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2021-07-04

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

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

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

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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.</p>\n<p>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.</p>\n<p>More recently, the group had pushed&nbsp;<b>AMC Entertainment Holdings Inc</b>&nbsp;(NYSE: AMC) to over $70 in the middle of June.</p>\n<p>Before this shutdown, WallStreetBets had over 10 million members.</p>\n<p><b>What’s Next:</b>&nbsp;Previous members of WallStreetBets will need a new place to go to discourse various trading ideas. 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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.\nWSB 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.\nMore recently, the group had pushed AMC Entertainment Holdings Inc (NYSE: AMC) to over $70 in the middle of June.\nBefore this shutdown, WallStreetBets had over 10 million members.\nWhat’s Next: Previous members of WallStreetBets will need a new place to go to discourse various trading ideas. 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Reddit Trading Group WallStreetBets Goes Private: Where Will Retail Traders Go Now?

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