The Weekend Brief offers analysis and insights on one big news item of the week, delivered only to Quartz members.
This week’s re-emergence of meme stocks such as GameStop and AMC gave investors flashbacks to 2021 — and even has the potential to set up a shortened sequel to the 2023 movie “Dumb Money.”
Keith Gill, known online as “Roaring Kitty,” got this all started three years ago when he told his audience on Reddit that GameStop stock was undervalued. That ignited a full-fledged attack on short sellers who had bet on the stock falling.
This past week, Roaring Kitty returned and reignited the push for GameStop stock. The shares surged, with other meme stocks including AMC and Blackberry riding the wave. But this time, the party didn’t last.
The Weekend Brief will dive into the impact Roaring Kitty’s comeback had on the market, what makes a meme stock — and how former President Donald Trump ties into all of this.
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