Reddit Group Has Driven Other Stocks Up, Sending GameStop Soaring

A Reddit group is gaining a lot of attention for driving up the price of GameStop stock.

But that’s not all they’ve done.As we told you, members of the WallStreetBets subreddit helped GameStop's stock soar as much as 1640-percent in recent days in an effort to punish short sellers betting on the stock's decline. Trading on the stock was stopped briefly.

Now the group is also credited with helping to boost shares of AMC theaters, the maker of Tootsie Rolls, and Bed Bath & Beyond. However, don't try to get in the chat group to see which stocks it's hoping to boost next. With all the attention it's gotten for shaking up the market, the group's moderators were forced to make it private, meaning only invited members would be allowed in.

In a twist,Discord banned the subreddit’sserver because of hate speech. “The Verge” can confirm the channel was spamming hateful language, including racial slurs.Elon Muskhas slammed the action, agreeing that other action could have been taken first. Even AOC is slamming Wall Street for trying to shut the group down, calling them hypocrites.

Source:Yahoo Finance

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