The '''WallStreetBets''' saga involves a continuing revolt against [[Wall Street]] by [[Main Street]], sprung by the forum '''r/wallstreetbets''' on [[Reddit]].
In January 2021, amateur [[retail]] investors, mostly from [[Generation Z]],<ref>https://www.deseret.com/opinion/2021/2/17/22280608/gamestop-frenzy-says-more-about-generation-z-millennials-than-wall-street-reddit-robinhood-stocks</ref> rapidly bought [[Stock Market|stocks]] in companies such as GameStop, AMC, and [[Blackberry (phone)|Blackberry]]. In doing so, they foiled the common [[hedge fund]] tactic of [[short-selling]] being used against these companies, and caused these hedge funds and stockbrokers to lose billions in assets. Within days, trading app Robinhood froze the assets of the retail investors,<ref>https://www.youtube.com/watch?v=vtYRmSPKNqY</ref> causing a major public outcry.<ref>https://www.youtube.com/watch?v=vwvOQ1b6nes</ref> [[Discord (Chatting app)|Discord]] and Reddit took similar actions.<ref>https://thepostmillennial.com/reddits-r-wallstreetbets-live-again-after-intentional-lockdown-discord-ban-still-active/</ref>
The rapid trading of the amateur investors was apparently spearheaded by amateur investor Keith Gill, known on [[YouTube]] as "Roaring Kitty" and on Reddit as "DeepF***ingValue." During the Congressional hearing in February 2021 regarding the actions of both WallStreetBets and Robinhood, Gill, the CEO of Robinhood Vlad Tenev, and the CEOs of multiple hedge funds including Citadel and Melvin Capital were called to testify. Gill explained that the phenomenon in January was not a "get rich quick" scheme, but a protest of those schemes partaken by Wall Street.<ref>https://kotaku.com/mister-deepfuckingvalue-goes-to-washington-1846300753</ref> Overall, little was accomplished in the hearing.<ref>https://web.archive.org/web/20210223091158/https://www.oann.com/house-financial-services-committee-to-hear-testimony-on-gamestop-stock-shorting-frenzy-from-ceos/</ref>
The [[mainstream media|establishment media]] accused the average traders of market manipulation<ref>https://www.forbes.com/sites/johntamny/2021/01/28/ignore-the-populist-gamestop-hype-short-sellers-are-heroes/?sh=27c1f3e73cf3</ref> and even weaponized [[identity politics]] against them.<ref>https://www.thelily.com/women-are-missing-from-the-gamestop-news-experts-blame-this-fratty-subreddit/</ref><ref>https://nypost.com/2021/02/18/melvin-capitals-gabe-plotkin-was-target-of-anti-semitism/</ref><ref>https://www.wsj.com/articles/wallstreetbets-founder-reckons-with-legacy-amid-memes-loss-porn-and-online-threats-11611829800</ref>
==See also==
* [[Big Tech]]
* [[Bernie Derangement Syndrome]]
==External Links==