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And that makes for a tremendous investment opportunity. If they succeed in carving out a sustainable niche, well,, that’s the type of asymmetric upside I’m looking for. This guy, he really believed in this company. This is the potential upside, and it’s enormous.” taylor lorenz GameStop’s modernizing stores, partnering with vendors and offering experiential products. Still in 2020, GameStop maintains a healthy market share within the gaming industry.
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Really, I don’t understand how you could disagree with that. GameStop is one of the most compelling asymmetric opportunities in the market today. So there had been this one Reddit user called DeepEffingValue who had been posting about GameStop nonstop. I hope y’all all had a nice- week! taylor lorenz And it seemed like at one point, every other post in the subreddit was about GameStop, or GME, which is the stock ticker. So over the past few weeks, as I’ve been spending more and more time in this community, I noticed that there was one stock in particular that had really emerged. Maybe throw $20 in, see where it goes, almost as a pastime. It’s allowed people to just play around with the stock market. And Robinhood is almost gamified investing. A lot of people that used to bet on sports or used to spend their time, maybe their leisure money, elsewhere, are trapped at home. And also with the pandemic, people have gotten really into this. And they start trading small amounts of money. You have to be 18, but a lot of kids sign up under their parents’ information. I can put that into a Robinhood account and start investing tomorrow. So say I got 20 bucks from my lawn mowing job.
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Robinhood’s whole goal is to democratize investing. It basically makes it really easy for people with very small amounts of money to buy tiny pieces of shares of stock in a company. And, Taylor, how exactly are all these people, including teenagers, affording this stock? How is that working? taylor lorenz It’ll become funny, or it’ll become a meme, and everyone will talk about it for a while, and then they kind of fade away. And much the way that memes go viral overnight and are suddenly popular, and everyone uses them for a while - and then they become passe - this community treats stocks like that, almost. It’s also about maybe having a viral moment, or launching an online campaign, or shaping culture somehow with your trades. It’s not just about trading a stock and making money. So Wall Street Bets is this place where the incentives of stock trading and incentives of the internet overlap and meet. It’s like if the normal world of stock trading took a bunch of shrooms and started livestreaming itself. So it’s kind of self-consciously poking fun at the normal world of stock trading. So it’s very customary when you have big gains on a stock to celebrate with a plate of fried chicken tendies. They called it chicken tenders and now tendies. They call winnings or gains “tendies.” It’s a play off “tender,” you know, sort of tender, money. It’s very irreverent, and it has its own language. It’s mostly young men, a lot of people in their teens or twenties. They’re individual traders that don’t work for hedge funds or anything.
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It’s full of these, essentially, day traders - people that trade small amounts of stocks, big amounts of stocks. And there’s one in particular, called Wall Street Bets, that has a pretty notorious culture on Reddit. I spend a lot of time on Reddit, which is basically full of all of these little subforums called subreddits. Tell us what you were observing in the weeks leading up to this becoming a huge national story.
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You write about internet culture for The Times. So Taylor, I want to start where this story starts, which is far from Wall Street. Today: My colleagues, technology reporter Taylor Lorenz and business columnist Andrew Ross Sorkin, sort through the meaning of GameStop. What started as a story about Reddit versus Wall Street, the little guy versus the man, has revealed itself to be something larger - a kind of story of our time. Monday, February 1st, 2021 michael barbaroįrom The New York Times, I’m Michael Barbaro. We have an explanation of what happened and what it means. What began as a story about Reddit versus Wall Street has since revealed itself to be something larger. Transcript The GameStop Rebellion Hosted by Michael Barbaro produced by Stella Tan, Jessica Cheung, Alexandra Leigh Young and Asthaa Chaturvedi, with help from Diana Nguyen edited by Dave Shaw and Lisa Tobin and engineered by Chris Wood.