On November 22, 2022, mods of r/wallstreetbets formally ban GME.
“WSB is a trading sub, not a place to baghold for years. Apes are no longer welcome.”
This is an important development in the saga of GameStop / GME because it marks the point at which the media can no longer credibly pretend that the GameStop saga continues to be associated with the wallstreetbets subreddit.
There are many, many articles online that try to tell “the story of GameStop”, and the story generally goes like this:
Redditors on wallstreetbets did some stuff, GameStop had a real short squeeze, it ended, it was this whole crazy frenzy you shoulda been there, AMC also did some stuff too it’s very similar to GameStop. End of story.
For example:
cnbc.com - September 15, 2023 “The meme stock mania is now a movie. Here’s what has happened to GameStop and AMC”, the complete story in its entirety by reputable and unbiased source CNBC: “on social media sites like Reddit’s WallStreetBets” “On Thursday, GameStop closed more than 78% below its all-time high.” “The high level of short interest, and appearances by several meme stocks on the SEC’s “fail to deliver” lists, fueled theories from retail traders that there was “naked” or synthetic short trading going on. An SEC staff report on GameStop found no evidence of naked short selling, however.” “AMC and GameStop” - “As for the meme stock companies themselves, it is still unclear whether the fundamental theories of some Reddit traders were correct.” "The GameStop turnaround efforts of Chewy co-founder Ryan Cohen, who became something of a hero to the retail traders, have shown little sign of working. " “The financial results have also been underwhelming.”
There was no mention that GME investors moved on to new subreddits, there was no mention that GME investors have directly registered 25% of the entire company, there was no mention that wallstreetbets, the place where everything happened and presumably continues to happen, formally banned GME discussions as of November 22, 2022. These things were not mentioned, because they never happened. It was just this whole thing on wallstreetbets back in 2021 with a couple of meme stocks, it was a frenzy, and then it just kind of fizzled.
And there you have it. The complete story of what has happened to GameStop as of September 2023 by CNBC.
The media will of course continue to generally ignore any part of what is actually happening that doesn’t suit the narrative that they are trying to push. But, the longer that this whole story continues to unfold, outside of wallstreetbets, the less credibility that any reporting has that attempts to associate GameStop with that subreddit.