If you’re tempted to view the appeal as just an angry, white male phenomenon, be advised that lots of participants not fitting that description will swiftly and savagely correct you. While the subculture might be perceived as self-destructive nihilism to some observers, it has nonetheless caught on. The forum’s (often gleefully offensive) slang has also made its way into market chatter on other social media platforms and on cable news channels.
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Big financial players are taking note of the stocks it trumpets, like BlackBerry, Nokia, MicroVison, and movie theater chain AMC, which had a dramatic surge in its share price over the past month. Since then, the group has ballooned in popularity - rising from a few million users at the beginning of the year to now well over 10 million. In the process, hedge funds and institutional investors that had shorted the dying brick-and-mortar video game retailer were “ squeezed ” out of $11 billion, and some of the “apes” got rich.
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Traditional financial firms endured a brutal introduction in early 2021 to the subreddit r/WallStreetBets, a forum full of mostly-amateur traders who describe themselves as “apes” and “degenerates.” Driven as much by a subversive sense of humor and an anti-establishment ethos as by the lure of wealth, the group powered an otherworldly rally in GameStop in January. Now they’re shit-posting, meme-loving millennials and Gen Zers who congregate virtually on Reddit. “This latest phase of market craziness isn’t so much based on optimism as it is cynicism-unlike in the ’90s, most of the people participating in the madness now know it’s a joke-they just don’t care.” TangentĬrisafulli says Johnson & Johnson’s “disappointing” vaccine candidate results may trigger selling in epicenter stocks-those that tanked the most because of the coronavirus pandemic-but he also notes that “a lot of those same names could get caught up in the Reddit hysteria, too, so people will be reluctant to aggressively short them.Years ago, the most rapacious cutthroats in the stock market were slick, suit-wearing Gordon Gekko types. “The toxic combination of perpetual massive stimulus, the ‘gamification’ of markets, the ‘entertainification’ of trading, and new technological tools-including no-commission trading, fractional shares and social media–that eliminate guardrails while facilitating the rapid propagation of misinformation, made situations like GameStop inevitable,” Vital Knowledge Media founder Adam Crisafulli said Friday. “The logic of hedge funds having to unwind profitable long-stock positions to cover short losses is seemingly dragging on markets, and the next few weeks could be a wild ride,” he adds, noting that the problem could be exacerbated if the trading frenzy once again gathers momentum or Wall Street losses further mount. Robinhood and others may have temporarily hit the reset button on the Reddit revolt, but the retail community is not deterred, and with the company gradually reintroducing trading on stocks, the retail revolution looks set to continue,” Oanda senior market analyst Craig Erlam said Friday morning, citing GameStop’s near-100% resurgence.
“Thursday’s recovery is looking a little premature.