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Disappointing fourth-quarter earnings highlight the reality that Elon Musk’s electric-car company will struggle to justify its valuation.
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American Financial said the transaction will mark its exit from the fixed and indexed annuity market.
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A message on the forum’s landing page initially said WallStreetBets had been taken private by its moderators because off technical difficulties on an “unprecedented scale as a result of the newfound interest in WSB.”
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The social-media giant has lagged behind the Nasdaq Composite Index and some of its competitors over the last year, but the company should find relative shelter in its diversity.
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Internet-fueled amateurs are gathering on platforms like Reddit, Discord, Facebook and Twitter, encouraging each other to pile into stocks, bragging about their gains and, at times, intentionally banding together to intensify losses among professional traders. “I didn’t realize it was this cult-like.”
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Record-breaking quarter comes as stock has already reached a record high valuation.
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Major stock indexes suffered their sharpest one-day losses since October amid concerns about Covid-19 vaccine distribution, while traders were also captivated by the frenzied trading in GameStop and other heavily shorted stocks.
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Schwab, Vanguard, Fidelity and others reported new service disruptions. TD Ameritrade blocked some trades on GameStop and AMC.
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Federal Reserve faces a challenge in how it will eventually communicate an exit strategy with the market.
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