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  • Last week, Wall Street was fixated on r/WallStreetBets, which fueled stocks for companies like GameStop and AMC.
  • Now, a community of online investors is homing in on SPACs, united by the r/SPACs forum on Reddit.
  • We spoke to moderators and members of the forum to get an inside look at how it works.

If you were watching the battle between day traders and hedge funds that shook up Wall Street last week, chances are you weren’t alone if you felt like Reddit and Twitter had become the Wild West of investing.

Day traders coalesced on Reddit forums like WallStreetBets, egging each other on to either send stocks like GameStop and AMC hurtling “to the moon,” or to beseech one another to “hold the line” in the face of pressures to sell. (GameStop shares have since plummeted as of Tuesday.)

Last week, when Robinhood temporarily blocked users from purchasing shares of a group that eventually numbered some 50 companies, several SPACs were on its list.

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