{"id":199173,"date":"2021-03-11T03:13:07","date_gmt":"2021-03-11T00:13:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/reddits-meme-stock-crowd-is-launching-a-super-pac\/"},"modified":"2021-03-11T03:13:07","modified_gmt":"2021-03-11T00:13:07","slug":"reddits-meme-stock-crowd-is-launching-a-super-pac","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/reddits-meme-stock-crowd-is-launching-a-super-pac\/","title":{"rendered":"#Reddit\u2019s \u2018meme stock\u2019 crowd is launching a Super PAC"},"content":{"rendered":"

“#Reddit<\/a>\u2019s \u2018meme stock\u2019 crowd is launching a Super PAC<\/strong>”
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The WallStreetBets crowd is angling to get into the political game<\/a>.\u00a0<\/p>\n

A pair of part-time stock traders has launched a Super PAC to \u201camplify the voice of the retail investor\u201d as the rise of Reddit-fueled \u201cmeme stocks\u201d like GameStop has rattled big hedge funds and caught the attention of regulators and politicians in Washington.<\/p>\n

The new political action committee, registered with the Federal Election Commission under the name \u201cWeLikeTheStock.wtf,\u201d<\/a> is aimed at giving Regular Joe investors the kind of political bullhorn that is usually reserved for the Wall Street giants.<\/p>\n

\u201cThe goal is to be irreverent but honest,\u201d said 34-year-old Chad Minnis, who filed the paperwork for the Super PAC last month with fellow day trader Christian Freed. \u201cIt lets us break away from what the mainstream media says we are and say who we really are.\u201d<\/p>\n

According to Minnis, WeLikeTheStock\u2019s first goal is to raise enough money to purchase a full-page ad in The New York Times to debunk hostile media coverage of retail traders that have used Reddit and the Robinhood trading app<\/a> to pump stocks at the expense of big hedge funds long accustomed to controlling the market.<\/p>\n

\u201cThey\u2019ve described us as a collective group of degenerates who are ruining things,\u201d Minnis said. \u201cBut we have already disrupted the markets by becoming the first decentralized hedge fund.\u201d<\/p>\n

The Super PAC \u2014 which under FEC rules is authorized to raise funds for political candidates it believes will help its populist crusade against the Wall Street establishment \u2014 will follow a crowdfunding model that seeks funds from thousands of small investors.<\/p>\n

\u201cI want to do the opposite of a SuperPAC,\u201d Minnis said. \u201cInstead of having a few rich people that fund most of it, I want a bunch of real people giving a little to make it happen.\u201d<\/p>\n

While the idea to start the PAC came out of a growing interest in online trading and the WallStreetBets Reddit forum, Minnis said his biggest inspiration was TV host Stephen Colbert, who launched his own real Super PAC, \u201cAmericans for a Better Tomorrow, Tomorrow\u201d as a parody of Super PACs.<\/p>\n

\u201cWeLikeTheStock,\u201d meanwhile, gets its name from a WallStreetBets rallying cry for its favorite meme stocks, which in addition to GameStop have included AMC Entertainment, Nokia and Blackberry. <\/p>\n

When the Reddit Rally\u2019s unofficial patron saint Keith Gill, a day trader also known as \u201cRoaring Kitty,\u201d was hauled before Congress on Feb. 18 and pressed on why he continued to promote GameStop shares, he responded, \u201cI still like the stock,\u201d sending acolytes into frothy glee.<\/p>\n

Gill appears to be a spiritual mentor to the new organization. According to the filing, Minnis and Freed gave the Federal Election Commission their \u201cStatement of Organization\u201d for the PAC on the same day as Gill\u2019s testimony.<\/p>\n

Looking ahead, Minnis said he hopes the PAC can capitalize on the still-simmering anger at hedge funds that have bounced back after the short squeeze, helped along by what he and his crew see as a rigged game.<\/p>\n

\u201cThere was a post on the forum recently that asked, \u2018Would you be willing to tape a few dollars to a rock and throw it at these hedge funds that started this whole thing by shorting stocks into oblivion?\u2019\u201d he said. \u201cWe think a lot of people are going to answer \u2018Yes.’\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Reddit\u2019s \u2018meme stock\u2019 crowd is launching a Super PAC” The WallStreetBets crowd is angling to get into the political game.\u00a0 A pair of part-time stock traders has launched a Super PAC to \u201camplify the voice of the retail investor\u201d as the rise of Reddit-fueled \u201cmeme stocks\u201d like GameStop has rattled big hedge funds and caught…<\/p>\n","protected":false},"author":1,"featured_media":199174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/01\/reddit-stocks-ohanian-17.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[86706,97019,72128,71070,73785,5005,89151,70360],"class_list":["post-199173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-robinhood","tag-3-10-21","tag-gamestop","tag-hedge-funds","tag-markets","tag-reddit","tag-superpacs","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/199173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=199173"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/199173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/199174"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=199173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=199173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=199173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}