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TBD | Inside the Subreddit That Blew Up GameStop

Slate News

Slate Podcasts

Politics, News, News Commentary

4.56K Ratings

🗓️ 29 January 2021

⏱️ 20 minutes

🧾️ Download transcript

Summary

The story of how GameStop went from the verge of a bankruptcy to a $15 billion market value isn’t an easy one to wrap your head around. But it helps to go back to the beginning; almost three years ago, in a subreddit called r/wallstreetbets.


Guests: 

Brandon Kochkodin, reporter at Bloomberg


Host

Lizzie O’Leary


Hosted on Acast. See acast.com/privacy for more information.

Transcript

Click on a timestamp to play from that location

0:00.0

Heads up before we get started, there is some swearing in today's episode.

0:05.3

Also, this is a fast-moving news story where numbers are changing quickly.

0:14.2

Well, tell me a little bit about yourself, I guess, as much as you're comfortable telling me.

0:20.1

Sure. I'm a software engineer in the Southwest.

0:23.9

This guy, we're going to call him Jason. He's a 36-year-old dad.

0:28.9

Jason is not his real name, but we agreed to give him a pseudonym because we're talking

0:33.7

about a subreddit he's on called Wall Street Betts, a subreddit that is at the center

0:39.3

of the chaotic last few days in the stock market. And he didn't really want his employer

0:43.8

to know about all of this. I asked him what he thought the first time he went on Wall Street

0:49.1

bets. My impression was that these guys are absolute duffices and it's hilarious.

0:55.7

It's difficult to describe without swearing because they swear about themselves so much.

0:59.9

It's okay. It's a podcast. You can swear.

1:02.0

Wall Street Betts is like a lot of Reddit in that there are a bunch of people with screen names like Dr. Blunt or my mom looks at this.

1:09.4

But these people are there to talk about investing, mostly day trading.

1:13.7

Okay. Well, lately this deep fucking value guy has been posting really in-depth due diligence.

1:19.8

Like, this guy clearly knows what he's doing, but also he's called deep fucking value.

1:26.1

Like, you get the weirdest dichotomy on there where there's it's incredibly childish and immature

1:33.4

and you think, well, this is, this might be a really vile place, but then everybody's posting

1:37.3

their losses and is very, you know, upbeat about it.

1:42.7

What Jason's saying is, it's a community.

1:46.0

And this community helped push the stock for GameStop, the video game chain you might remember from the mall, which hasn't even been doing that well.

1:53.5

They helped push that stock up more than 600% in two weeks.

...

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