WallStreetBets

The WallStreetBets saga involves a continuing revolt against Wall Street by Main Street, sprung by the forum r/wallstreetbets on Reddit.

In January 2021, amateur retail investors, mostly from Generation Z,^[1] rapidly bought stocks in companies such as GameStop, AMC, and Blackberry. In doing so, they foiled the common hedge fund tactic of short-selling being used against these companies, and caused these hedge funds and stockbrokers to lose billions in assets. Within days, trading app Robinhood froze the assets of the retail investors,^[2] causing a major public outcry.^[3] Discord and Reddit took similar actions.^[4]

The rapid trading of the amateur investors was apparently spearheaded by amateur investor Keith Gill, known on YouTube as "Roaring Kitty" and on Reddit as "DeepF***ingValue." During the Congressional hearing in February 2021 regarding the actions of both WallStreetBets and Robinhood, Gill, the CEO of Robinhood Vlad Tenev, and the CEOs of multiple hedge funds including Citadel and Melvin Capital were called to testify. Gill explained that the phenomenon in January was not a "get rich quick" scheme, but a protest of those schemes partaken by Wall Street.^[5] Overall, little was accomplished in the hearing.^[6]

The establishment media accused the average traders of market manipulation^[7] and even weaponized identity politics against them.^[8][9][10] Meanwhile, the investors used the money they had gained to adopt animals^[11] and donate to children's hospitals.^[12]

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• wallstreetbets - Like 4chan found a bloomberg terminal r/wallstreetbets subreddit