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The Revolution That Wasn't

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Spencer Jakab

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In January 2021, a diverse group of retail traders on Reddit's r/wallstreetbets forum took on Wall Street's elite by orchestrating a dramatic rise in GameStop's stock price. This event, marked by intense media attention, revealed the vulnerabilities of major financial players. The narrative explores how this meme stock phenomenon unfolded and identifies the true architects behind the GameStop rally. Drawing from his experience as a stock analyst, Jakab highlights how innovations like Robinhood's engaging app serve more as tools for financial exploitation than empowerment, illustrating the broader social and economic pressures at play. What seemed like a revolutionary shift in power, favoring everyday investors over hedge funds, ultimately reinforced Wall Street's dominance. While online brokerages promote the idea of democratizing finance, they often profit from the volatility and mistakes of inexperienced investors. Jakab's analysis uncovers the profit motives and financial mechanisms that suggest this so-called revolution benefits Wall Street more than the average trader. However, he posits that ordinary investors can still find ways to succeed by refusing to engage in the established game.