The young trolls of Wall Street are growing up
The Indicator from Planet Money
NPR
4.7 • 9.5K Ratings
🗓️ 8 July 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
His disciples that followed him into the markets, however, never left. That's according to Nathaniel Popper in his new book, The Trolls of Wall Street: How the Outcasts and Insurgents are Hacking the Markets.
Today on the show, why Nathaniel believes these day traders are here to stay and where they're putting their money now.
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Transcript
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| 0:00.0 | NPR. This is the indicator from planet money. I'm Darren Woods and I'm Whelan |
| 0:16.0 | Wong. If you've seen the news coming on a Wall Street over the last couple of |
| 0:19.7 | months you might have felt a keen sense of deja vu. |
| 0:23.0 | Roaring Kitty is back. |
| 0:25.0 | Can you all hear me right now? |
| 0:26.0 | I kind of forget how to do this. |
| 0:28.0 | Shares of game stock soaring today. |
| 0:31.0 | At one point jumping 110% it's reminiscent. |
| 0:35.0 | It's like we're back in 2021 at the height of the meme stock frenzy. |
| 0:38.9 | You know the Wall Street Betts forums on Reddit and these young day traders gleefully offending financial markets. |
| 0:45.2 | Oh yes, and you might remember Roaring Kitty, aka Keith Gill, aka one of the biggest figures during the |
| 0:51.3 | Game Stop mania. |
| 0:53.0 | He went quiet for a few years, |
| 0:54.6 | now he has recently resurfaced, |
| 0:56.7 | but it turns out lots of amateur investors |
| 0:59.5 | who followed him into the markets never left. |
| 1:02.4 | That is according to financial journalist Nathaniel Popper. |
| 1:05.0 | He's the author of a new book called The Trolls of Wall Street, |
| 1:09.0 | how the outcasts and insurgents are hacking the markets. |
| 1:12.8 | My book is basically about how we got this new generation of mostly young men who are obsessed with the markets and trading and money and I was just |
| 1:27.4 | fascinated by the question of where this whole new generation of trading came |
| 1:31.7 | from and what it means. |
... |
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