WallStreetBets, the Reddit forum responsible for the rally in GameStop Corp. GME and multiple other stocks, is getting ample support on social media after it briefly went private on Wednesday. The discussion board was also taken off of Discord’s service the same day.
Celebrities, politicians, investors, and executives are clamoring to the defense of r/WallStreetBets and calling highlighting the perceived unfairness of the situation. Here is what they are saying:
See also: How To Buy Nokia Stock
Dave Portnoy: Entrepreneur David Portnoy did not mince words in a video he posted on Twitter Wednesday. The Barstool Sports owner prophesied that “tomorrow will be intergalactic” for the stocks of AMC Entertainment Holdings Inc AMC, GameStop, and Nokia Oyj NOK. The Reddit frenzy pushed the stocks of these three companies 301.21%, 134.84%, and 38.48% higher, respectively, on Wednesday.
Although, after the forum went private the stocks saw declines in the after-hours session of 26.58%, 15.97%, and 9.47% respectively. Portnoy disclosed that he had over a million dollars in both AMC and Nokia and admitted he was “getting hit a little bit right now since they took out Wall Street Bets.”
Emergency Press Conference - The Suits Shut Down @wallstreetbets @WSBChairman My prediction is tomorrow will be intergalactic for $amc $gme $nok— Dave Portnoy (@stoolpresidente) January 28, 2021
(Im not a financial adviser. Don’t listen to me) pic.twitter.com/oYrsPOz8Vx
Portnoy said he received a bottle of Dom Perignon Champagne at a restaurant while at dinner with a note with ticker symbols of Nokia and AMC which read “to the moon….”
Mark Cuban: “Shark Tank” fame Mark Cuban thinks r/WallStreetBets is giving “the little guy an edge.” The investor revealed even his 11-year old made money trading with them.
I got to say I LOVE LOVE what is going on with #wallstreetbets. All of those years of High Frequency Traders front running retail traders,now speed and density of information and retail trading is giving the little guy an edge. Even my 11 yr old traded w them and made $— Mark Cuban (@mcuban) January 28, 2021
Chamath Palihapitiya: Virgin Galactic Holdings Inc SPCE Chairman Chamath Palihapitiya closed his position in GameStop a day after joining the Reddit rollercoaster, reported CNBC. The SPAC King vigorously defended retail investors while appearing on “Fast Money.”
“Instead of having ‘idea dinners’ or quiet whispered conversations amongst hedge funds in the Hamptons these kids have the courage to do it transparently in a forum,” said Palihapitiya.
“What it proves is this retail [investor] phenomenon is here to stay. There are 2.7 million people inside wallstreetbets. I think they are as important as any hedge or collection of hedge funds.”
Elon Musk: CEO of Tesla Inc TSLA, Elon Musk, also expressed disappointment with Discord over the company pulling the plug on r/WallStreetBets.
“Even Discord has gone corpo …,” said the multi-billionaire. Earlier, Musk had tweeted in support of the community pushing the stock of GameStop higher.
Gamestonk!! https://t.co/RZtkDzAewJ— Elon Musk (@elonmusk) January 26, 2021
Alexandria Ocasio-Cortez The Reddit board also garnered the support of Rep. Alexandria Ocasio-Cortez (D-NY).
Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino— Alexandria Ocasio-Cortez (@AOC) January 27, 2021
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