It Could Happen Here
The GameStop Stock Cult (ft. Folding Ideas)
Oct 16, 2023
Robert sits down with YouTuber and investigator Dan Olson to talk about the cult that developed around the GameStop Stock shorting movement of 2021. They discuss the evolution of the movement, personal anecdotes, the role of algorithms and influencers, the rise in GameStop stock price, the misconception of a short squeeze, and the psychology behind the belief system. They also delve into the influencers in the financial world, the mechanics of social media, misogyny in the financial success community, Ryan Cohen's involvement in GameStop, and the ongoing GameStop stock situation.
41:02
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Quick takeaways
- The GameStop stock cult was driven by a belief in Teddy Day triggering a major financial event and potential economic collapse.
- Influencers within the meme stock community manipulated followers using faux humility for financial gain.
Deep dives
The rise of game stock and the emergence of meme stock culture
The podcast explores the rise of GameStop stock and the emergence of meme stock culture. It delves into the events of January 2021, when a Reddit movement resulted in a surge in GameStop stock prices. The podcast highlights the rapid evolution of cult-like behavior and the influence of social media on the movement. It explains how influencers played a significant role in manipulating and manipulating the community for financial gain. The podcast also addresses the concept of 'short squeeze' and how it contributed to the frenzy. Overall, it provides insights into the decentralized and self-organizing nature of modern belief systems and their potential impact on the economy.
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