{"id":105728,"date":"2021-01-28T18:04:14","date_gmt":"2021-01-28T18:04:14","guid":{"rendered":"https:\/\/fin2me.com\/?p=105728"},"modified":"2021-01-28T18:04:14","modified_gmt":"2021-01-28T18:04:14","slug":"wallstreetbets-founder-on-gamestop-there-is-no-precedent-for-this","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/wallstreetbets-founder-on-gamestop-there-is-no-precedent-for-this\/","title":{"rendered":"WallStreetBets founder on GameStop: There is no precedent for this"},"content":{"rendered":"<p><cite>New York (CNN)<\/cite>The co-founder of the subreddit WallStreetBets says he never expected the forum to become the force it is now, with hordes of amateur investors driving up stock prices in a showdown with Wall Street short-sellers. <\/p>\n<p>&#8220;I don&#8217;t envy any of them,&#8221; WallStreetBets founder Jaime Rogozinski told Julia Chatterley on CNN Thursday. &#8220;I&#8217;m enjoying this from the sidelines.&#8221;<br \/>\nHe later added, &#8220;I predicted the trajectory where things were going, but by no means did I predict the timing or the magnitude.&#8221;<\/p>\n<ul><\/ul>\n<p>Rogozinski, who founded the Reddit group nine years ago, stepped down from his role as a moderator last year. He also wrote a book called &#8220;WallStreetBets: How Boomers Made the World&#8217;s Biggest Casino for Millennials.&#8221; He is &#8220;actively involved with tech and startup communities,&#8221; according to his personal website.<br \/>\nWallStreetBets, which now has more than 4.5 million followers, is behind the jaw-dropping runup in stocks such as <span>GameStop<\/span> <span>(<span>GME<\/span>)<\/span>, AMC and others. The rally has confounded Wall Street and prompted some trading platforms to restrict trades on highly volatile stocks that day traders on Reddit have been piling into.<\/p>\n<p>The runup in GameStop is unprecedented in part because of the way no-fee trading apps like Robinhood have democratized investing 00 giving armchair investors far removed from traditional banks free access to sophisticated trading instruments, like options.<br \/>\nThe process is &#8220;completely gamified on on people&#8217;s cellphones,&#8221; Rogozinski said.<br \/>\nRogozinski, along with much of the financial world, is shocked by the rally. &#8220;I can&#8217;t imagine that I ever envisioned this happening,&#8221; he said, adding that there are &#8220;a lot of forces at play that have just never been tested.&#8221;<br \/>\nThe turning point, for him, came Wednesday when White House press secretary Jen Psaki said the administration was &#8220;monitoring the situation.&#8221;<br \/>\n&#8220;Nobody&#8217;s prepared to handle it on the regulatory side, the government side or on the actual forum itself,&#8221; Rogozinski said.<br \/>\nGameStop&#8217;s wild ride \u2014 it&#8217;s up more than 600% since the start of January \u2014 didn&#8217;t show signs of slowing Thursday. The stock was extremely volatile, prompting the New York Stock Exchange to halt trading.<\/p>\n<ul><\/ul>\n<p>Robinhood, the trading app used by many in the WSB subreddit, said it was restricting transactions on GameStop, <span>AMC<\/span> <span>(<span>AMC<\/span>)<\/span>, <span>BlackBerry<\/span> <span>(<span>BB<\/span>)<\/span>, <span>Bed Bath &amp; Beyond<\/span> <span>(<span>BBBY<\/span>)<\/span>, <span>Nokia<\/span> <span>(<span>NOK<\/span>)<\/span> and others because of the erratic trading. &#8220;We continuously monitor the markets and make changes where necessary,&#8221; Robinhood said in a statement.<br \/>\n<em>CNN&#8217;s Allison Morrow and Paul R. La Monica contributed to this story.<\/em><br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/01\/28\/business\/wallstreetbets-founder-rogozinski-reddit\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN)The co-founder of the subreddit WallStreetBets says he never expected the forum to become the force it is now, with hordes of amateur [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":105727,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WallStreetBets founder on GameStop: There is no precedent for this - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/wallstreetbets-founder-on-gamestop-there-is-no-precedent-for-this\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WallStreetBets founder on GameStop: There is no precedent for this - 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