Facebook Inc took down a popular Wall Street discussion group, Robinhood Stock Traders, in a move its founder said was an unjustified response to conversations that have buoyed shares in GameStop Corp and other companies.
A slugfest between Wall Street and Main Street took an unexpected turn late on Wednesday after moderators of a stock trading forum that has helped fuel massive rallies in the shares of GameStop temporarily closed its doors.
Short-seller Andrew Left does not usually smoke. But on Monday he had a cigarette to calm his nerves as shares of GameStop Corp, the stock he had shorted, continued to rocket higher.
The 'Wallstreetbets' Reddit chat room that drove stock surges for GameStop and other companies was briefly made private by the moderators running the group on Wednesday evening, before being made public again.
Shares of video game retailer GameStop Corp surged nearly 700% over the past week as retail investors piled in to the stock, appearing to be urged on by bullish posts in popular online forum Reddit as opposed to any fundamental changes in the company's finances or prospects.