Common knowledge states that the Internet will change things, and because of the world’s impulsive millennials, it happened. On January 22, 2021 those very same millennials and other Internet users decided to show just how much they could impact thousands of people.
Reddit users banned together to show how the so-called “little people of the world” could make an impact. These users, plus even more on other social media platforms, decided to invest randomly in the “meme stocks”; these stocks included GameStop, AMC, Nokia and Blackberry. These companies were known for just barely surviving with more focus on larger, more prominent companies. GameStop, however, was the most invested in, with their stock rising dramatically in just 24 hours.
It wasn’t stated specifically why these companies were chosen. Redditors didn’t say why the companies were chosen, just the overall why they did this. Most said something along the lines of how they wanted to show that they could make an impact in the world. Today’s world is so focused on the big box companies of the world such as Amazon or Google. The Redditors wanted to change that belief and show that if anyone no matter what age or status bands together, they can make an impact.
However, there are some that showed a darker belief in their purchase of the stocks, in that they wanted to show how unpredictable and scary capitalism can be. This is a more select few than the other opinions. Most of the brokers and investors saw this as an inconvenience created by a “YOLO” generation. They saw it as something that should just bounce back as the buyers regretted their decision, which has occurred as time has passed.
However GameStop’s stock has now been dropping to levels much lower than seen before the rise. This is likely the result of the ideas of the Redditors and due to the fact that GameStop has been struggling in recent months. The sharp drop is even more shocking due to the fact that many of the Redditors had planned to keep the stocks and plenty have.
Eventually many experts expect things to go back to normal as Mark Taylor, one of the sales traders at Mirabaud Securities says, “As the cheerleading and rage against the machine dies down, the man on the street is left holding the bag again.” The small people can make these changes, but with the divide between the different classes continuing to grow, the lower classes find it harder and harder to make it in the world, let alone make the changes, but together they have shown that they can still do it.
The large rise in stock prices seen on January 22 wasn’t the first time people have seen the world band together to make something happen. It is doubtful that it will be the last, but it was one of more shocking. Something like that could change the fate of a company. A couple days on the rise and then a drop back down doesn’t completely turn around the direction of the company, but it shows that everyone makes a difference, and maybe one day we will see even larger changes in the world come from places such as Reddit.