WallStreetBets Subreddit Gains 2 Million Members in a Day Amid Wall Street Siege

The Reddit community at the centre of a stock trading war against Wall Street attracted roughly two million followers in a single day this week, as the messageboard became ground zero in an effort to disrupt hedge funds.

Members of the thriving subreddit, r/WallStreetBets, have been the driving force behind investments into the retailer GameStop this week and have used the page to mobilize, plan and communicate, while urging others to pour their money into the stock.

As of Monday, the subreddit had approximately 2.2 million members, according to Front Page Metrics. By Wednesday, CBS News noted the figure had risen to over 2.4 million. As of Thursday morning, the number had surged to roughly 4.2 million.

At the time of writing, the community was showing 4.7 million Reddit users as members—a rise of more than 2 million users between Wednesday and Thursday alone.

Referencing that escalation, Jesse Cohen, a global markets analyst at Investing.com tweeted on Thursday: "It took the r/WallStreetBets subreddit 9 years to reach 2 million subscribers. It took them less than a week to add another 2.2 millions subs."

GameStop's share price surged to $380 on Wednesday, up from under $20 just weeks ago. The stock value has spiked by more than 1,500 percent this month.

While the intention of some is to make money, others appear to be motivated by proving a point against the wider U.S. financial system, specifically those who were intentionally betting against GameStop and a handful of other firms, known as short sellers.

The movement has picked up momentum, and mass media attention, this week as two major investment firms that were shorting GameStop stock—Melvin Capital and Citron Research—said they would close their short positions after taking losses.

Mashable reported on Wednesday that r/WallStreetBets had attracted roughly 73 million pageviews in the space of 24 hours, and close to 200 million pageviews over the past 7 days. On Tuesday, the subreddit had reportedly gained 10.5 million unique visitors.

A r/WallStreetBets moderator told Newsweek earlier this week that the sub had seen a major increase in users, and more than 50 times the average daily pageviews.

The subreddit's Discord server was removed this week for allegedly hosting "hateful and discriminatory content" but a new channel was active within 24 hours.

The r/WallStreetBets community was left in a state of outrage on Thursday after trading app RobinHood delisted the ability to trade in GameStop stock.

RobinHood said in a blog: "In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities."

A tweet announcing the decision gained over 13,000 responses in 30 minutes, largely critical, as some users accused it of market manipulation, and spoke of lawsuits.

Reddit
A Reddit logo onscreen during TechCrunch Disrupt NY 2015. Stock shares of videogame retailer GameStop Corp increased 700% in the two weeks due to amateur investors. Getty/Noam Galai/Getty Images for TechCrunch