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1 big thing

When investing goes viral

1 big thing

Axios

News

4.02K Ratings

🗓️ 29 January 2021

⏱️ 10 minutes

🧾️ Download transcript

Summary

You've likely heard the headlines this week about the stock market mania around GameStop. But this isn't just about the stock market. It's a kind of populist uprising borne of the Internet. Plus, what’s behind GM’s big electric vehicle announcement. And, the new wild west is in outer space. Guests: Axios' Felix Salmon, Joann Muller and Miriam Kramer. Credits: "Axios Today" is produced in partnership with Pushkin Industries. The team includes Niala Boodhoo, Sara Kehaulani Goo, Dan Bobkoff, Carol Wu, Nuria Marquez Martinez, Naomi Shavin and Alex Sugiura. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. Go deeper: Reddit traders' real-world positive consequences GM plans to end sales of gasoline powered cars by 2035 The coming land rush in space Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

On BBC A

0:02.0

I am doing life a few more years means nothing to me

0:06.0

I'm pregnant

0:08.0

judges go easy I'm pregnant women

0:10.0

I've been all my electricity that's all don't think I should even be in here.

0:14.0

A new series of the Baffa Award winning time.

0:18.0

You tell anyone and I mean anyone about me I will kill you. Starring Jody Whitaker, Tamara Lawrence and

0:26.0

Bella Ramsey. Time. Watch on BBC I Player.

0:30.0

Good morning. Welcome to Axios today. It's Friday. It's January 29th and I'm Naila Boodoo. Here's what you need to know today. What's behind GM's big electric vehicle announcement?

0:44.0

Plus, the Wild Wild West of outer space.

0:47.2

But first, when investing goes viral,

0:49.7

is today's one big thing. You've likely heard the headlines this week about the stock market mania around GameStop.

1:01.6

To catch you up quick, a group of small investors, egged on by people on

1:05.3

Reddit, have been buying stock in struggling companies like GameStop. That's driving up the price

1:10.8

and really messing up positions of traditional Wall Street investors

1:14.0

like hedge fund managers and high profile traders who were betting against GameStop

1:18.8

leading to huge losses for them. But this isn't just about the stock market. It's kind of like a populist

1:25.3

uprising born of the internet complete with musical memes.

1:29.4

Soon may the tender man come to send our rocket into the sun. One day when the

1:35.8

trading is done we'll take our gains and go. That got his thinking about what

1:40.7

this moment represents not just for financial markets but culturally

1:44.3

which is why I wanted to talk to Axios' chief financial correspondent Felix Salmon.

...

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