Wall Street's populist revolt
By Mike Allen A popular rebellion, organized by the powerless against the powerful. It may sputter in politics, but it certainly seems to be working on Wall Street: The market value of gaming retailer GameStop closed at more than $10 billion yesterday, on record volume of more than $26 billion, Felix Salmon and Courtenay Brown write.📈 "GameStop" was searched more on Google in the U.S. yesterday than "Biden" or "Tesla." The winners: A ragtag group of traders from Reddit and TikTok, led by a man calling himself "Roaring Kitty." The losers: Hedge-fund short-sellers who are learning — the hard way — the John Maynard Keynes maxim that the market "can remain irrational longer than you can remain solvent." How it works: Thanks to Robinhood and other stock-trading apps, trading options in GameStop (or BlackBerry, Bed Bath & Beyond or any other smallish company Wall Street traders have bet against) is easy, fun, and carries a comm...