The most requested community in the past week: WallstreetBets
We've been following the situation, not wanting to release a WSB community without having their mods onboard. Well, we still don't have their mods on board. We talked to them in mid-2020, but never came to an agreement.
We hope that they don't get banned from Reddit (we'd pick up a good portion of that traffic, so don't do it, Steve.)
Having said that... the WSB Discord server just got banned (for hate, by the way), and it's very possible that the subreddit suffers the same fate...
Our unofficial WSB Win site:
https://wsbets.win/ or c/wsbets
We've had some well known WSB users reach out asking for us to set this up, and even some people who have been involved in the running of WSB, but to be very clear, this is NOT officially affiliated with the WSB subreddit (but we'll hand it over to them when they want it)
Update: WSB is NOT banned on Reddit. It's private, which is normally a decision by the moderators.
what does this mean?
That’s how much these short selling hedge funds have lost in total due to this uprising
amaaaazing
Market exposure basically.
So if we look at the liabilities teetering, 70b is a huge chunk that requires other funds to cover. This is an indictment on the short sell which in some forms were responsible for the crash of 1929, and has been noted in 2008's meltdown. During the pandemic, Europe has restricted or outright banned shorting.
Shorting first appeared in the US in 1822 so it's been a thorn in the investment community for a long time here. Even longer for the rest of the world with it first coming into practice in 1609 and creating it's first major crisis in 1772 causing a liquidity disaster and the collapse of almost every private bank in Scotland.
Another reason why it's so toxic today is some of the SEC regulations limiting it were removed in 2007. Specifically, the 'uptick rule'. Short selling itself was a driver in creating the first Hedge Fund in 1949.