Day-trading Reddit readers nearly crashed the stock market. Now they’ve been packaged into a new ETF. [Yahoo! Finance News]
GameStop Corporation (GME)
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Source: Yahoo! Finance News
If you thought an ETF made up of the buzziest stocks, as determined by social-media chatter, seemed like the natural conclusion to late January’s Reddit-fueled roller-coaster ride through the stock market, you were right.On Thursday, asset manager VanEck will launch the VanEck Vectors Social Sentiment ETF, which offers exposure to stocks with “the most bullish investor sentiment and perception.” On Tuesday, however, VanEck’s plans to roll out the fund in the standard orderly fashion fell victim to the curse of 2021.Dave Portnoy, founder of Barstool Sports andthe self-proclaimed king of the retail trading boomPortnoy is a shareholder inthe company that created the index that underlies the fundMore to the point, the stunt was also an uncomfortable reminder that one man’s meta meme may be another’s market manipulator.“This is blurrier than anything else I can think of in terms of who Portnoy is and how what will drive the constituents of the index will be impacted by the stocks he talks
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GME
Earnings
- 3/26/24 - Miss
GME
Sec Filings
- 4/24/24 - Form 4
- 4/24/24 - Form 144
- 4/23/24 - Form 144
- GME's page on the SEC website