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Reddit's WallStreetBets Group Goes Rogue After Wild Week Of Trading

Reddit's WallStreetBets Group Goes Rogue After Wild Week Of Trading
01/28/21 AT 2:46 PM
Social media comments and conversations on popular Reddit boards like WallStreetBets are helping to drive up the price of stocks that have been mostly shrugged off by top analysts. The online social phenomenon is somewhat reminiscent of the Occupy Wall Street movement as it catches the trading world by storm.
Similar to the Occupy Wall Street movement against corporate greed in the 2010s, Reddit users are using the trade phenomenon as a rallying cry of sorts. Big investment firms place bets on companies like GameStop that underperform using a so-called short trade. That’s a bet at a higher price that the stock will eventually decline, giving traders a reward from the difference. So-called retail investors, however, are using GameStop as a sort of protest against the established norm, refusing to sell and egging others to buy or hold their stocks out of defiance.

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