‘This is the way’: the Reddit traders who took on Wall Street’s elite
Millions of ordinary people have plunged into markets over the past year, many without any formal training, adding fuel to a rally and gatecrashing a community that for nearly two decades has been dominated by big asset managers, pension funds and hedge funds.
New York/London/Oslo | Michael Frawley had already been dabbling in financial derivatives for a few months when he joined a raucous, profane trade-tipping internet forum last year. Reddit’s WallStreetBets would prove the gateway into the 25-year-old Ohio engineer’s wildest ever bet.
GameStop is a struggling bricks-and-mortar video game retailer in a world that is rapidly moving online. The stock had been languishing for six years, and many hedge funds were betting on a terminal decline.
Financial Times
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