‘This is the way’: the Reddit traders who took on Wall Street’s elite
A look inside the WallStreetBets forum at the eye of a market hurricane
Michael Frawley had been dabbling in financial derivatives for a few months when he joined a raucous, profane trade-tipping internet forum last year. US-based Reddit’s WallStreetBets would prove the gateway into the 25-year-old Ohio engineer’s wildest ever wager.
GameStop is a struggling bricks-and-mortar US video-game retailer in a world that is rapidly moving online. The stock had been languishing for six years and many hedge funds were betting on a terminal decline.
But spurred on by a bandanna-wearing WallStreetBets user with the moniker DeepFuckingValue, Frawley was one of thousands who decided to bet against the doubters, sending GameStop’s once-listless shares into a parabolic rise...