- Reddit had removed some mods from r/WallStreetBets to stop the takeover.
- The group pushed up the stock prices of several companies.
- Discord also stepped in to help moderate a party of WallStreetBets.
Reddit’s r/WallStreetBets has expanded dramatically. The group was involved in pushing up the stock prices of companies like GameStop, AMC, and Nokia. The whole saga has gained so much interest that there are already several movies and a TV show in the works. But the increased focus has also put pressure on the culture of r/WallStreetBets itself. And it forced Reddit to step in to help sort stuff out.
The trouble began Wednesday night when some r/WallStreetBets moderators spoke with each other about trying to get a movie contract. The WallStreetBets moderators were considering the film contract. They started booting out other moderators on Thursday morning who had challenged them for secretly seeking to profit from the forum’s success. The New York Times reported the matter. A widely upvoted r/WallStreetBets post called the situation a coup. The moderators were throwing out the group knowledge and love, it read.
Reason for the removal of Mods
Late on Wednesday, on the chat app Discord, a moderator on the popular Reddit message board WallStreetBets posted several screenshots. They showed that other moderators had secretly begun to speak to each other about landing a film contract. In one of the screenshots, a moderator was asking his cut in a Discord session. The search for Hollywood riches had erupted into a hideous fight by Thursday morning. And offered a peek into the unruly nature of the suddenly popular Reddit culture.
That was when the moderators of WallStreetBets who were considering the film deal started booting out other moderators who had challenged them for trying secretly to benefit from the success of the forum. Eventually, Reddit workers joined in to try to quell the unrest. Reddit stepped in to avoid the takeover at some stage, and the company reported to The Verge that it had removed some mods from r/WallStreetBets. The group argues they breached rule five of its moderator rules.
Stable and Active Teams of Moderators:
Healthy communities have moderators who are around to answer questions of their community and engage with the admins.
The firm wouldn’t disclose how many mods have been withdrawn. As of now, 28 mods are listed on the r/WallStreetBets mods page. According to a message sent by Reddit to the r/WallStreetBets mods obtained by Mashable, Reddit said it had to take action because of the chaos the situation generated for the group. We know many would be unhappy with our decisions today, but it was obvious to us that an intervention was important for the continued wellbeing of the group of r/wallstreetbets,” read part of the message.
Reddit will not restore the r/WallStreetBets moderators immediately, the company tells The Verge. The mods removed by the bad actors may be restored as mods. But only at the discretion of the current mod team. It’s unclear which of the mods that have been removed can return or have been invited to do so.
Discord also had to step in last week to help moderate a party of WallStreetBets. Due to “hateful and discriminatory content,” the company banned the original r/WallStreetBets server and supported the mods of the new one with moderation.