The Breakdown WallStreetBets Is Occupy Wall Street With Teeth
Jan 29, 2021
27:19
This week, a collective of foul-mouthed internet memers took down some of Wall Street’s best-known hedge funds. In today’s episode, NLW looks at:
- The historical context of how the Great Financial Crisis set the stage for WallStreetBets
- How WSB gained infamy during the COVID-19 crisis by correctly predicting the market’s rebound while other investors remained bearish
- Why WSB started going after short-sellers, particularly around GameStop (GME)
- How WSB forced a short squeeze that required Melvin Capital to call in nearly $3B of emergency capital
- Why Robinhood forcing users to stop buying GameStop and other related assets will go down as an inflection point in the history of capital markets
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