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337 Garden Oaks Blvd #67967, Houston, TX 77018 Reddit is down and the internet doesn't really know what to do with itself. Monday afternoon, the popular message board website started experiencing outages across the world. A few minutes later and widespread outages were being reported, and the site remains down as of this writing. Reddit's incident report site noted the site began investigating an issue and subsequently identified it as of 6:58 p.m. Eastern time. According to the site, "a fix is being implemented." That still hasn't stopped the masses from taking to social media to talk about the outage, which has caused the site to briefly trend on Twitter. Keep scrolling to see what people are saying. Redditâs WallStreetBets was the place to be last year for meme-stock mania. These days, some onetime fans say it is hardly worth clicking on. Those who once scoured the online message forum for brazen and unexpected trading ideas say they are mostly finding members still chatting about stocks such as GameStop Corp. GME -5.84% and AMC Entertainment Holdings Inc. AMC -7.40% Constructive feedback on trades, some users complain, has largely been replaced by cheerleading. Devotees who were once glued to the forumâwatching power users like Keith Gill, or âDeepFâingValue,â post bold bets on GameStopâsay they have largely abandoned the page in favor of other trading communities. Ask WSJ Demystifying the GameStop Reddit Saga When GameStop's stock skyrocketed in January 2021, it caught Wall Street investors by surprise. A group on the Reddit forum WallStreetBets had coordinated stock buys to bolster the fading videogame retailer's stock price. On Jan. 27 at 1pm ET, join the reporters who drove the coverage for a discussion of this moment in investing history. Submit Your Questions The market has changed, too. Last year, the S&P 500 hit dozens of records, making it easy for professional and amateur investors alike to look smart. This year, stocks are off to a rocky start, in particular the sorts of tech companies and flashy firms favored by the day-trader crowd. A year ago, though, WallStreetBets was the engine that powered the rookie trader. Tips posted there were quickly amplified over TikTok, Twitter and messaging platform Discord, allowing hordes of individual traders around the world to act in concert and even drive markets. WallStreetBets members ballooned from fewer than two million at the start of January 2021, just before GameStop shares went flying, to more than 11 million today. WSJ Newsletter Notes on the News The news of the week in context. Sign up If the meme revolution made trading cool, it also made it harder to separate the next big stock sensation from the next big money loser. Investments that were applauded on forums like WallStreetBets went up because day traders declared they would, with little regard for a tradeâs underlying value. SHARE YOUR THOUGHTS How reliable is the stock market information you can find in online communities? Join the conversation below. So far this year, the tech-heavy Nasdaq Composite Index is down 11% and has entered correction territory. The VanEck Social Sentiment ETF, which is known by the ticker BUZZ and tracks stocks that are popular on social media, is off around 18%. GameStop and AMC have fallen even further, with both down 33% or more in the year to date. Amid such broad declines, it might get harder for small traders to gang up and boost a stock, unless there is actual good news about a company. WallStreetBets, or WSB as it is known to users, was created in 2012 by an IT consultant bored with traditional financial advice. It has never been a sober corner of the internet. Users post under pseudonyms like pim9daddy214 and Boogyman422 and exchange unpublishable profanities. Markets are regarded as a giant casino, but one where both big wins and big losses are celebrated. After all, as many members would say, âYOLOâââyou only live once.â Sol Hu quit his job and became a full-time trader after he discovered WallStreetBets. Photo: Sol Hu Sol Hu came across WSB roughly four years ago. New to trading, Mr. Hu was immediately hooked. By 2019, he was trading full time after quitting his job as a research technician. Back then, he said, he checked WallStreetBets first thing each morning and would scroll and comment for hours throughout the day. Mr. Hu enjoyed chatting with others when he wanted advice on a particular trade and appreciated the honestâalbeit sometimes brutalâfeedback. âNow itâs all âyes menâ comments,â said Mr. Hu, who is 31 years old and lives in New Jersey. He still briefly checks in on the site many days but spends most of his time scouring Twitter for fresh trading ideas and talking strategy with his cousin. WSB remains one of the most popular Reddit groups. But veterans like Mr. Hu say the newbies are taking more than they are giving. The number of text posts, as well as the number of total comments across WSBâs main page, has been falling. On an average day last November, there were about 27,000 comments on the forumâs main page, which features âhotâ content, down from about 47,000 a year before, according to a Wall Street Journal analysis of data from TopStonks, which tracks stocks mentioned on Reddit and other sites. Many new users continue to be drawn to the original meme stocks. GameStop shares were still the second-most-mentioned stock on WSB in January, according to TopStonks data as of last week. AMC ranked sixth. Mark Villanueva came across the site last year and was intrigued by the users who said they were making big bucks. In February, Mr. Villanueva noticed that WSB was buzzing about a special-purpose acquisition company called Churchill Capital Corp IV, or CCIV. SPAC discussions were forbidden on WSB at the time, according to the forumâs own content guidelines, though Mr. Villanueva didnât know that. Mr. Villanueva bought about $3,000 of the shares. Their value plunged within days and he sold everything, losing roughly $1,150. CCIV later merged with the electric-vehicle company Lucid Group Inc. to take it public. âI thought these guys really knew what they were talking about,â said Mr. Villanueva, who is 32 and lives in the Chicago suburbs. He now prefers another Reddit forum called Superstonk, which focuses on GameStop. Like other Reddit forums, WSB largely relies on its own members, instead of armies of tech employees, to police its content. Volunteer moderators use bots designed to scour and delete anything that violates forum rules, and moderators can manually delete posts, too. Users arenât supposed to post about cryptocurrencies, companies with a market capitalization of less than $1.5 billion or so-called over-the-counter stocks that arenât listed on exchanges, among other rules. Newsletter Sign-up Markets Alert Major financial-market and trading news. SUBSCRIBE But posts that break the rules can slip through. Some users said they have grown more suspicious about users looking to drive up share prices of lesser-known companies in an attempt to unload them to novice investors. A moderator for WSB acknowledged that the siteâs explosion into the mainstream had resulted in âpeople trying to influence pricesâ but said that moderators âwork pretty hard to keep that at bay.â He said the team has come up with âautomated solutionsâ to help prevent spam. The moderator noted WallStreetBets has recently made changes to help keep members engaged, including launching a live call on weekdays before the market opens for members to discuss their trading ideasâand anything else. The moderator, and some other users, said it was natural for WSB to go through phases. Last year, Grigory Lukin holed up in his Toronto apartment for an entire weekend to read popular posts by Keith Gill and others on GameStop that he found on WSB. Grigory Lukin made about $115,000 in profits within days on a GameStop trade last January. Photo: Grigory Lukin In January 2021, he poured about $44,000 of savings into GameStop and made about $115,000 in profit within days. He has since quit his job as a financial analyst at Amazon.com Inc. to retire early and trades as a hobby. Mr. Lukin, 35, said he typically spends âa few minutes here and thereâ on WSB after he gets bored scrolling Twitter and other Reddit groups, including one called âWallStreetBetsHUZZAHâ that cropped up last year. He has still been able to find some other winning trades on WSB, like an options trade on the food company Dole PLC that earned him a roughly 60% profit within a day. He still occasionally trades GameStop shares and options. âThereâs some good stuff out there,â Mr. Lukin said, referring to WSB. There is also âsome absolutely atrocious advice.â Meet the Investors Taking Tips From Social Media You may also like Up Next Meet the Investors Taking Tips From Social Media The GameStop frenzy put the spotlight on a growing group of investors who seek and share trading information on social media platforms like YouTube and TikTok. Three investors explain how these online communities are helping them chase the market. Photo illustration: Adam Falk/The Wall Street Journal