Reddit CEO Steve Huffman said in an interview that the company supports pornography on its platform, as long as it’s not exploitative. From a report: “You can look at [porn] as exploitative. And, indeed, much of it is. And that’s not the content that we want on Reddit,” Huffman told Axios. “But there’s another aspect that’s empowering. And these are people…
Tag: wallstreetbets
The Rich Got Richer: GameStop’s Trading Frenzy Benefited Wall Street’s Elite
While GameStop’s surge has been heralded as a victory for underdogs, “Growing evidence casts doubt on the idea that the episode mostly benefited small-time investors…” reports the Washington Post. (Alternate URLs here and here “And, in at least some cases, novice investors lost their shirts.” Giant mutual funds that own the largest stakes in GameStop saw the biggest gains in value….
Government Agencies Begin Investigating Robinhood, Reddit Over GameStop Stock
An anonymous reader quotes a report from CNET: GameStop’s stock price shot through the roof in late January thanks to traders on Reddit. Now at least two government agencies are reportedly investigating why it happened as well as what roles Reddit and trading app Robinhood played in the stock market craziness. The Department of Justice’s fraud section and the San Francisco…
Wall Street Fund Wants To Hire r/WallStreetBets Users To Help Pick Meme Stocks
An anonymous reader quotes a report from Gizmodo: Cindicator Capital is the kind of investment fund that relies on software and algorithms to model investment strategies based on any number of disparate factors. In the wake of the WallStreetBets subreddit throwing hedge funds into chaos and driving stock prices to non-sensical extremes, Cindicator has posted a job listing on LinkedIn hoping…
Amid Bickering Over Movie Rights, Reddit Removes Top ‘WallStreetBets’ Moderators
The New York Times reports:
Late on Wednesday, a moderator of the popular Reddit message board WallStreetBets posted several screenshots on the chat app Discord. They showed that other moderators had quietly started talking among themselves about landing a movie deal. “What’s our cut?” one of the moderators had asked in a Discord chat, according to the screenshots. By Thursday morning, that…
To the Moon? Dogecoin Leaps 46% in 24 Hours After Tweets From Elon Musk, Snoop Dogg
Friday the 71-year-old former lead singer of the band Kiss tweeted “I bought Dogecoin…six figures,” to his 922,000 followers, along with other supportive tweets. Saturday rap artist Snoop Dogg tweeted an image of “Snoop Doge” to his 19.2 million followers. Later Elon Musk tweeted a picture from the Lion King with Musk’s head appearing on a monkey holding up a monkey…
Robinhood Stops Limiting GameStop Shares
Robinhood has lifted all the buying curbs imposed at the height of the battle between amateur investors and Wall Street hedge funds. The change comes one week after the online broker limited clients to only buying a single share of GameStop and expanded its list of restricted stocks from 13 to 50. Reuters reports: The videogame retailer, the initial trigger for…
Wall Street Is Keeping Very Close Tabs On WallStreetBets
Registered Coward v2 writes: Wall Street has decided if you can’t beat them, at least watch them. They’re paying for data that shows which stocks are most talked about on Reddit stock forums, ostensibly to allow them to adjust their positions or take advantage of opportunities to trade based on Reddit. Nothing could go wrong there, since Reddit would decide to…
SEC To Review Brokers’ Restrictions on GameStop, AMC Trading
Securities regulators said Friday they plan to closely review the actions of some brokerage firms [Editor’s note: the link may be paywalled; alternative source] that restricted investors’ ability to trade volatile stocks such as GameStop this week. From a report: The Securities and Exchange Commission’s statement on Friday is the clearest indication yet that regulators are examining potential misconduct around the…
Google Deletes Nearly 100,000 Negative Reviews of Robinhood App
According to The Verge, Google has removed nearly 100,000 negative reviews of the Robinhood app from the Google Play Store. From the report: After some disgruntled Robinhood users organized campaigns to give the app a one-star review on Google’s Play Store and Apple’s App Store — and succeeded in review-bombing it all the way down to a one-star rating — the…