Reddit recovers from outage amid heavy trading in GameStop

Platform News: Reddit is a mainstay of group-based social media

Reddit recovered from an hour-long outage that affected thousands of users on Wednesday afternoon as volatility returned to stocks that were previously at the center of a slugfest between retail traders and Wall Street.

Videogame retailer GameStop, which had closed up about 104% on Wednesday and was once again a favourite pick on the WallStreetBets page, doubled in extended trading, even as the social media platform was not fully functional.

Analysts that follow the stock offered several reasons for the surge, including a corporate reshuffle. The business had said its finance head Jim Bell will step down next month.

Reddit, the massively popular network of user moderated forums is seemingly now more famous for its day-trading forum where individual traders recently triggered a rally in many shorted stocks, has faced several outages in recent months.

At the peak of the latest outage, there were more than 52,000 reports across the world of people facing issues with the Reddit platform, according to outage tracking website Downdetector.

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To be sure, Downdetector only tracks outages by collating status reports from a series of sources, including user-submitted errors on its platform. The outage might have affected a larger number of users.

SwaggyStocks, which aggregates sentiment on shares discussed on WallStreetBets which has about 9 million participants, showed GameStop and AMC were the most discussed stocks on the page.

Shares of the cinema theatre operator AMC, which closed up 18%, were up another 15% after the bell.

The team at Platform Executive hope you have enjoyed this news article. Translation from English to other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Shariq Khan and Eva Mathews in Bengaluru. Editing by Arun Koyyur.

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