htxt.africa

htxt.africast – The whole Wall Street GameStop mess

Well if anyone thought the chaotic energy of 2020 died on New Years, 2021 has proven to be a worthy contender as the first month of the year has been interesting to say the least. In this africast we talk about the massive upheaval in the American economy right now and how it connects to Reddit, Wall Street, GameStop and diamond hands.

But first let’s go over some of the smaller pieces of news from the week. First up is ride sharing platform Bolt which now allows female passengers to request female drivers in an attempt to cut down on gender-based violence. We also discuss Facebook and its rumoured attempt to create a newsletter platform. Finally there’s WandaVision and the Disney / Marvel marketing machine which has turned odd items from the show into things you can buy.

Now for the main story. We do a good job summarising the situation in the audio which is why you’re here. Hopefully. But the super compact version is that some people on Reddit played the stock market like the shady hedge funds do, the latter lost money and, oh boy, the latter are angry about it.

Aside from this situation, which is still ongoing, many are looking to this movement as a sign of the times where the masses can finally have some power in the economy which is ruled by individuals and companies with billions in the bank. And how, unfortunately, we may see this develop into the US government simply outlawing the entire practice to further enrich the rich.

It really looks like class warfare is happening right before our eyes, but in the world of fintech.

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