SEC Announces Investigation into Market Activity, r/WallStreet Bets Goes Private After Discord Ban
January 27th, 2020
By Austin Smith in Finance
Popular stock market analysis and due diligence subreddit, WallStreetBets, popularly abbreviated as WSB, went private after a Securities and Exchange Commission investigation into recent market activity was announced. The subreddit’s move to private only, a mode where users can only participate by invite, came after the official Discord for the subreddit was banned. Discord, a popular software that is similar to Skype, banned the official WSB server today due to violations of its terms of service.. An announcement from a Discord spokesperson did not attribute the reason of the ban to any financial fraud activity that could possibly be related to the recent investigation announced by the SEC.
“To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks,” reported The Verge.
The SEC investigation comes at a time after the stock value of GameStop Corp. increased by nearly 2000% to a per share value of $347. The value of GameStop shares were $18.84 per share on December 31st, 2020. Other stocks in high-volatility lately with potential links to WSB activity include AMC and Nokia.
AMC Entertainment Holdings Inc. stock closed on January 26th at $5.00 per share and would reach $20.30 per share the following morning, today, at 9:30 AM. Share value of AMC Entertainment would continue to see volatility in the day and closed at a per share value of $19.88 at 4:00 PM. The stock has seen a continued sell-off since the market closed at 4:00 PM and is current at $13.22.
Nokia Corporation stock was at $3.91 on December 31st of 2020 and closed today at a per share value of $6.55 with an intra-day high of $8.81. The stock has increased by over 50% in the last week and saw most of its gains, nearly 39%, today. Nokia took no responsibility for the increase as it reports no new developments or changes were announced that could explain the surge in the company’s stock value.
Disclaimer:
The author does hold a position with the stock(s) pictured or mentioned within this article. Advice within this article is purely for informational, or entertainment, purposes only. The author and Discoveredinnovation.com do not accept liability of your use of this website’s content.
