Stockholm - “Stocks only go up”, concludes a video montage of televangelists, dancing Ghanaian pallbearers, and Donald Trump’s personal pastor repeatedly saying she can hear the “sound of victory”.
Far more wide-reaching than broker research notes, memes have become central to a new form of financial literacy - or illiteracy, depending on your viewpoint - behind the frenzied boom in retail trading of cryptocurrencies or stocks on platforms like Robinhood. He set Litquidity up four years ago, using memes to entertain young finance workers, but its Instagram following - the “litfam” - has doubled to around half a million since last March.
Website Reddit’s wallstreetbets page, which this week picked the pockets of seasoned short sellers by encouraging a buying frenzy on GameStop, added two million followers in the last 48 hours.On video sharing app TikTok, where 85% of users are under 35, there have been 5 billion and 1.4 billion views for #sidehustle and #finance, respectively.
This time last year McVeigh had limited interest in financial markets, but, after getting bored during lockdown, he now has a portfolio worth a quarter of his annual salary and a YouTube channel where he blogs about companies. Albarran-Torres said internet chatter encourages uninitiated people to gamble on the stock market, adding: “It makes money into a video game.” However, many social media users see the retail traders as worthy underdogs in a David v Goliath battle against established hedge funds who are used to getting their own way.
Wow so many Reuters tweets about this. Trying to discourage the current trend in defense of the hedgefunds. I can see the Reuters ‘owners’ sweating. Propaganda cranked up.😂
The accuracy
Footsoldiers of ruling BJP attack protestors under patronage of the police! ShameOnModi
Blatant suppression of free speech and free market in just the first month of 2021 Project US Values Disillusionment going well
litcapital