GameStops Three Largest Shareholders Have Gotten 3B Richer In Rally

From Yogi Central
Jump to: navigation, search

The Reddit subgroup fueling the unprecedented surge of GameStop shares in a campaign that is rattling Wall Street, was briefly made private shortly after its users were kicked off gamer messaging app Discord due to hate speech violations.



Discord on Wednesday confirmed it has banned the WallStreetBets server from its platform, where users had shared messages hyping up GameStop's stock and urged other investors to hold on to their shares or buy more.



The campaign effectively sent the company's shares up 1,700 per cent in four weeks, with three of its largest individual investors gaining more than $3 billion in net worth during the stock's staggering rally.



The extreme volatility raised concerns about manipulation which could lead to an investigation by stock market regulators, and has even drawn attention from the White House.



Discord however, said the channel was not removed due to fraud but for 'continuing to allow hateful and discriminatory content after repeated warnings.'



Discord, a messaging platform for online gamers, announced it has removed Reddit's WallStreetBets server from its platform for violating its guidelines on hate speech and spreading misinformation



Shortly after, the r/wallstreetbets subreddit was made private by the group's moderators. Gaming News The forum is reported to be responsible for the unprecedented surge of GameStop stocks that has



Reddit moderators addressed the brief shutdown on Twitter, saying they were actively working to get the page back up and running.



The company said the group chat had been on their radar 'for some time' due to content violations and had issued multiple warnings to the server admin before banning it.



'To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks,' Discord said in a statement.



'Discord welcomes a broad variety of personal finance discussions, from investment clubs and day traders to college students and professional financial advisors.



'We are monitoring this situation and in the event there are allegations of illegal activities, we will cooperate with authorities as appropriate.'



Within minutes of the server being banned, moderators of the WallStreetBets subreddit made the online chat room private, sending users into a frenzy.



Access to the page was restricted to members only, however, some longterm subscribers took to social media to claim they had been booted off the page as well.



'You must be invited to visit this community,' its page, where participants discuss stock trading, showed earlier when access was attempted. Gaming News It became public once more later in the evening. Gaming News



The forum was made public again minutes later, along with a lengthy statement responding to Discord's ban and accusing the company of 'destroying' their community



The page also said that it was facing technical difficulties due to an 'unprecedented' scale of newfound interest in the server.