Revenge of the Nerds: Gamestop, RobinHood and the Revolution

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Unless you live in a cave, you would have heard by now about how a group of redditers just fucked a big wall street hedge fund. What’s a hedge fund you ask? All you need to know is that they are financial companies who have a long track record of making extremely risky bets, manipulating markets, and profiteering from people’s misfortunes. Also, while we are at it, they acquire companies, break them apart in the name of the efficiency gods and leave a lot of people without jobs in the process.

So when a bunch of people from the sub reddit forum /wallstreetbets went on the other side of one of their bets and won, the world united and said in unison “fuck you wall street”. Make no mistake, this is not how the stock market is supposed to work. People invest in a company thinking that it has some sort of fundamental value. This is not what happened here. What we saw here is a social movement meets investing geeks meets pandemic boredom meets gambling. Oh and did I mention we got some Elon magic as well?

Tune in to the episode as we discuss what went down with the Gamestop saga, who are the key players, and what will most likely happen after this.

Enjoy!