Reddit team r/WallStreetBets (WSB) has closed its doors and is now a personal-only group.
What Took place: Only consumers who moderators have authorised will be equipped to look at the webpage and acquire portion in conversations.
Why This Issues: WallStreetBets is the group that initiated the mega GameStop Corp (NYSE: GME) limited squeeze at the conclusion of January. They managed to push the price of GameStop to in excess of $400 although resulting in enormous damage to hedge resources that shorted it, these as Melvin Money.
WSB stood collectively while brokerages like Robinhood (which recently submitted for an IPO) banned obtaining “meme stocks” and driving worry in the market place. Coining the phrase “Diamond Hands,” the team has managed to rally alongside one another all retail traders who took up investing in the course of past year’s lockdown.
Extra lately, the group experienced pushed AMC Entertainment Holdings Inc (NYSE: AMC) to in excess of $70 in the center of June.
In advance of this shutdown, WallStreetBets had more than 10 million users.
What is Upcoming: Prior members of WallStreetBets will require a new area to go to discourse various trading ideas. Just one platform that could consider gain of the current inflow of homeless traders is Discord.
Discord is a platform that numerous traders have presently joined, and several trading teams already exist, these types of as Atlas Buying and selling and StockVIP, each with around 200,000 users.
Discord has gotten numerous provides for their system, like a $10 billion bid from Microsoft Corp (NASDAQ: MSFT).
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