Let’s face it: r/WallStreetBets is mad as hell and it’s not going to take it anymore!
For nearly a year, WSB has outsmarted hedge funds and institutional investors who have been shorting stocks. A great example of this has been GameStop, which has defied the space-time continuum and skyrocketed for no other reason than the short squeeze.
One WSB user wrote an open letter to CNBC, slamming the business news network’s coverage of the investing forum:
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 porn.
WSB is a hilarious forum in its own way. But so is CNBC.
So, who’s side should you be on?
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