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Reddit Trading Group WallStreetBets Goes Private: Where Will Retail Traders Go Now?

Benzinga2021-07-04

Reddit group r/WallStreetBets (WSB) has closed its doors and is now a private-only community.

What Happened: Only users who moderators have approved will be able to view the page and take part in discussions.

Why This Matters: WallStreetBets is the group that initiated the mega GameStop Corp (NYSE: GME) short squeeze at the end of January. They managed to drive the price of GameStop to over $400 while causing massive damage to hedge funds that shorted it, such as Melvin Capital.

WSB stood together while brokerages like Robinhood (which recently filed for an IPO) banned buying “meme stocks” and driving fear in the market. Coining the phrase “Diamond Hands,” the group has managed to rally together all retail traders who took up trading during last year’s lockdown.

More recently, the group had pushed AMC Entertainment Holdings Inc (NYSE: AMC) to over $70 in the middle of June.

Before this shutdown, WallStreetBets had over 10 million members.

What’s Next: Previous members of WallStreetBets will need a new place to go to discourse various trading ideas. One platform that could take advantage of the recent influx of homeless traders is Discord.

Discord is a platform that many traders have already joined, and many trading groups already exist, such as Atlas Trading and StockVIP, both with over 200,000 members.

Discord has gotten multiple offers for their platform, including a $10 billion bid from Microsoft Corp (NASDAQ: MSFT).

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment41

  • boon5209
    ·2021-07-06
    Hello 
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  • GenApe
    ·2021-07-05
    Where we will go? Why are you so concerned anyway? Want to 'protect' us from losing money is it? Hypocrisy at its finest ?
    Reply
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  • GenApe
    ·2021-07-05
    WSB has been long gone. The original members have all left Its now the husk of its former self full of pumps & dumps. Don't lump all retails as WSB. r/Superstonk is where you can gain actual knowledge now.
    Reply
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  • Ruruko
    ·2021-07-05
    How come?
    Reply
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    • Ruruko
      I see. Thanks
      2021-07-05
      Reply
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    • GenApe
      ?? This
      2021-07-05
      Reply
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    • RichTea
      too many people going to the sub and try to pump and dump stocks. too much noise
      2021-07-05
      Reply
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  • shauncj
    ·2021-07-05
    Why now though? 
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  • Toastz
    ·2021-07-05
    Amazing [Cool] 
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  • 2020TS
    ·2021-07-05
    Memee weakened
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  • kctan
    ·2021-07-05
    Comment and like please
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    • kctan
      Thanks
      2021-07-06
      Reply
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  • andrew123
    ·2021-07-05
    Wow. . Retail trader will have hard time to do short squeez. Like n comment
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    • nyse
      short squeeze
      2021-07-05
      Reply
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    • Eded
      There are still many sources to read the latest trends after all
      2021-07-05
      Reply
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  • stormlee
    ·2021-07-05
    Comment & like pls
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    • Alkid
      Done
      2021-07-05
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    • stormlee
      ?
      2021-07-05
      Reply
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    • andrew123
      like yrs u like mine. ok
      2021-07-05
      Reply
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  • KH321
    ·2021-07-05
    One door close, 10 others will open. 
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    • valuebay
      that's likely the case
      2021-07-05
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    • DZEnterprise
      dont get diluted, must stay togethrr
      2021-07-05
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    • stormlee
      Comment & like pls
      2021-07-05
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  • ArchieM
    ·2021-07-05
    Fishy fishy.
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  • Gabbitto
    ·2021-07-05
    Nove
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    • stormlee
      Comment & like pls
      2021-07-05
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  • WStreetsBets
    ·2021-07-05
    Discord!! 
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    • ZN99
      ?
      2021-07-05
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  • tearach
    ·2021-07-04
    Pls like
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    • stormlee
      Comment & like pls
      2021-07-05
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    • tearach
      ok
      2021-07-05
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  • Otahman
    ·2021-07-04
    Like pls 
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    • tearach
      pls like
      2021-07-04
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  • cgoh
    ·2021-07-04
    Interesting
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  • zcml
    ·2021-07-04
    Ok
    Reply
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    • zcml
      Pls help to like this comment too
      2021-07-07
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    • stormlee
      Comment & like pls
      2021-07-05
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  • foonfoon
    ·2021-07-04
    ok
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  • whyisofat
    ·2021-07-04
    Please invite me
    Reply
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