Reddit’s #WallStreetBets community has spent a total of $ 300,000 on conserving endangered wildlife thanks to its recent looting of New York hedge funds.
Snowball philanthropy began when members suggested that they ceremonially adopt a gorilla across the Dian Fossey Gorilla Fund—Operating in the Virunga Mountains of the eastern Democratic Republic of the Congo (DRC) and Rwanda.
More adoption ideas sprang from the gorilla initiative, as Redditors began posting images of his receipts for contributing to various wildlife shows, including on behalf of snow leopards, bonobos, manatees, Y boars.
By the time contributions reached $ 300,000 in gorillas, even CNBC had featured a story about the Redditors’ charitable acts.
Did you see our adoptable gorilla Urungano in @cnbc @cnbcfastmoney with @melissaleecnbc today! Thanks to @Official_WSB for sharing your adoption of Urungano and helping us raise $ 311,110 since Saturday 👏❤️🦍❤️👏 pic.twitter.com/TgQUS3lAEp
– Dian Fossey Gorilla Fund (@SavingGorillas) March 16, 2021
The original idea was an outgrowth of an internal nickname for the subreddit, The Ape Gang, reflecting their stock investing strategy by pressing a wild button and mob rule. After the Fossey Fund found out, they updated their home page with a banner that quoted Planet of the Apes and read “Apes Together Strong.”
“The money these people have donated is an investment, not just in the Fossey Fund’s mission to help people, save gorillas, but in the future of our planet,” said Dr. Tara Stoinski, Director of Fossey . Well-informed person in a sentence. “We depend on individual donors who donate to us year after year because they know we can trust us to be careful stewards of their donations, no matter how large or small.”
Stoinski made a thank you video to the WallStreetBets community, thanking them for their support, which received more ‘awards’ from Reddit than I could count, and over 158,000 upvotes.
Many of the gorillas were adopted with names like “Jim Cramer’s Tears” and other troll aliases in response to the established apple cart disorder, when WallStreetBets made headlines and history by guiding its members in the equivalent of a 9th century . Viking-style raid on the stock market.
After discovering that the major hedge funds had “shortened” a pair of stocks, AMC Entertainment and GameStop, to the tune of billions of dollars, the members banded together and began bidding the price of these stocks by more than 300. %, with GameStop hitting five hundred at a time, having previously been at around $ 3 before the craze began.
The reason for the tender was that the “shorting” the hedge funds were making meant that the hedge funds were forced to buy back the shares after a period of time, regardless of where the price was. Essentially, if a Redditor were to buy even at the inflated price of $ 100, they would sell it to hedge funds for $ 300 if the short squeeze hit that level.
Some of the WallStreetBets members looted tens of thousands of dollars in this way, and the impact was so substantial to the system that trading platforms like Robin Hood, TD Ameritrade, and more, blocked all buy and sell orders at one point, something that never happened. prior to.
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