The story of GameStop (GME) and the stock's colossal rise in price is one of risk, opportunity, and that magical spark of the internet that can't help but rock the status-quo to immense personal satisfaction. Institutional traders and hedge fund owners suffering from the short squeeze of GME don't quite know what to call the group that called their bluff, but the same phrases tend to come up often.
"The Robinhood mob"
What was the initial intent and purpose of Wallstreetbets? There is a lot of misinformation going around about what the community is about and I want to give you guys a clear opportunity to set the record straight.
Wallstreetbets was founded in 2012 as a place where people could talk about more risky trades they were interested in. This was a novel idea because, at the time, there wasn't really anywhere to discuss anything other than passive indexing or blue-chip stocks.
Over the years, we've seen people invest in some ridiculous things, from unbelievably OTM options, to gourd (yes, gourd) futures.
Wallstreetbets is ultimately a place where people can share their trading ideas, no matter how half-baked, and get some feedback. Browsing the subreddit quickly shows some incredible gains... and incredible losses of our users. Reader beware, this is a risky endeavor!
How do you feel about Elon Musk tweeting a link to your subReddit and the GME discussion? Do you appreciate the support?
Elon Musk is awesome, and him tweeting a link to our sub is unbelievable. We're so happy to have his support.
For a long time, Tesla was under attack by some absolutely brutal and relentless shorts. These are generally the same people who had been hammering GameStop. So I'm sure what is happening now for GameStop and on Wallstreetbets is cathartic for Elon Musk. I'm personally a huge fan, and I know many on the subreddit are too.
Lastly, how do you respond to representatives of institutional finance labeling Wallstreetbets as "rebellious" or "chaotic" traders that are harming hedge funds? Why do you suppose they are treating your community this way?
I would say that /r/wallstreetbets is absolutely chaotic. It's a place of free idea exchange where we don't suppress views because they conflict with our own. So you may hear a lot of narratives earlier than you would hear elsewhere by browsing r/wallstreetbets.
I think what's happening right now in financial markets is unprecedented in recent times and especially with the explosion of low / no-cost trading fees, increases in household savings rates, and retail investing, we're experiencing a very new world where investors don't necessarily behave as expected. Whether that continues or not, who knows, but I hope everyone comes out of this with more knowledge and passion for finance than before.
Warcraft 3 is my one true love and I will challenge anyone to a game of Super Smash Brothers Melee.