This episode contains strong language.
GameStop can feel like a retailer from a bygone era. But last week, it was dragged back into the zeitgeist when it became the center of an online war between members of an irreverent Reddit subforum and hedge funds — one that left Wall Street billions of dollars out of pocket.
Today, we look at how and why the GameStop surge happened, as well as how it can be viewed as the story of our time.
Guests: Taylor Lorenz, a technology reporter covering internet culture for The New York Times; and Andrew Ross Sorkin, a financial columnist for The Times.
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Background reading: GameStop shares have soared 1,700 percent as millions of small investors, egged on by social media, employ a classic Wall Street tactic to put the squeeze on Wall Street.A legion of young people — primarily male — have been pouring into digital trading floors for years, raised on social media and eager to teach themselves about stocks. These are the misfits shaking up Wall Street.It has been a weird time in the stock market, where a video game retailer has suddenly become the center of attention. Here are four things you need to know about the GameStop insanity.
For more information on today’s episode, visit nytimes.com/thedaily