Some members have been responsible for significant feature removals and bug fixes after identifying and publishing ways to exploit them. Reddit also ran a five-second commercial during Super Bowl LV celebrating the subreddit, stating that "underdogs can accomplish just about anything when we come together around a common area." Effect on the Robinhood trading platform Īs of January 2021, many members of the subreddit used the mobile app Robinhood to trade stocks and options. As of April 18, 2021, the subreddit had 9.8 million followers.Ī few days following the short squeeze, some subreddit users started to pay for billboards depicting messages supporting r/wallstreetbets across the country, which included messages such as "buying" and "holding" GME shares, other messages consisted of "we like the stock" and joining the subreddit, labelling it as a "movement". Within one week of the GameStop short squeeze, the subreddit had gained over 2.4 million new subscribers, while it had taken nine years to gain the first 2 million subscribers. EST on January 27, before being made public again around an hour later. The subreddit was set to private by the moderators at around 7:00 p.m. Subsequently, the r/wallstreetbets Discord server has been brought back online, and staff from Discord have been reported assisting with moderation. In an official statement posted to the r/wallstreetbets subreddit, moderators claimed that their efforts to automatically delete content that violated rules had been overwhelmed by the sheer influx of users, and criticized Discord for not providing the tools needed to take action to curtail hate speech on the server. Discord denied that the ban was related to the ongoing GameStop short squeeze. On January 27, the official r/wallstreetbets Discord server was banned for "hateful and discriminatory content". On January 27, r/wallstreetbets users also triggered a short squeeze on AMC, another company with heavily shorted stock, similar to GameStop. After the GameStop stock closed up 92.7 percent on Tuesday, January 26, business magnate Elon Musk tweeted out a link to the r/wallstreetbets subreddit.
#Wallstreetbets lingo guide bloomberg series#
A series of posts by user u/DeepFuckingValue on the subreddit helped to generate interest in the stock.
The stock price increased more than 600 percent by January 26, and its high volatility caused trading to be halted multiple times. This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease. On January 22, 2021, users of r/wallstreetbets initiated a short squeeze on GameStop, pushing their stock prices up significantly. Users also frequently use slang such as "stonks" for stocks " tendies" for gains or profits "gay bears" for those who expect a stock to decline, for stock shorters, or as a general insult "DD" (from "due diligence") for analysis of potential trades " bagholder" for one whose position has severely dropped in value "diamond hands" for holding stocks adamantly and "paper hands" for selling at the first sign of loss.
The subreddit is also known for its profane and juvenile nature, with members often referring to themselves as " autists", " retards", "degenerates", and "apes". Some of the members tend to use borrowed capital, like student loans, to bet on certain " meme stocks" that show popularity within the community. Members of the communities often see high-risk day trading as an opportunity to quickly improve their financial conditions and obtain additional income. The growing popularity of no-commission brokers and mobile online trading has potentially contributed to the growth of such trading trends. Members of the subreddit are often young retail traders and investors who ignore fundamental investment practices and risk management techniques, so their activities are often considered gambling. The subreddit, describing itself through the tagline "Like 4chan found a Bloomberg terminal", is known for its aggressive trading strategies, which primarily revolve around highly speculative, leveraged options trading.
3 Effect on the Robinhood trading platform.
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