Reddit’s r / WallStreetBets are back after intentional lockdown



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One of Reddit’s most active communities is no longer public.

Reddit

Over the past week, Reddit’s WallStreetBets community has been at the center of an epic war between the big Wall Street investors and small scale social media bettors. Now he’s reeling from his subreddit having been locked and hidden, only to be released to the public again about an hour later. Meanwhile, the Discord chat app has banned WallStreetBets outright. All that seems to have scared investors, some of whom gave up shares, and others who bought, sending AMC and GameStop shares afloat.

GameStop and AMC shares dropped dramatically after hours of trading soon after all the drama had unfolded. They have since recovered somewhat and the group has attempted to start a new community on Discord.

OKAY.

If all of this is confusing, don’t feel bad. These rapid and dramatic moves are occurring during one of the most dramatic weeks on Wall Street in years. At stake are millions of dollars that small investors working together on social media have made while taking on Wall Street investors who bet GameStop and AMC would fall. Instead, as shares of both companies soared, Wall Street investors are said to have hemorrhaged billions of dollars.


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As the drama unfolded in the wake of the Discord ban and the Reddit community lockdown, GameStop shares fell 32% after-hours on Wednesday night to $ 218.32 per share, from 347. , $ 51 at closing. During the day, they had more than doubled. AMC shares also fell, falling more than 40%, to $ 11.90 per share, after closing at $ 19.90. This stock had risen more than 301% during the day.

Both stocks have recovered somewhat and the r / WallStreetBets community is back. If you had taken an hour and a half to watch Pixar’s new movie Soul, you would have missed it.

Although GameStop shares have surged in recent days, analysts and pundits say they are doing so due to market quirks and not because of the increased real value to the struggling video game retailer. The same goes for the AMC movie chain, which warned it was on the verge of bankruptcy late last year.

All of this wasn’t the only bad news for the WallStreetBets community. Its worst community members, who have repeatedly broken 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 to continue to allow hateful and discriminatory content after repeated warnings,” said Discord. He added that the ban had nothing to do with discussions about finances or actions between WallStreetBets users.

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