Then how did he attempt to monetize the sub? I can't remember anything popping up with regards to the trading group
WSBets' coup has succeeded
- Thread starter Pekelo
- Start date
- pump'n'dump of various stocks by the mods (indirectly)
- jartek was selling a book about WSB
- trading "e-sports" event in Texas in fall
- promotion of the TTD's subscription service by jartek
Some mods were directly from the True Trading Group and co-owners of other trading-focused LLCs. They were enabled by jartek to control the sub and kick out other non-affiliated mods.
Lookup Speaks in Booleans on Youtube for a more detailed info.
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Here is a toy to fool around with to see how fast membership was growing in the last 2 months:
https://web.archive.org/web/*/reddit.com/r/wallstreetbets
On January 25th it was 800K, 6-7 weeks later they hit 1 million subscribers. This was due to market volatility and people (among them WSGod) posting crazy gains.
Hell, the sub made the news that they were able to move stocks so many little people with their RH account started to trade options.
https://web.archive.org/web/*/reddit.com/r/wallstreetbets
On January 25th it was 800K, 6-7 weeks later they hit 1 million subscribers. This was due to market volatility and people (among them WSGod) posting crazy gains.
Hell, the sub made the news that they were able to move stocks so many little people with their RH account started to trade options.
If that is true, that must be the dumbest Pump and Dump Scheme I've ever read about. He could be on the Hook for Market Manipulation if the SEC could prove that
You mean the smartest manipulation?
1. The SEC doesn't care about small fish unless they need a scapegoat.
2. It is not illegal to post your position. If thousands follow it, whose fault is it?
Hell, half of the gurus use this strategy with their subscriber base on thinly traded stocks.
You might want to look into how Pump and Dump Schemes are prosecuted. The second they sold their position, they will be looking at significant Jail time. I wouldn't be suprised if those guys wrote among themselfes on reddit, at least the mods who didn't got into the scheme certainly did. In the end he even got overthrown, So I wouldnt count it as the smartest in my book.