The GameStop furore in late January forced Wall Street to pay attention to retail investors like never before.
The r/WallStreetBets community mass into the video game retailer’s stock and options, triggering a short squeeze and leaving short sellers with colossal losses.
In the aftermath, Wall Street and news outlets dove deep into subreddit to understand how this happened. WallStreetBets’ lone 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 mise en scene up ‘this is who we are’ and that can bring people in,” College of Charleston communication professor Ryan Milner said. “There at the end of the day is a power in the collectivism happening on WallStreetBets.”
Here’s an explainer on why these collective actions are becoming more common, the rle memes play in these situations and what’s next for retail investing.