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Matt Levine

Happy GameStop Earnings Day

Also WeWork SPAC, airline owners and NFTs.

Two weeks ago, I wrote that GameStop Corp.’s “fourth-quarter earnings are going to be the financial event of the season.” Well, it’s all happening today after the market closes. There will be an investor conference call at 5 p.m. New York time. That should be fun. I hope it will start with a rousing group rendition of “The Tendieman,” Reddit’s GameStop sea chantey. I hope that “yelling, humming, and intermittent announcements” will coalesce “into something like a Gregorian chant,” there on the earnings call.

For the last two months or so, there has been a wild social phenomenon in which thousands or perhaps millions of individual investors have not just bought GameStop stock, but also joined together in a mass movement focused on GameStop stock. It was a never-before-seen coordination of retail traders on Reddit banding together to move the price of a stock, it was the leading story on the news for like a week, it became a meme, the phrase “diamond hands” entered the (well, my) lexicon, there are nine movies being made about it, the entire edifice of modern financial capitalism shifted subtly, and GameStop’s stock is still up almost 1,000% year-to-date for no particular reason.