By now, most are familiar with the astronomical rise of GameStop (GME) shares in recent weeks, spurred on primarily by retail investors on Reddit’s sub-forum, r/WallStreetBets. A calamitous drop in price followed shortly after the historic run as various brokerages seemingly caved to the demands of hedge funds that stood to lose billions after heavily shorting GME.
The real story, however, may just be how many in the legacy media chose to vilify this grassroots movement of individual investors who had banded together to rally behind a stock they believed in. The likes of Time, CNBC, and The New York Times all seemed to give brazen support to Wall Street and hedge funds while actively maligning these retail investors by casting their financial gains as some abhorrent or immoral venture.
Time tried to frame it as an “alt-right movement”