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- The WallStreetBets subreddit has been exploding in popularity.
- The forum’s culture is facing an identity crisis with its growth.
- Some want the subreddit to be a hub for risky traders, while some newer users just want to meme.
- Visit Insider’s homepage for more stories.
WallStreetBets, the Reddit forum that recently boosted unlikely stock pick GameStop through collective action, is divided after a flood of new users have joined the subreddit over the past few tumultuous weeks amid increased attention. As the markets have fluctuated and GameStop’s price dropped, going from $325 on January 29 to $61 on February 8, WallStreetBets members have struggled to agree on a single ethos for the community that previously exhibited impressive teamwork.
In under a month, WallStreetBets has gained 6 million subscribers, become the center of mainstream media attention, had a Super Bowl ad shout out, and dealt with a moderator coup. Now, it’s struggling to find an identity moving forward.
Some WallStreetBets members are trying to understand why the community couldn’t keep GameStop’s hype alive
Over the weekend, users on WallStreetBets attempting to come to terms with the sub-$100 Gamestop stock have flooded the subreddit. Some tried to make sense of why their campaign to boost the price longer-term didn’t work. Others discussed their frustration with how Robinhood stopped GameStop stock trading, causing the price to plummet. Some posters have even come to terms with the fact that maybe the plan to overthrow Wall Street by holding onto “meme stocks” was never a viable plan.
“Stop saying it didn’t work, it was never going to work, we got greedy, we got stupid and all the other hind sight self delusions to make yourself feel better,” user Effective War wrote.
“You guys are actually f— insane. We don’t have a problem with the stock,” wrote user OlyBamaye. “We have a problem with YOU.”
An iconic figure on WallStreetBets has gone silent
Keith Gill, known on Reddit as DeepF--Value and one of the originators of the GameStop stock meme, has also taken a step back from the sub. Throughout all of 2020, the user posted daily updates of his gains from meme purchases, turning him into a sort of figurehead in the community. His last daily update was on February 3 and the next day news broke that Gill was being investigated for his job as a financial advisor and that he might be asked to testify to Congress. His absence from the sub has left users worried and nostalgic for GME gains.
"In honor of finally seeing the almighty u/deepf--value. We must now do our part in having him written in the history books as the greatest that WallStreetBets has ever seen," user always_plan_in_advan posted.
While some Reddit users tried to cut their losses, others embraced the memes
While some users have lost hope, others are just in it for the memes. Many that are part of the new influx of WallStreetBets users aren't trying to become the next Warren Buffett. They just want their tendies and memes. Rocketship emojis implying that GameStop can still go "to the moon" spread through comment sections and some people they said they'd hold onto their shares for as long as it takes. To them, selling or having "paper hands," is like giving up on the movement before the stock soars. It's a hope that accepts that if the stock doesn't go up, their capital might deplete and their lives suffer, but they did it for a valuable cause.
Users with a knack for editing have even taken their favorite media and bashed it together to try to express the hilarity of the quickly shifting narrative. Hodor held the door in "Game of Thrones" but even he struggles to get through all of the noise on WallStreetBets.
Though posts just featuring memes have been deleted by moderators, a chunk of them still exists on the forum. The two different market philosophies on the sub are coming to a head: the old guard wants to make valid market decisions with a sarcastic undertone while the other just wants to be a part of the "ape gang" and throw as much capital at the hive mind's stocks as possible. As the weeks go on and the ballad of GameStop comes to a close, the sub will have to reckon with its own identity. Does it continue to be a place for traders to meme or is it the new breeding ground for a financial revolution?
With six million new users joining in these past few weeks, there was bound to be discord among the masses. The "OG" Reddit users that remember when you could just put screenshots of your epic gains or losses for upvote approval are wary of this newer generation that just wants to hold onto their GameStop stock, hoping it soars to the moon.
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