Rafael Henrique | SOPA Images | LightRocket via Getty Images
“Wallstreetbets” Reddit chat room, where retail investors marshal against short sellers, went private on Wednesday evening, limiting access to outsiders.
“You must be invited to visit this community,” the page stated. The forum’s members topped three million as of Wednesday.
The community gathered an army of rookie day traders who go after heavily shorted stocks, pushing share prices higher and squeezing out short-selling hedge funds. GameStop, a popular target in “wallstreetbets,” saw its shares soaring more than 400% this week alone. The brick-and-mortar video game retailer has skyrocketed a whopping 1,700% as retail traders continued to encourage each other to pile on.
Reddit did not immediately respond to CNBC’s request for comments.
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