Reddit's WallStreetBets Goes Private Shortly After Discord Shuts Down Server - Barron's

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Discord removed the WallStreetBets server on Wednesday. A spokesperson noted the removal was due to hateful and discriminatory content and was not related to GameStop stock’s recent surge.

Discord is a communication platform used for discussion via voice and text chat. It’s not unlike Slack, but is geared more toward individual users rather than enterprise clients. WallStreetBets, also a prominent forum on social media site Reddit, has been in the news in recent weeks following a surge in shares of GameStop (ticker: GME) and other highly shorted stocks that have been touted by users on the forum.

“The WallStreetBets server has been on our Trust & Safety team’s radar for some time due to occasional content that violates our Community Guidelines, including hate speech, glorifying violence, and spreading misinformation,” the Discord spokesperson said. “Over the past few months, we have issued multiple warnings to the server admin.”

Shortly after Discord’s move, the moderators of Reddit’s WallStreetBets appeared to have set the forum to a private mode, only allowing access to approved users. Before then, some 717,000 users were on the Reddit forum, and members had ballooned to 3.5 million. Reddit confirmed to Barron’s that the forum’s moderators acted on their own to change the access.

A message from moderators on the Reddit forum cited “unprecedented scale” from new users for the change. “We are unable to ensure Reddit’s content policy and the WSB rules are enforceable without a technology platform that can support automation of this enforcement. WSB will be back.”

GameStop stock is up 1,755% year-to-date, as a mix of factors including risky options bets, a sky-high short interest, and enthusiasm from traders on the WallStreetBets platform have made the struggling retailer one of the biggest stories in finance. Traders on the site have touted their gains. Some have mocked short sellers, like Citron Research’s Andrew Left.

The recent action in highly shorted stocks has drawn scrutiny from lawmakers and regulators.

Reddit, the main hub of the WallStreetBets community, has seen a surge in interest, especially after Tesla (TSLA) CEO Elon Musk posted a link to the platform on Twitter.

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Reddit's WallStreetBets Goes Private Shortly After Discord Shuts Down Server - Barron's
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