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Meme Stock Euphoria Goes Bust as Group Drops to All-Time Low

  • De-SPACs that merged with Palihapitiya’s blank-checks lag
  • Drop comes as high-flying tech, ARK favorites underperform
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A basket of so-called meme stocks that took Wall Street by storm at the start of 2021 slumped to a record low this week, erasing the last vestiges of the retail-investor driven rally that made them famous.

The group of 37 retail trading favorites tracked by Bloomberg extended a four-day slide on Tuesday, wiping out 15% of its value in the past week as global markets fell on concern of a looming recession. The index has shed 63% of its value from a January 2021 high.