Since then investors have seemed to get a lot savvier. To anyone old enough to remember, what happens at Wallstreetbets might sound a lot like day trading, particularly the feverish churning in tech stocks that became a fad in the waning days of the late-1990s bull market. Of course, investing isn't supposed to be like this, at least not anymore. It is a fusion of memes, bragging, bullying, hoodwinking, and the exuberant overconfidence of (mostly) young men. But "WSB," as the forum is known to its members, is more than just a place for traders to swap tips.
There are now roughly as many Wallstreetbets members as there are Bloomberg terminal subscribers-over 300,000. Wallstreetbets, a message board, or subreddit, on the popular news and social site Reddit, has become a home for investors who want to make extremely risky bets on the stock market. "I would have preferred to have not lost ∼$185k in a day," Cao admitted.īelieve it or not (and maybe you shouldn't, at least not all of it), this is just your typical day on the Internet's craziest finance forum. "Post results like a man," responded one.
He uploaded a new screenshot displaying his losses. worker earns in about three years-he had to give the crowd the spectacle it came for. Now that Cao's bets had indeed gone bad-quickly burning through what the average U.S. "Yeah I'm sick of the 'I just lost half of my $133 Robinhood account'" posts, wrote another. "THIS is why I sub to /r/wallstreetbets," wrote one user. "Facebook/Amazon/Twitter hit it out of the park and I am mega rich," he had bragged, hoping to impress fellow traders and the many rubberneckers who flock to the site for just this kind of all-or-nothing gamble.Ĭao's boast, which he backed up with what looked like screenshots of his account-to boost his credibility and also the drama of the moment-had succeeded in attracting attention.
This summer, Dennis Cao logged on to Reddit with some big news to share: He had just lost more than $180,000.Ī few days before, the 24-year-old software engineer had gone onto a popular section of the site known as /r/wallstreetbets to claim he had just placed an enormous wager on several technology stocks, shortly before they would release their quarterly earnings.
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