Meme stocks would likely not exist if traders were unable to congregate on sites like Reddit and Twitter to talk up their latest picks—and share their wins and losses.
And while there have always been places for traders to congregate—such as pits, clubs, and message boards—social media, coupled with the ability to unlock much of the market in hand-held mobile devices, has given new power to an army of retail traders.
We’ve talked previously about how companies have used their sudden fame and rising stock prices to raise new capital to pay down debts, strengthen their balance sheets, and look for new areas of investment. But companies have even more reason to listen to their new crop of shareholders.
At the Milken Institute Global Conference in October, AMC Entertainment (AMC) chief executive Adam Aron spoke about how his investor base went from being 80% institutional investors to 80% individual investors. This shift, he said, motivated him to be more active on social media. He’s become an active Twitter (TWTR) user, with his tweets often getting millions of impressions and thousands of replies.
“I tend to read all of the communications I get, and I learned so much about what’s on [investors’] mind[s],” Aron told me during the conference. “I’m delving into suggestions, some of which are great, some of which aren’t as great, but it’s very helpful for me running an organization.”
While I already maintain a fairly active Twitter account, my use of Reddit has been limited to scrolling—or lurking, as some might say. I wanted to try posting on the Reddit’s WallStreetBets message board, which has been around for nearly a decade and currently boasts more than 11 million users. The forum, or subreddit, has at times been derided for the crass nature of some of its postings.
But when going through the posts and eliminating some of the noise, it’s clear that the subreddit is really focused on cultivating a community of traders. I was curious to interact with the traders and hear their thoughts about some of my recent trades. (Disclaimer: Any profits from those trades will go toward the nonprofit Dow Jones News Fund).
But if I thought options trading in the last episode of Unboxed was difficult, posting on WallStreetBets may have been even more of a challenge. I’ll concede that I’m a millennial with some baby boomer tendencies, but the Reddit crowd doesn’t make it easy.
Want to see me try my first Reddit post? Watch the video above to see how it went. You can also subscribe to my YouTube channel, as I continue to explore all things meme stocks.
Write to Carleton English at carleton.english@dowjones.com
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