A brief history of r/WallStreetBets, the Reddit group that upended the stock market with a campaign to boost GameStop.
Thread. 👇 insider.com/wallstreetbets…
Thread. 👇 insider.com/wallstreetbets…
đź”´ The WallStreetBets subreddit was created in 2012 by Jaime Rogozinski (@wallstreetbets).
According to subreddit stats, the sub didn't break 100,000 subscribers until 2017.
Rogozinski spoke to TMZ Live about the community on Wednesday:
bit.ly/39vTDj8
According to subreddit stats, the sub didn't break 100,000 subscribers until 2017.
Rogozinski spoke to TMZ Live about the community on Wednesday:
bit.ly/39vTDj8
đź”´ Martin Shkreli, the "pharma bro" who is serving a seven-year prison sentence for securities fraud, was a common voice on the sub and a moderator.
In 2016, he proposed a ban on the word "YOLO."
businessinsider.com/martin-shkreli…
In 2016, he proposed a ban on the word "YOLO."
businessinsider.com/martin-shkreli…
đź”´ Shkreli proposed the ban because the "term undermines the central point of investing and "this 'roll the dice' mentality is amateurish: I have never heard it in 15 years on Wall Street."
The "YOLO" mentality of buying whatever is a crucial theme on the sub.
The "YOLO" mentality of buying whatever is a crucial theme on the sub.
🔴 By 2020, the sub had ballooned to over a million subscribers and was full of novice traders sharing their gains, losses, and memes. insider.com/wallstreetbets…
đź”´ In March, Rogozinski announced the "Wall Street Bet Championship."
The trading competition was sponsored by the True Trading Group, with moderator StormWillPass posting that users that want to talk "negatively" about the company will be "banned."
The trading competition was sponsored by the True Trading Group, with moderator StormWillPass posting that users that want to talk "negatively" about the company will be "banned."
đź”´ This caused drama on the sub, with users finding connections between the moderators and the True Trading Group.
According to a message posted on the WallStreetBets Discord, Rogozinski had been removed as a moderator.
Read more: bit.ly/2MAjkpw
According to a message posted on the WallStreetBets Discord, Rogozinski had been removed as a moderator.
Read more: bit.ly/2MAjkpw
đź”´ Tesla made the sub go vroom.
By mid-2020, constant posts about money made from Tesla trades and meme stocks created a new gold rush, where users wanted to jump on that bandwagon to financial stability. insider.com/wallstreetbets…
By mid-2020, constant posts about money made from Tesla trades and meme stocks created a new gold rush, where users wanted to jump on that bandwagon to financial stability. insider.com/wallstreetbets…
đź”´ One user claimed that they turned $3,000 into $102,000 by taking investment advice from the sub.
Another user claimed they turned $5,000 into over $300,000 by investing in Tesla.
By December of 2020, the sub had grown to 1.8 million subscribers. insider.com/wallstreetbets…
Another user claimed they turned $5,000 into over $300,000 by investing in Tesla.
By December of 2020, the sub had grown to 1.8 million subscribers. insider.com/wallstreetbets…
đź”´ This month r/WallStreetBets grew to previously unimaginable heights.
Thousands of new users flocked to the sub after users successfully popped the valuation of several stocks, including @GameStop:
Thousands of new users flocked to the sub after users successfully popped the valuation of several stocks, including @GameStop:
https://twitter.com/businessinsider/status/1354774081355313152
🔴 On Friday, the community surged by more than 1 million users overnight to 5.9 million members. businessinsider.com/wallstreetbets…
Read the full story on Insider: The history of WallStreetBets, the Reddit group that upended the stock market with a campaign to boost GameStop. 👇 insider.com/wallstreetbets…
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