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Reddit’s WallStreetBets is locked as AMC, GameStop stocks fall after-hours

Reddit’s WallStreetBets is locked as AMC, GameStop stocks fall after-hours


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One of Reddit’s most active communities is no longer public.


Reddit

For the past week, Reddit’s WallStreetBets community has been the center of an epic war between large Wall Street investors and small scale social media betters. Now, it’s been locked, and spooked investors appear to be dumping their shares.

Shares of GameStop and AMC dropped dramatically in after-hours trading shortly after Reddit’s community was made only viewable through an invite


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GameStop shares fell 32% in after-hours trading late Wednesday to $218.32 per share, down from $347.51 at their close. During the day, they’d more than doubled. AMC as well fell more than 40% to $11.90 per share, after closing at $19.90. That stock had risen more than 301% during the day.

The moves are the latest signs of how volatile the Reddit community’s battles with Wall Street investors can be. Though GameStop shares have been jumping in recent days, analysts and experts say they’re doing so because of quirks in the market, and not because of actual increased value for the struggling video game retailer. The same is true for the movie theater chain AMC, which had warned it was near bankruptcy late last year.

All this wasn’t the only bad news for the WallStreetBets community. The popular gaming chat app Discord also banned the group, though not for financial fraud. Apparently, it had been repeatedly warned for posting hate speech and glorifying violence. “Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings,” Discord said in a statement.



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