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The dramatic short squeeze of the stock of video game retailer GameStop (NYSE:) this January was the moment when r/WallStreetBets finally transformed from a humble Reddit forum into a financial force that can no longer be ignored. But lost among the memes, trading app drama and hand-wringing over the sanctity of the stock market was one surprising outcome: GameStop’s share price didn’t just rise — the company actually listened to its many new retail investors and aggressively ramped up its strategy to focus on e-commerce. Rather than just a one-off market glitch, the investments made by r/WallStreetBets users resulted in the real transformation of a company that many in Wall Street had been predicting the demise of.
Related: GameStop inadvertently paves the way for decentralized finance
Jaime Rogozinski is a founder of WallStreetBets, the internet movement that sparked the meme stock phenomenon that has challenged Wall Street. He has appeared in The Wall Street Journal, CNBC and a variety of other media outlets. Currently, he’s working with founding members of the WallStreetBets movement to create a decentralized autonomous organization in which tokenized shares and crypto assets can be accessed by everyone in the form of ETPs, which are like index funds but digitized, available to all and much, much harder to manipulate.
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