Discord kicks r / Wallstreetbets off the platform
Discord has banned the server of the subreddit r / Wallstreetbets. (Photo: Tada Images / Shutterstock.com)
No time right now?
While r / Wallstreetbets is upsetting the markets, messaging service Discord has disabled the Reddit sub-forum’s official server. The provider cites the spread of disinformation and glorification of violence as the reason.
According to Discord, the r / Wallstreetbets server ban has nothing to do with any possible market manipulation related to Gamestop stock or any other security. Rather, the messaging service has repeatedly issued warnings to the server administrator in recent months. An official Discord statement said: “The server has been on our Trust & Safety team’s radar for a while as it occasionally contains content that violates our community guidelines, including hate speech, glorification of violence, and dissemination of misinformation. “
The moderators from r / Wallstreetbets responded with one Statement on Redditin which they describe the loss of the chat server as the first victim of their success. “We blocked all bad words with a bot, which should be enough, but apparently if someone can say a bad word with strange Icelandic Unicode characters and someone can take a screenshot of it, you can no longer hang out with your friends”, the moderation team comments on the closure of the server. Meanwhile, the moderators of r / Wallstreetbets have set up a new Discord server.
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r / Wallstreetbets: With memes and shit posts against hedge funds
r / Wallstreetbets is a rather unusual forum for private investors: The users call themselves autistic and degenerate and comment on market movements in the form of popular meme formats. However, through the coordinated purchase of shares in the international video game retailer Gamestop, they were able to cause a massive price increase. That in turn affects some hedge funds who are used to success. They had speculated on falling prices and are now having to accept enormous losses in some cases.
According to press reports, the $ 13 million fund Melvin Capital suffered a loss of almost 30 percent in just a few weeks. To support the struggling company, the two hedge funds Citadel and Point72 Asset Management put together $ 2.75 billion in Melvin Capital. In return, they received a minority stake in the competitor.
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