Elon Musk accuses Discord of going corporate after it bans Reddit group that is boosting Gamestop stock
WallStreetBets – a community of young retail investors - was purged from messaging service Discord after they were tied to price surges on Wednesday
Musk tweeted: Even Discord has gone corpo…
WallStreetBets Reddit page has seen millions of new members arriving in recent days after Musk posted a link to the group on Twitter, writing: Gamestonk!!
But such are the fears over the viral investing, Joe Biden s White House staff are monitoring the situation - as is the Securities and Exchange Commission
Robinhood on Thursday halted the ability to purchase new shares of GameStop
Also stopped purchase for AMC, Nokia, Bed Bath & Beyond, BlackBerry, Express
In some cases Robinhood sold off shares without permission from the user
The move drew outrage from Reddit users who had driven share prices up
Both parties in Congress joined the outcry, as well as Dave Portnoy and Ja Rule
Senate Banking Committee planned hearings to investigate the matter
GameStop had surged more than 1,700% percent this month in short squeeze
But shares sank 44% on Thursday after Robinhood banned buying shares
The struggling company runs a chain of video game stores across the country
GameStop shares rose another 130% on Wednesday amid a Reddit buying frenzy
The struggling company runs a chain of video game stores across the country
Group WallStreetBets is leading charge to inflate stock and punish hedge funds
GameStop stock is up 1,700% since January 1 in run that hurt short sellers
Hedge funds Citron and Melvin Capital likely lost billions as the shares rose
But GameStop s three largest shareholders have gained $3B in recent moves
They include board member Ryan Cohen, whose shares are up more than $2B
GameStop CEO Geroge Sherman is up $500M and investor Donald Foss $800M
TD Ameritrade instituted unprecedented restrictions on GameStop stock