The Social Movement Behind Meme Stocks

Meme stocks are the focus of today’s FOMO segment. Alex Coffey and Jenny Horne discuss Meme stock interest this past week being driven by investors largely via social media. Jenny says previously forgotten names like AMC Entertainment (AMC) and Gamestop (GME) led the meme pack last year and are experiencing a resurgence this week along with Meme stock original Bed Bath and Beyond (BBY). They also discuss Gamestop (GME) shares jumping 15% in Friday’s premarket, the morning after (GME) announced its stock split plans. Jenny breaks down details of the split which, if approved, would increase the number of Class A common stock from 300 million to 1 billion shares. Alex and Jenny also look at the basic history of Meme stocks which can be summed up as excitement driven in specific stocks for no specific reason. Jenny talks about sub-Reddit group Wall Street Bets (r/wallstreetbets) largely seen as driving the meme movement and how r/wallstreetbets has helped create a new type of trader and a