meme

As Meme Stock Mania Fizzles, Wall Street Sees ‘Big Reckoning’

The day-trading Reddit crowd turned the first quarter of 2021 into one of the wildest periods of stock market mania in modern history. Books — plural — will undoubtedly be dedicated to the topic in years to come.

But after these small-time speculators banded together to drive up dozens of obscure stocks by hundreds or even thousands of percent — and in the process burned a few hedge-fund barons betting on declines — the movement appears to be petering out. An index that tracks 37 of the most popular meme stocks — 37 of the 50 that Robinhood Markets banned

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How Reddit meme stocks like Gamestop and AMC changed Wall Street

The GameStop frenzy in late January forced Wall Street to pay attention to retail investors like never before.

The r/WallStreetBets community piled into the video game retailer’s stock and options, triggering a short squeeze and leaving short sellers with huge losses.

In the aftermath, Wall Street and news outlets dove deep into subreddit to understand how this happened. WallStreetBets’ unique mix of self-deprecating, camaraderie and tongue-in-cheek humor captured and identified with the American public.

“In the way they define themselves, they are setting up ‘this is who we are’ and that can bring people in,” College of Charleston communication professor

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