Gamestop Retrospective

There have been 1 billion GME takes so far, a number that will only continue to go up. ๐Ÿš€๐Ÿš€๐Ÿš€

Some tried to tell a poignant David-vs-Goliath story, a song of class struggle. Matt Levine gave us his signature aloof, dry wit. A securities lawyer on Reddit issued a well timed warning that the party was over. Scott Galloway did his thing. He appeared on the television and immediately ate shit, making predictions that proved 180 degrees wrong later that same week.

Anyway, here's #1,000,000,001.

The thing that amazes me about this Gamestop pump is that they've managed to roll basically every powerful human motivation into it.

They tapped tribalism. People were cheering hard for their team. "Monkeys together strong." They made their own name, their own demonyms ("autists"! "retards"!), their own symbols, their own heroes. For a tribe that came together a few weeks ago and that anyone in the world could join, they were impressively cohesive.

They channeled righteous anger. They weren't just taking advantage of the hedge funds' ill-considered risks for personal gain. They were defeating corrupt, evil entities, the same ones that gave us the 2008 crash(*).

* Not really. But memes were never about precision, and "hedge funds bad" is a valid take, overall.

They even reproduced the electrifying cacophony of a worked-up crowd, 1000+ people dialing in from their covid basements simultaneously on Discord.

They tapped into populism, that deep tradition of power-to-the-little-guy.

They tapped into nostalgia. Gamestop was that store at the mall, back when there was a mall, back when you were a kid, back when you went there with your birthday money and bought Modern Warfare 2 and a pack of Twizzlers on the way out.

And of course, they tapped greed. Every pump, every moon, every Ponzi-adjacent thing is built on that electrifying lust, that flash-dream of retiring early and vrooming by your ex's place in a 911. Most leave it at that. It's a powerful enough motivation on its own.

But GME was so much more than that. I hope most of those retards came out of it with a good story to tell.