WallStreetBets, a Reddit army of more than two million users, criticized CNBC in an open letter after driving GameStop stock through the roof | Tech News

The infamous r/wallstreetbets, also known as WallStreetBets or WSB, is a subreddit where an online group of traders on Reddit with more than two million users discuss stock and options trading. In recent weeks, the group was able to outsmart a bunch of hedge funds and massively drive up the stock of flailing video game chain GameStop to more than $240 (in after-hour trading).

The subreddit, describing itself through the tagline “Like 4chan found a Bloomberg terminal”, is known for its aggressive trading strategies, which primarily revolve around highly speculative, leveraged options trading.

Following the group’s success in driving up the stock price of GameStop to more than 500% this year, CNBC’s Jim Cramer said the power of the internet is bringing individual investors together to crush Wall Street hedge funds and other investment bigwigs. Cramer added that it’s a new trend that’s only just getting started.

“It’s the ‘wallstreetbets’ people.′ And they have ganged up, arguably allowed by free speech purposes, to center on a few stocks,” said Cramer, referring to the Reddit forum r/wallstreetbets.

However, the WallStreetBets’ users appear not to be happy with CNBC’s reporting and how the group was portrayed. Now, a Reddit user RADIO02118 has published an open letter, criticizing CNBC’s reporting of the investing forum.

Below is the u/RADIO02118’s  open letter to CNBC:

Before you spend another day hosting your shill hedge fund buddies to come on the air and demonize r/wallstreetbets I hope you read this.

Your contempt for the retail investor (your audience) is palpable and if you don’t get it together, you’ll lose an entire new generation of investors.

I keep thinking about these funds that are short GME like your boys at Melvin Capital / your coverage of this subreddit and I’m getting madder and madder.

These funds can manipulate the market via your network and if they screw up big because they don’t even know the basics of portfolio risk 101 and using position sizing, they just get a bailout from their billionaire friends at Citadel. Then they have the nerve to turn us into public enemy #1 just because we believe in an underdog company getting a second chance.

We don’t have billionaires to bail us out when we mess up our portfolio risk and a position goes against us. We can’t go on TV and make attempts to manipulate millions to take our side of the trade. If we mess up as bad as they did, we’re wiped out, have to start from scratch and are back to giving handjobs behind the dumpster at Wendy’s.

Seriously. Motherf**k these people. I sincerely hope they suffer. We want to see the loss p**n.

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