GameStop's stock isn't the only thing being driven to the moon.
Reddit's WallStreetBets broke all-time traffic records this week as tens of millions of visitors flocked to the subreddit. Driving the surge023 Archivesan unlikely face-off between David-like retail investors vs. a hedge-fund Goliath — and David is very much winning.
For the unfamiliar, the r/wallstreetbets subreddit describes itself as "Like 4chan found a Bloomberg Terminal." In other words, it's a bunch of internet shitposters interested in making money on the stock market. It can often be hard to decipher what is real and what is a joke on the board, making the whole subreddit an entertaining mess.
According to a source familiar with the subreddit's traffic statistics, r/wallstreetbets received approximately 73 million pageviews in the last 24 hours alone. The last seven days approached 200 million pageviews, and Tuesday saw approximately 10.5 million unique visitors to the subreddit.
Notably, according to the source, these number surpassed the massive r/wallstreetbets traffic seen around the March 2020 stock market crash.
In December of last year, Reddit said that the site had around 52 million daily active users in October 2020.
A Reddit spokesperson declined to comment on r/wallstreetbets' traffic. "We don't have comment on traffic to the community," they wrote.
At the heart of this week's traffic surge is an effort by redditors to profit of the hedge fund Melvin Capital's short of GameStop (GME) stock. Coordinated on r/wallstreetbets and apps like Discord, redditors bought GameStop options en masse, creating a "short squeeze" which forced Melvin Capital, which bet against the stock, to buy GME to cover its position.
On Wednesday, CNBC reported that Melvin Capital had been forced into retreat — closing out of its short position on GameStop late Tuesday afternoon. While it's not exactly clear how much Melvin Capital lost, according to CNBC "Citadel and Point72 have infused close to $3 billion into Melvin Capital to shore up its finances."
Meanwhile, redditors are calling bullshit on the CNBC report and rejoicing their win.
"Melvin capital have not closed their positions," claimed one enthusiastic poster. "The squeeze has not been squoze. FUCK YOU MELVIN AND FUCK YOU CITRON. WERE COMING AFTER YOUR SHORTS[.]"
This Tweet is currently unavailable. It might be loading or has been removed.
At the time of this writing, GameStock stock is trading around $326. Last month at this time it hovered around $21, and in July it was trading at approximately $4 a share.
SEE ALSO: All the privacy apps you should have downloaded in 2020
It's unclear what will happen to GME's price going forward, but with redditors already focusing their attention on other shorted stocks like AMC — and seeing a resultant price surge — traffic to r/wallstreetbets is likely to keep climbing.
And people are loving it.
This Tweet is currently unavailable. It might be loading or has been removed.
This Tweet is currently unavailable. It might be loading or has been removed.
This Tweet is currently unavailable. It might be loading or has been removed.
Well, people not named Melvin Capital, that is.
UPDATE: Jan. 29, 2021, 11:33 a.m. PST: Traffic to r/wallstreetbets has continued to soar since the initial publication of this article. According to a person familiar with the subreddit's pageviews, on Jan. 27 r/wallstreetbets saw approximately 175 million pageviews, and on Jan. 28 it saw approximately 271 million.
This Tweet is currently unavailable. It might be loading or has been removed.
Topics Reddit
Amazon Pet Day: All the best deals
It's not weird to mourn your dead plant. In fact, it makes perfect sense.
'Star Wars: The Rise of Skywalker' is now a $1 billion movie
These hilarious memes have taken over the Indian internet
The strangeness of Japan's decision to start openly hunting whales
'Jeopardy' facing backlash after wading into Israel
2020 Oscar nominations: See full list
Meghan Trainor singing 'All About That Bass' to the tune of 'Bad Guy'
NYT Strands hints, answers for May 5
Star Wars script leak shows missed opportunity in 'Rise of Skywalker'
Best Apple deal: Save $19 on AirTag 4
'The Outsider' weaves a spooky, out
Upgrade your WFH hustle with up to 60% off World Market furniture
Uber's Jump releases more accessible three
FreeSync 2 Explained
Hey, Future: Please hire this badass flute player immediately
It's not weird to mourn your dead plant. In fact, it makes perfect sense.
Where to watch all 53 of the 2020 Oscar
Inside the Murky Process of Getting Games on Steam
Elon Musk teases Teslas will soon 'talk' to pedestrians
Barack Obama delivered a special message for Chance the Rapper and ChicagoAnyway, here are some 1Family finds a live scorpion inside their bananasMale beauty blogger transforms into Emma Watson and it's uncannyTesla's 'Full SelfWatch this Yankees fan's heart break as things go quickly south against the Red SoxDriverless race car sums up 2020 by swerving into a wall for no reasonThe difference in these shoes for girls and boys shows sexism is very much alivePolice remove 'rare tree doggo' who snuck into a houseMotorola changes Razr shipping to keep fingerprints off new phonesTesla's 'Full SelfTwitter continues to label Trump's misinformation about vote countYou might be able to test out Dark Mode in the Facebook app right nowThe best 2020 political moments from late nightA comprehensive breakdown of Donald Trump's absurd, unofficial 2020 campaign adA rare white moose has been spotted and if you wanna freak out, that's cool13 best tweets of the week, including Kim Kardashian roasts, Mariah Carey, and Jar Jar Bing80 totally benign things Trump condemned more harshly than neoAn inflatable Trump rat is waiting for the president in ManhattanWatch a great white shark jump out of the water and steal a fisherman's catch Facebook loses two important executives amid new privacy push Channel badass female characters with these DIY Halloween costumes Teen eggs Australian official after racist reaction to Christchurch Global climate strike begins, with students skipping school to protest Google Chrome adds the privacy Every theory you need to remember from 'Game of Thrones' Season 4 Photos of magical night buses could be proof of a parallel wizarding universe Emma Watson really wishes she could vote in the U.S. elections Twitter is redesigning its camera to feel more like Snapchat Snapchat reportedly announcing new gaming platform in April Uber wants people to make apps for its drivers 'Game of Thrones' star Kit Harington to host 'Saturday Night Live' Tinder says it no longer gives users desirability scores WhatsApp continues fight against fake news with new ‘search image’ feature 'Harry Potter' birthday party is way more intricate than you'd expect Flight on Southwest or American? Make sure it wasn't on a Boeing 737 Max. Reddit bans violent subreddits following Christchurch terrorist attack Trump grounds Boeing 737 Max planes after fatal crashes Samsung is working to put a selfie camera underneath a phone's screen Apple announces WWDC 18 dates: June 3
2.531s , 8224.6484375 kb
Copyright © 2025 Powered by 【2023 Archives】,Prosperous Times Information Network