The r/WallStreetBets server that initiated the the mass buy of GameStop stock, thwarting bigger investors who were short selling the stock, has been banned by Discord.
r/WallStreetBets is a subreddit where people who are interested in investing communicated. Earlier today, as the fallout from their investment plan was made clear, NASDAQ CEO Adena Friedman called the small-time investors "manipulators" for their engagement in the market, which left larger investors suffering great losses.
The reasoning behind Discord's ban has nothing to do with financial issues, or with concerns over their investment strategy, but for what Discord termed "hateful and discriminatory content after repeated warnings," according to The Verge.
Discord stated that:
"The server has been on our Trust & Safety team’s radar for some time due to occasional content that violates our Community Guidelines, including hate speech, glorifying violence, and spreading misinformation. Over the past few months, we have issued multiple warnings to the server admin.
"Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings.
"To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks. Discord welcomes a broad variety of personal finance discussions, from investment clubs and day traders to college students and professional financial advisors. We are monitoring this situation and in the event there are allegations of illegal activities, we will cooperate with authorities as appropriate."
The Verge wrote that they "gained access to the server and can confirm the claim that users of the channel were spamming hateful language, including racial slurs."
Reddit set the r/WallStreetBets page to private.
????CENSORSHIP of WSB Discord and PRIVATING WSB Reddit = STOCKS GOING DOWN !! pic.twitter.com/qisVCPkSGL
— crabcrawler (@crabcrawler1) January 28, 2021
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