more than 400% this week alone. The brick and mortar video game retailer has soared a whopping 1,700% as retailers continued to encourage each other to stack.
Another hot topic in the chat room, AMC Entertainment, surged more than 300% on Wednesday alone, posting its highest volume ever.
A Reddit spokesperson said “wallstreetbets” presenters are putting the community on private.
“Reddit’s website-wide guidelines forbid posting illegal content or soliciting or facilitating illegal transactions,” the spokesman said. “We will review and work with any valid law enforcement investigation or action as necessary.”
The social platform Discord banned the “wallstreetbets” chat room on Wednesday.
“The WallStreetBets server has been on our Trust & Safety team’s radar for some time as content occasionally violates our community guidelines, including hate speech, glorifying violence and the spread of misinformation,” a Discord spokesman said in a statement.
“In the last few months we have issued several warnings to the server administrator. Today we decided to remove the server and its owner from Discord in order to continue to allow hateful and discriminatory content after repeated warnings,” added the spokesman.
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