Social media chat rooms are beginning to resemble the squawk boxes on old-fashioned trading floors, as a new generation of retail traders continues to gain influence over the stock market.
While attention has focused on the Wallstreetbets Reddit community that helped send shares of GameStop Corp. and AMC Entertainment Holdings Inc. soaring, thousands of "amateur" investors have also been congregating on Facebook, Instagram, WhatsApp, Signal, Telegram, Discord, Clubhouse, Slack and other platforms to trade tips away from the public eye, posts shared with and seen by Reuters show.
For example, Rapper 21 Savage's manager, Stone Mound Meezy, started a Clubhouse room on Wednesday to celebrate earning $40,000 in GameStop options. It quickly filled with more than 1,200 participants who encouraged newbies to jump into other investments, including Nokia Oyj and cryptocurrencies.
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