Reddit group r/WallStreetBets (WSB) has officially closed its doors and is now a private-only community.
WallStreetBets is the group that initiated the mega GameStop Corp short squeeze at the end of January. They managed to drive the price of GameStop to over $400 while causing massive damage to hedge funds that shorted it, such as Melvin Capital.
WSB stood together while brokerages like Robinhood (which recently filed for an IPO) banned buying “meme stocks” and driving fear in the market. Coining the phrase “Diamond Hands,” the group has managed to rally together all retail traders who took up trading during last year’s lockdown.
More recently, the group had pushed AMC Entertainment Holdings Inc to over $70 in the middle of June.
Before this shutdown, WallStreetBets had over 10 million members.