Reddit, Discord, and Social Media Trading Are Nothing New: I Should Know Groups of traders acting together have been around forever, but the nature of it changes from time-to-time. Stocks quotes in this article: GME, AMC
Recently there has been a tremendous amount of news coverage about small traders on Reddit and in various Discord chatrooms that engineered a dramatic squeeze in GameStop (GME) , AMC (AMC) , and several other stops. The group has also pushed up numerous low-priced stocks in groups like cannabis and bitcoin.
This social media-driven trading has been reported as a new development in the business media. Many of the leaders of those gathering places for traders are celebrating their newfound power.
When Diego Flores â23 saw people on Reddit buying stock in GameStop, the struggling video game retail outlet chain, he didnât take them seriously at first.
âI initially thought it was a joke,â he said. âI didn t really think much of it. And then it starts hitting the news, and GameStop stock skyrockets by like, 100%. I was like, âDamn it â I could have gotten in there earlier.ââ He immediately bought $4,000 of stock, which he later sold for more than $800 in profit.
Flores was one of several Harvard students who jumped on the market trend and bought stock in struggling companies early this month. Several of them said in interviews that they had varying prior experience in investing, and held mixed motivations for making the risky investment â from an attempt to earn extra money, to a desire to punish the hedge funds that had bet on the stock prices going down.
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A quant fund is looking to hire high-ranking Wall Street Bets members as traders - and says a refined taste for memes will help candidates
A quant fund is looking to hire high-ranking Wall Street Bets members as traders - and says a refined taste for memes will help candidates
Isabelle LeeFeb 10, 2021, 00:56 IST
REUTERS/Dado Ruvic/Illustration/File Photo
Cindicator Capital is currently looking for a sentiment trader to join their New York-based company, Bloomberg first reported.
A crucial requirement: The applicant must be a high-ranking and active member of the notorious
Wall Street Bets subreddit.
Extra points go to those with a refined taste for memes and a sense of humour, according to the job listing.
Billionaire Mark Cuban thanked Wall Street Bets, advised members to hold their GameStop stock, and slammed the SEC in a Reddit AMA. Here are the 12 best quotes. tmohamed@businessinsider.com (Theron Mohamed)
Mark Cuban praised Wall Street Bets for taking on the financial elite.
In a Reddit AMA, he also advised some of the subreddit s members to hold their GameStop shares.
Here are the billionaire investor s 12 best quotes from the discussion.
The billionaire investor Mark Cuban is thanking Wall Street Bets for disrupting the financial establishment.
In a Reddit Ask Me Anything discussion on Tuesday, the Shark Tank star who owns the NBA s Dallas Mavericks also recommended that some of the subreddit s members hold their GameStop shares despite the stock s recent plunge. Moreover, he criticized stock-market regulators, praised stimulus checks, and explained why he liked people shorting his companies.