Hey guys, it’s been a while….
But all good things come to those who wait.
This week’s story: The Reddit Wall Street Bets Trading Frenzy (CW: Discussion of suicide)
Another example…
This tweet leading to a stone cold banger a full five years later.
Yet another example: members of the now infamous (and huge) subreddit r/wallstreetbets were monitoring, and buying Gamestop stock a full six months before last week’s multi-billion dollar squeeze.
This patient approach meant that many were suspicious of Monday’s trade rally around silver, and the subsequent zeal with which many urged others to hold on selling their stake in Gamestop.
Either way, silver is back down 8% after more than 1 billion ounces were traded on Monday, according to The London Bullion Association. Gamestop is down more than 60%.
Mark Cuban hopped in the chat for a r/wallstreetbets AMA today, where he speculated that Robinhood and other apps’ decision to suspend trading on certain stocks may have killed the momentum.
Robinhood made good to customers last night, but; with an SEC investigation (into Robinhood AND r/wallstreetbets), a class action brought by users, and a House Financial Services Committee hearing to come, this story is far from over.
Enjoy this week’s 404.