Reddit forum attached to GameStop boom briefly goes private

All Patriot NewsJanuary 28, 20214min

After a brief period of limiting access to outside users, “WallStreetBets,” the Reddit chatroom associated with the recent speculation that fueled a meteoric rise in GameStop’s stock, returned to public visibility.

The forum, a group of rookie day traders who pursues shorted stocks, briefly closed off public access Wednesday evening before reopening without restriction at 7:45 p.m. The moderators temporarily locked the thread, preventing users from posting comments during the period when the forum was dark.

“We have grown to the kind of size we only dreamed of in the time it takes to get a bad nights sleep,” group moderators said in a post. “We’ve got so many comments and submissions that we can’t possibly even read them all. … We wrote software to do most of the moderation for us but that software isn’t allowed to read the Reddit new feed fast enough and submit responses, and the admins haven’t given us special access despite asking for it.”

A Reddit spokesperson said the company remains committed to preventing the circulation of content that violates the law.

“Reddit’s site-wide policies prohibit posting illegal content or soliciting or facilitating illegal transaction,” the spokesperson told CNBC. “We will review and cooperate with valid law enforcement investigations or actions as needed.”

The GameStop stock boom was precipitated by a one-word tweet from billionaire Elon Musk, who tweeted, “Gamestonk!!” followed by a URL linking to the WallStreetBets Reddit page on Tuesday afternoon. After Musk’s tweet, shares of the video game retailer surged. After-hour trading lifted the stock price to a high of $243 after Musk’s tweet, a marked increase from 2020, when the stock was trading at fewer than $5 per share.

Representatives for Reddit did not immediately respond to the Washington Examiner’s request for comment.

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