![]() The more they tried to buy it back, the greater the price moved upward. This pushed the big-money guys to frantically buy back stock to “cover” their positions. Robinhood day traders started buying stock of the companies the hedge fund gurus sold short. Their buying frenzy of GameStop stock and call options offers a window into their activities. WallStreetBets is the go-to subreddit for people interested in the rush of trading and the camaraderie of fun-loving, goofy, foul-mouthed and self-deprecating colleagues. Many have flocked to Robinhood, a trading app that’s built like a video game.Ī large segment of the active traders dispense with purchasing shares and buy cheap, risky, out-of-the-money calls, which offer them significantly more leverage and outsized gains. One of the quirky results of millions of people staying at home all day long is the fast-growing emergence of young, novice “investors” trading stocks online. College students had their in-class lectures canceled and were forced to learn over Zoom calls, made by professors who lack proficiency in the technology they use. The pandemic has caused people to lose their jobs or work from home. Millennials and Gen-Z found a new career trading stocks online. Seemingly overnight, people who never invested in stocks became enamored in day trading meme stocks. One of the subreddits that turned into a social phenomenon was r/wallstreetbets. The debt burden, along with rising home prices and inflation, doesn’t leave them with sufficient funds to afford the lifestyle that older generations took for granted. With tens or hundreds of thousands in student-loan debt, young adults find it almost impossible to purchase a home, get married and start a family. The younger generation may be the first group in modern history that does not do better-or as well-as their parents. Many of their complaints, factoring in a healthy dose of hyperbole, are valid. Once they’ve left, many take their time to seek out new types of opportunities that offer meaningful work and a path to advance. These workers are pushing back against poor pay, unpleasant working conditions and a lack of respect from management. These folks contend with long, constantly changing hours, rude customer behaviors, low wages and high stress. Roughly 40% of the jobs that people quit were in the restaurant, hotel, travel, bars, warehouses, manufacturing and healthcare sectors. A common, unifying theme is that workers feel that they are being taken advantage of, forced to work long hours for low wages and treated rudely by their unsympathetic managers. If taken at face value, some members are sick and tired of working and don’t have any interest in finding a new job anytime soon. This movement means something different to the people on the site. The group is a home for “those who want to end work, are curious about ending work, want to get the most out of a work-free life, want more information on antiwork ideas and want personal help with their own jobs/work-related struggles.” If you’re on the r/antiwork subreddit, you’ll find over 1.3 million idlers-the self-described term for members of this group-sharing their stories of mistreatment by companies.
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