Wallstreetbets, the internet’s no.1 favorite trading forum on Reddit, was taken down ealier due to a surge in new members joining the thread. The official discord channel of the wallstreetbets subreddit has been banned by Discord according to a report by Verge. r/wallstreetbets mods have confirmed that their discord channel has been banned because one user used profanities written in a different languages which circumvented their protection bots.
Wallstreetbets is famous for bringing down Melvin Capital, a hedge fund run by Gabriel Plotkin, a prodigy of Steve Cohen from SAC Capital. In an epic retail investor vs institutional investors battle, revived tech brands of the 90s like GameStop, BlackBerry and Nokia are experience a surge in their stock prices. The surge is further compounded by the fact that institutional investors have been illegally naked shorting (shares that are counted as borrowed but do not actually exist) and got caught with their pants down as they are unable to purchase sufficient stock in the market to pay back their borrows. Elon Musk, Chamath Palihapitiya, and US representative from NY, AOC, have all expressed their backing for retail investors.