r/wallstreetbets goes private

Following a dizzying short squeeze of $GME by the amateur investors of r/wallstreetbets, the community has gone private.

Speculation is high on the reasons behind the privatization. On the same day, r/wallstreetbets's private Discord group was banned for violating Discord's hate speech terms & services.

I am concerned about the fear, uncertainty, and doubt (FUD) that this creates. In afterhours trading, shares of $GME and $AMC have plummeted. These heavily shorted stocks were touted by r/wallstreetbets as stocks to buy and hold. With the group's sudden disappearance, who knows what is in store when the market opens tomorrow.

EDIT: The apparent reason behind the brief privatization of r/wallstreetbets was to increase bot protection to the site.

The author at the time of writing this article holds a position in $AMC. This article is for informational purposes only.