The Indicator from Planet Money - Diamond Hands To The Moon! Reddit's Market Movers

Over the past couple of weeks, the WallStreetBets Subreddit were responsible for the surge in GameStop stock, among others. Who are these people? And what do they want?

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Content Keywords: money production Wall Street
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NPR

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the last couple of weeks the headlines have been kind of dominated by this roving gang of redditors this group of people group of congregates in this obscure part of Reddit cold Wall Street bets where people talk about trading this group has been grabbing headlines throttling the headlines.

00:00:33
Well, because they've pushed the price of GameStop stock and AMC stock and others wait up. I mean the reason that the headlines are being grabbed just that somehow the people on this message board have mobilized and started moving markets and everyone's like Reddit course you are these people am I a for real not been a member of the Reddit wallstreetbets Community for a few years now.

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By the way is not his real name is wasn't baptized Mia for real. It is a moniker.

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Like a very big part of this group. This is indicator from Planet Money. I'm Stacey Vanek Smith to be on the show the roving redditors of Wall Street bets making headlines a nine millions of members strong.

00:01:42
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00:02:10
For a long time already served. Am I a for-real wasn't trading or buying stocks at all. The Hidden Lake even have a Robinhood account be just like taking breaks in his day job hang it on the Wall Street bets subreddit. He said he just really like the company love the people never won a defensive like a reference and like self-deprecating humor. I really like like a really unique culture where I am people celebrate like bankfinancial games and and also like big losses as well, which I was almost shocked by the radical transparency were you know what people like Lulu's lot of money like a badge of honor to lose money. That's a new one third of information out there.

00:03:00
Yes, and in fact blizzards can factor into the prices of things too. But on this site like that wasn't really part of the vibe. Yes on this group will Street bets on this subreddit people can jump into this big crazy intimidating machine. That is Wall Street, but yet have Community Support with all these people there who are ready to answer your questions and give you information and tips and a place to talk about your plans for your money you owe what happened to your money and Emily for real said he began to feel this really Fierce loyalty towards all of these people just like strangers. Yeah, exactly. Like you don't even know their needs one of my best friends in real life as well. Like we have no idea what each other's like username as we wouldn't tell him your user.

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Be able to speak your mind right money. Is this funny thing right Patty? I mean, there's a lot of like a boner ability around talking about money. This is my words by the way, not his losing money or making a bad investment as one of Shame wrapped up in that and just talking about what you do with your money. It's it's sort of very exposing it's a hard thing to do and Wall Street bets Reddit was like this safe space again. My word made a really bad investment to lost their shirt, you know, they had a place to go to tell people about it and the community was like was there for them with hey congrats to door so he may or even like some adjusting each other a little bit about what they would do with that money was kind of like this family like maybe a dysfunctional family but still a family for a financial markets one individual who basically put his entire life savings and Gord Futures betting on sports awards.

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oh my God wait he put his life State like put it on Coors and I mean the word but woe

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that guy

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anyway am I a for-real I've been part of this community for a while and then the pandemic hit and of course that he was home all the time like so many of us are any wasn't spending so much money and he thought it look I am fortunate enough to have some extra cash right now. Maybe I should take the plunge here and he says on the Wall Street bets subreddit people have been talkin about GameStop from months and this momentum start building a couple reasons for their support for the interest in GameStop specifically he said a lot of Wall Street bets members had a great affection for GameStop but I believe is right Asbury something else who know probably went to GameStop on their younger so I think that was part of that feel down a little bit with short sellers betting that the company would fail then trying to generate some bad bus so that it would fail and lonely suburb just thought that a lot of the good parts of the business some of its strong

00:06:30
Points already being ignored and one of these headphones when I circling kind of like vultures.

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love it means a lot to us and who

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Short Selling Big Shots Oobleck make money off of companies failing. We're not going to let this happen are we let's take him on up by this. So he decides to go all in and advice about six hundred shares of GameStop. If I 18 bucks a piece, which is not a small the month is like more than $10,000. Stock was worth almost $350 a share and if you cashed out at that moment at the Beak, he could have made almost $200,000 in profit $100,000, but he didn't and since then GameStop stock has been falling a lot dollars. I'm holding. I feel like it since the rest of the community.

00:07:42
The price of admission for me. It's not nothing because at $90 a share if he had cashed out he'd make a $40,000 profit serious serious price of admission price of admission and I was just like why aren't you selling because you don't have to this big bump stocks coming down and think you know, it doesn't seem like it's going to go up much for 90 bucks a share. Right? But am I for real says listen Wall Street bets Reddit. It's not just about the money and making money. That's not why he's there. So, I don't know. What do you want? Am I a free like what I mean for me for me to see how much muscle it's gotten over the last few weeks made it seem pretty inspiring right now, see how much power the little guy can actually have them think about it. They be able to take on headphones. They will take on short sellers. They poked a Wall Street guys in the eye.

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I need the help tightness in a company that they really loved and I feel like now it's like a david-versus-goliath or a Main Street vs. Wall Street Port of narrative feel like we're kind of living through an important part of history and I want to be there and be part of it more like Arnold because millions of people have actually jumped into Wall Street bets since all this news broke and am I in for reals actually worried that it's going to change the course of this group that he really loves and it mean so much to him. He wanted to just stay a bunch of people on their computers in their basements into researching buying selling sharing their stories bunch of crusading investors moving markets.

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And hopefully scoring one for the little guy.

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This episode of the indicator was produced by Brittany Cronin with help from Samsung who actually fact check the episode as well. The indicator from planet money is a production of NPR.
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