The Faux GameStop Revolution

In the recently-published book The Revolution That Wasn’t: How GameStop and Reddit Made Wall Street Even Richer, we learn that the narrative about meme stocks shifting power from Wall Street to Main Street was wrong. Instead, the meme stock phenomenon enriched Wall Street institutions and titans, who were only too happy to watch retail investors gamble their money away in the market. In this Short Story, Carson interviews the author of The Revolution That Wasn’t, Spencer Jakab. Jakab is an award-winning financial journalist, editor at the Wall Street Journal, and formerly was an equity analyst at Credit Suisse. In this conversation, Jakab provides his analysis of the players involved, the factors that contributed to the frenzy, and how the belief that retail was “sticking it to Wall Street” has failed miserably.