It gained over two million subscribers in a few days and, and now has the most comments and posts created in one day on the entirety of Reddit according to subredditstats. In January 2021, with the pandemic raging and financial instability abound, the sub grew to previously unimaginable heights.
#WSB AG STOCK FULL#
Deepf-ingValue has become a bit of a folk hero, posting daily updates on his "YOLO" stocks that he says he's invested nearly a million dollars into.īy December of 2020, the sub had grown to 1.8 million subscribers and was full of screenshots of the app Robinhood, one of the more popular apps used to invest. Another user, osbetel, claimed he turned $5,000 into over $300,000 by investing in Tesla. User ETHBAGHOLDER claimed that they turned $3,000 into $102,000 by taking investment advice from the sub. Tesla made the sub go vroomīy mid-2020, constant posts about money made from Tesla trades and meme stocks, investments made that don't make sense by traditional metrics but simply catch-on online, created a new gold rush, where users wanted to jump on that bandwagon to financial stability. With an unshackled group of moderators, r/WallStreetBets was about to reach entirely new heights. There's no record the Wall Street Bets Championship took place after the controversy. But how did this sub grow to nearly 5 million self-described "degenerates" and inspire scrutiny from the SEC?Īccording to a message posted on the WallStreetBets Discord, Rogozinski had been removed as a moderator because "he was found to be attempting to sell rights to the subreddit to a cut-rate trading team called 'True Trading Group.'" When users tried to visit the sub, the message confirmed the founder's ousting.
R/WallStreetBets has become a new training ground for would-be investors, aided by apps like Robinhood and WeBull that allow anyone with a bank account to become a trader. But if you can move past the crass outer shell, you can find an almost-coherent community of like-minded individuals who want to flip off the hedge fund managers and make money for the little guy. The language used on posts in the community can be crude and boorish - they describe themselves as "autists" and proudly exclaim how little they know about the market. The spikes follow a targeted wave of enthusiasm aiming to boost the stock valuations from members of the subreddit r/wallstreetbets.įor many, the GameStop rally might be the first time they've heard of the community, but r/wallstreetbets is actually a relatively old subreddit with deep ties to internet culture. For stockbrokers and traders, these massive price hikes seem like an anomaly - but those plugged into the online forum Reddit aren't shocked. Over the past week, stocks in GameStop, AMC theaters, and a multitude of other seemingly fading companies have soared in value. Account icon An icon in the shape of a person's head and shoulders.
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