, Columnist
Laughing at Matt Damon, and Other Meme-Stock Metrics
Social-media-led investing is a double-edged sword. The next test for Reddit watchers will be figuring out how seriously to take online mockery.
To the moon.
Photographer: Marco Bertorello/AFP
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Taking the musings of social media seriously was one of last year’s expensive lessons for sophisticated investors.
From GameStop Corp.’s epic short squeeze to the boom in cryptocurrencies, non-fungible tokens and ETFs, retail punters poured money into trending market tips while sharing their highs and lows on Twitter, TikTok and Reddit. U.S. investors shoveled more than $1 trillion into equities last year — more than the past two decades combined.