Nearly a year ago, a bunch of day traders from the fringes of the internet figured out how to beat Wall Street at its own game. Or so they thought.
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Around mid-January, shares of GameStop — a brick-and-mortar retailer that most analysts expected to go the way of Blockbuster — began surging, fueled by a pile-on of day traders from the WallStreetBets forum on Reddit. They were doubling, tripling, their positions by the day, chanting"diamond hands," and"to the moon," rally cries to hold onto their shares rather than cash out. The term"meme stock" sauntered into the mainstream.
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