One of Reddit’s most active communities is no longer public.
Reddit
This past week, Reddit’s WallStreetBets community was at the center of an epic war between large Wall Street investors and small-scale social media bet. Now it’s because of the subreddit that was locked and hidden, and will be released again about an hour later. Meanwhile, the chat app Discord has completely banned WallStreetBets. All that seems to have ghost investorssome of which shed shares, and others that bought in, and sent AMC and GameStop shares.
GameStop and the AMC share dropped dramatically in the after-hours trading shortly after all the drama unfolded. They have since recovered somewhat, and the group has been trying to establish a new community on Discord.
OK.
Do not feel bad if it is all confusing. These fast-paced and dramatic moves take place amid one of the most dramatic weeks on Wall Street in years. Millions of dollars that small investors work together on social media have been at stake as they tackle Wall Street investors who bet GameStop and AMC’s shares would fall. Instead, as the two companies’ shares soared, Wall Street investors reportedly wasted billions of dollars.
Look at this:
What does GameStop’s brilliant inventory have to do with …
10:15
As the drama of the Discord ban unfolded and the Reddit community was closing in, GameStop shares fell 32% late Wednesday to $ 218.32 per share, compared to the close of $ 347.51. During the day, they more than doubled. AMC shares also fell more than 40% to $ 11.90 per share, after closing at $ 19.90. That share rose by more than 301% during the day.
Both stocks have recovered somewhat, and the r / WallStreetBets community is back. If you took an hour and a half to watch Pixar’s new movie, Soul, you would have missed it.
Although the jump in GameStop shares over the past few days, analysts and experts say they are doing so not because of the real increased value for the struggling video game retailer. The same goes for the film chain AMC, which warned late last year that it was almost bankrupt.
This was not the only bad news for the WallStreetBets community. The worst community members, who repeatedly violated Discord’s rules, caused the group to be banned from the platform, the chat app company said in a statement. “Today we have decided to remove the server and its owner from Discord because they continue to allow hateful and discriminatory content after repeated warnings,” Discord said. It added that the ban had nothing to do with any talk of finance or stocks happening among WallStreetBets users.