Reddit intervened to stop a ‘hostile takeover’ of r / wallstreetbets from a group of moderators who allegedly tried to earn a movie deal.
Behind the scenes, a power struggle for control of r / wall regions erupted on Wednesday when the forum’s oldest moderators kicked off more than a dozen new mods from their duties. The banned moderators accuse the old guard of selling out and conspiring to bring about a lucrative movie deal over r / wallstreebet’s role in the meme stock craze. “They (the old mods) left for years and came back when they smelled money,” writes “zjz,” a banned moderator.
In a post removed Thursday, one of the oldest moderators, ‘grebfar’, admitted that a film contract was underway. “We were going to wait to announce it once we had everything in line, but yes, we were approached by producers regarding a potential film, and many of the other mods were part of the conversations,” said grebfar writing.
“What was not shared, however, was that we intend to donate any proceeds from this (if any!) To charity. It is very dishonest to claim that we are trying to ‘earn the money’, ‘Grebfar added. .
Credit: Reddit
In Grebfar’s message, the banned moderators are denounced for spreading misinformation and breaking the community. However, Reddit itself chose against Grebfar and his groups. Late Thursday, the three oldest moderators on r / wallstreetbets were removed from their privileges.
A Reddit spokesman told us that the three oldest moderators violated the company’s guidelines for maintaining a healthy online community. The violations include the removal of the other mods without proper notice, and the failure to maintain a fully equipped moderation team for r / wallstreetbets that can effectively regulate the community.
Reddit is working closely with the remaining moderators on r / wallstreetbets to restore order. This includes restoring privileges for various mods that were started during the infighting.
“We are here for the community, not the other way around,” wrote the moderator “bawse1”, who was previously kicked off the forum. ‘Those who do not understand are finally gone. Those of us who remain must restore the polluted culture of moderators in the past. ”
The infighting takes place as the vulture of meme stock loses momentum. GameStop, which supports the biggest stocks r / wallstreetbets, saw the share price drop from $ 325 to $ 72 within a week, causing huge losses for late fans of the stock.
However, Bawse1 said the mod team is focused on becoming a single cohesive unit in support of the largest community of traders, investors of all ages and experience.
“If we help each other, we can all be supported by anything. This is how we win. [sic] Winners give an aura that stimulates phenomenal growth in our community as well as our wallets, ”bawse1 added.