What is Wallstreetbets (WSB) Reddit Group and Who is Jaime Rogozinski
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| What is Wallstreetbets (WSB) Reddit Group |
WallStreetBets is causing chaos on Stock Market
Stocks in GameStop, AMC theaters, and a multitude of other seemingly fading companies have soared in value over the past week. WallStreetBets has since turned its attention to other stocks, with movie theater chain AMC (AMC) spiking more than 300% on Wednesday.
The group “r/Wallstreetbets” (aka WSB) is a longstanding subreddit channel where over 3.5 million Reddit users discuss highly speculative trading ideas and strategies. The community Wallstreetbets (WSB) has caused huge disruption to financial markets this week.
On Sept. 19, 2020, a Redditor with the handle Player896 published a post in the channel entitled “Bankrupting Institutional Investors For Dummies, ft GameStop.” In it, the person outlined a strong bullish case for GameStop (GME), a brick-and-mortar business that primarily sells video games and consoles. Since November 2015 the company’s stocks had been steadily declining due to a shift from physical media to digital, and the arrival of the COVID-19 pandemic.
The Reddit message board that's breaking the internet by sending Wall Street into a frenzy was briefly taken private by its moderators on Wednesday, CNN report.
The moderators also said several Twitter accounts were trying to impersonate them.
"@wsbmod is the only Twitter handle whose statements are directly from some part of the team."
While it was private, a subreddit called WallStreetBetsnew, meanwhile, gained more than 100,000 followers in around 30 minutes on Wednesday evening. That subreddit was established in March last year. On it, users urged their peers not to panic. Others encouraged buying even more stocks in revenge for the outage.
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What is WallStreetBets and Who is Jaime Rogozinski -Founder of r/wallstreetbets
WallStreetBets has become a new training ground for would-be investors, aided by apps like Robinhood and WeBull that allow anyone with a bank account to become a trader.
According to the Wall Street Journal, the WallStreetBets subreddit was created in 2012 by Jaime Rogozinski while he was working as an information technology consultant for the Inter-American Development Bank in Washington, DC.
The 39-year-old who lives in Mexico City found that while visiting internet forums in the early 2010s, he would be told by fellow investors that his investing style "akin to gambling" wasn't going to work out.
"When I created the sub, I was looking for a community, a place for people to talk about high-risk trades in an unapologetic way for people to make some short term money with disposable income," Jaime Rogozinski told TMZ. "The progression of WallStreeBets throughout the years has been nothing short of amazing."
According to a message posted on the WallStreetBets Discord, Rogozinski had been removed as a moderator because "he was found to be attempting to sell rights to the subreddit to a cut-rate trading team called 'True Trading Group.'" When users tried to visit the sub, the message confirmed the founder's ousting.
Over the next few years, r/wallstreetbets remained fairly small and niche. According to subreddit stats, the sub didn't break 100,000 subscribers until 2017. During these early years, the sub was still trying to find its identity but it still had notable events.
With an unshackled group of moderators, r/WallStreetBets was about to reach entirely new heights.
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