TOBY SHAPSHAK: How small traders hit Wall Street
Reddit users wanted to stick it to hedge funds and short sellers. Their $23bn rebuke has rattled the big investors
If two weeks ago you had never heard of GameStop or Wall Street Bets you could be forgiven. But not last week, given the saga of the US video game retailer and how an informal army of retail investors brought famed hedge funds to their knees with $23bn in losses.
Wall Street Bets is a subreddit on Reddit, the website that calls itself "the front page of the internet". Reddit has long been the source of memes and other viral internet phenomena, but has never really been known outside of a tech-focused audience...