There’s a good chance you’ve heard of the website Reddit.
It’s an online forum where users can join communities based on their interests, like sports, video gaming, gardening… or even investing.
And one of these investing communities on Reddit has blown up in a big way:
Named “WallStreetBets”, this Reddit community is not a source of sage financial wisdom.
It’s notorious for its “YOLO bets”, such as buying out-of-the-money call options days before expiry in the hopes of hitting it big.
WallStreetBets was once the haunt of investment industry professionals looking for a place to relax and joke with like-minded people.
For a time, even personas like the currently imprisoned former hedge fund manager Martin Shkreli would visit to shoot the breeze.