meta_pixel
Tapesearch Logo
Log in
Business Daily

Gamestop: Is it really a case of David vs Goliath?

Business Daily

BBC

News, Business

4.4796 Ratings

🗓️ 1 February 2021

⏱️ 18 minutes

🧾️ Download transcript

Summary

What is Wall Street's role in the surge in Gamestop's share price? It’s been billed as a populist revolt against the financial behemoths of Wall Street: a global gang of small investors driving up the price of Gamestop shares, forcing losses on hedge funds. But is there more to this David versus Goliath story than at first meets the eye? Manuela Saragosa speaks to Alex Patton who trades in his spare time when he’s not at his day job in cybersecurity. She also speaks to former Wall Street professional Alexis Goldstein who now advocates for financial regulation and to Elizabeth Lopatto from the US technology website The Verge. (Correction: in the programme it was said that shares had risen 70% this year when in fact they rose 70% on Friday 29 January 2021)

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to Business Daily from the BBC. I'm Manuel Salagossa. Coming up,

0:07.1

Hoodies Unite, the amateur stock traders aiming to beat Wall Street billionaires at their own game.

0:13.0

What are their chances? I am very excited to see what happens next. I mean, like, that's part of

0:17.9

what's interesting about this, right? And I think that part of what's fueling this is pandemic boredom.

0:23.7

A global gang of small investors has been buying up shares in a struggling American company called GameStop.

0:30.0

It's been framed as a tale of David versus Goliath, a populist revolt on share markets.

0:36.1

But is it really?

0:37.1

I think the reality is that Wall Street is making even more money right now off of this.

0:43.1

That's all here in Business Daily from the BBC.

0:48.8

So my name's Alex Patton.

0:50.7

I live in Kingston upon Thames in London.

0:54.0

I would say I'm a fairly normal amateur investor

0:57.9

and that it's just something I do from time to time ever since, you know, this sort of home

1:03.3

trading became popular with the pandemic. Alex there may be Anglo-American, but he's as far away

1:09.6

from a big Wall Street investor as you can get.

1:12.4

He trades in his spare time when he's not at his day job in cyber security.

1:16.9

Honestly, I'd never traded a stock in my life before the pandemic.

1:21.0

But over the past year, Alex has started checking out a chat on the online community site, Reddit.

1:26.8

Specifically a Reddit thread called Wall Street Betts,

1:29.8

where people like him discuss stock investments.

1:32.7

And it's on that thread that Alex first heard about an American company called GameStop.

1:38.0

It's a struggling bricks-and-water video game retailer,

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.