Chat app Discord banned the r/WallStreetBets server Wednesday for “hate speech,” whereas the Reddit message board has gone invite-only, strikes which restrict the visibility of the neighborhood of retail merchants fueling the GameStop inventory frenzy turning the market on its head this week.
In a press release obtained by the Verge, a Discord spokesperson stated it “didn’t ban this server as a consequence of monetary fraud associated to GameStop or different shares.”
The group was as an alternative banned for “hate speech, glorifying violence, and spreading misinformation” after “a number of warnings” to the server over the previous few months, the spokesperson stated.
On Reddit, the r/WallStreetBets subreddit went non-public, which means that potential readers have to get an invitation from the moderators to affix.
Earlier than it went non-public, r/WallStreetBets had greater than three million members on Reddit Wednesday.
Retail merchants, totally on boards like Reddit’s r/WallStreetBets, have juiced up the worth of GameStop, AMC and others this week after discovering out that institutional Wall Road hedge funds closely shorted them. The Reddit-fueled craze has pushed GameStop’s shares up 1640% in two weeks, inflicting large losses for traders, corresponding to hedge fund Melvin Capital
, that stood to generate profits off the inventory taking place.