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The horde of rambunctious individual investors across Reddit, Stocktwits and Twitter are thrilled with a sense of vindication. They’ve long demanded that authorities rein in hedge funds — who they see as part of the Wall Street establishment that bets against companies in a greedy pursuit of profits.
“I am very excited about this news,” said Brandon Fike, who has been trading meme stocks, taking part in online discussions and watching YouTube channels about them over the past year. “It’s about time someone did something about the hedge funds — people have been discussing short selling and corruption quite a bit this year and meaningful action needs to be taken,” said the English teacher and U.S. Navy veteran who lives in the Philippines. Meme stock traders targeted their ire at hedge funds en masse earlier this year, forcing several large investors to back down from wagers that companies such as GameStop would fail.
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