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The GameStop Reckoning Was a Long Time Coming



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Wall Street was among the last powerful institutions to be overrun by online populists, in part because it had a higher barrier to entry. Anyone with an internet connection and a Twitter account can start a hashtag campaign, but because trading stocks costs money — and required some level of expertise and time commitment — it was mostly left to professionals.Smartphone-based trading apps like Robinhood changed that, by introducing commission-free trades and an interface that made executing a gamma squeeze as straightforward as ordering a burrito from Uber Eats. Suddenly, millions of amateurs could organize themselves, generate their own market research …

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