One of the subreddits in the Reddit forum r/WallStreetBets is facing its second leadership crisis in a year. r/WallStreetBets is known as a place where traders share trading ideas and strategies including embracing risky methods of trading. The subreddit recently gain notoriety for pushing MEME stocks which represents four companies that were popular pre-2000s which are GameStop, Blackberry, Nokia, and AMC Theaters going with the acronym $BANG.
In a post by u/zjz, the redditor commented on how some of the older mods are trying to take over the forum in order to monetize it. The forum gained over 7 million members in the past month after a successful trading strategy that blew up the shorts including big hedge funds like Melvin Capital, Citadel and Point 72.
According to unnamed sources, older mods apparently have been returning to the forum pushing our the voices of the newer mods who have worked overtime in cleaning up the subreddit after it was brought down by Reddit due to policy violations. One of the mods who was instrumental in this was u/zjz who has been heralded as the savior of the subreddit by its community.
Things are looking bright for the founder of WallStreetBets, Jamie Rogozinski, as it has been reported that he has sold his life story to production company RatPac-Dune Entertainment. Jamie Rogozinski, whom some believe goes by the handle WSBGod, first initiated a coup d’etat to take the forum private sometime early of 2020. His efforts failed when the Reddit forum staff sided with moderators planning to keep the subreddit open to the community.