Retail investing has become increasingly popular in the modern era. Look no further for an example of how impactful retail investors can be on the market than the GameStop (GME) ordeal that went down in January and continues to create ongoing volatility for the stock. However, many retail traders a new PAC (political action committee) named Welikethestock.wtf has been formed as a way to give retail investors a voice free of restraints.
Back in February, Keith Gill, better known as Roaring Kitty, appeared before congress in a livestreamed hearing to answer for his role in the GameStop short squeeze that happened early this year. Following his appearance on the stream, Chad Minnis co-created welikethestock.wtf, a new Super PAC designed to give retail investors an unfiltered platform (thanks Market Watch). The website is currently taking donations in both preset and custom quantities, which donors can attach a comment to. The organization’s current goal is to raise enough money to buy a full-page ad in the New York Times, using art and messaging handpicked by r/WallStreetBets.
“What happened at the end of January is unacceptable,” said Minnis. Minnis is referring to the fact that back when GameStop’s (GME) stock first began to explode, trading apps like Robinhood started to limit and completely restrict users from buying and selling shares of the video game retailer. What’s more, we also Reddit and Discord temporarily suspend the WallStreetBets communities, before receiving an immense wave of backlash.
The creators behind welikethestock.wtf already claim to have raised thousands of dollars towards their cause. As new traders and investors continue to rally against Wall Street, it will be interesting to see how the situation turns out. For more on the situation surrounding GameStop (GME) stick with us here on Shacknews.