Taylor Lorenz, a tech reporter from The New York Times, and Andrew Ross Sorkin, a financial columnist, dive into the GameStop phenomenon. They explore how a quirky Reddit community challenged traditional Wall Street, pushing GameStop shares up by 1,700%. The guests discuss the playful culture of stock trading and the impact of platforms like Robinhood that empowered individual investors. They delve into the controversy surrounding Robinhood's trade halt, examining the trust issues in financial systems and the broader implications for retail investing.
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WallStreetBets Culture
WallStreetBets, a Reddit forum, is known for its irreverent culture of day traders.
They use unique terms like "tendies" for gains and celebrate with fried chicken.
insights INSIGHT
Robinhood's Impact
Robinhood's app allows users to buy fractional shares, democratizing investing.
This gamified approach, coupled with the pandemic, increased its popularity, especially among young people.
question_answer ANECDOTE
GameStop Hype
A Reddit user, "F'ing Deep Value," consistently championed GameStop, influencing others.
His posts, filled with memes and rocket emojis, fueled the stock's rise.
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GameStop can feel like a retailer from a bygone era. But last week, it was dragged back into the zeitgeist when it became the center of an online war between members of an irreverent Reddit subforum and hedge funds — one that left Wall Street billions of dollars out of pocket.
Today, we look at how and why the GameStop surge happened, as well as how it can be viewed as the story of our time.
Guests: Taylor Lorenz, a technology reporter covering internet culture for The New York Times; and Andrew Ross Sorkin, a financial columnist for The Times.
For an exclusive look at how the biggest stories on our show come together, subscribe to our newsletter. You can read the latest edition here.
Background reading:
GameStop shares have soared 1,700 percent as millions of small investors, egged on by social media, employ a classic Wall Street tactic to put the squeeze on Wall Street.
A legion of young people — primarily male — have been pouring into digital trading floors for years, raised on social media and eager to teach themselves about stocks. These are the misfits shaking up Wall Street.
It has been a weird time in the stock market, where a video game retailer has suddenly become the center of attention. Here are four things you need to know about the GameStop insanity.
The Daily 
