The world is watching U.S. markets with great interest, and more than a little FOMO, as Reddit investors continue to test their might against Wall Street.
It all started when retail investors on the Reddit community wallstreetbets began pumping the price of U.S. video game retailer GameStop’s (GME) stock to counter Wall Street hedge funds that were “shorting” or betting against it. What the Reddit group did, and the reaction of the mainstream as the stock skyrocketed, reminded many of crypto trading.
Meanwhile, the world watches, with some seeing what happened with GameStop as a more global story of ordinary investors taking on the power of big institutions.