London Daily

Focus on the big picture.
Monday, Jan 26, 2026

Why I joined the online army taking on the hedge funds

Why I joined the online army taking on the hedge funds

I spent most of last week drenched in sweat, launching a vicious assault on Wall Street hedge funds which cost them $20 billion. Along with thousands of other ‘degenerates’, I bought shares in GameStop, a struggling videogame shop whose value has recently soared by 2,000 per cent.
Behind the surge is an online community called WallStreetBets, where bored young men gamble on barely researched stock tips and crack tasteless jokes. The community, which lives on the social media website Reddit, has a history of hilariously aggressive stock-market bets. In 2019, for example, a 19-year-old member made $700,000 and then lost it all again within two weeks.

Last week WallStreetBets became global news. You’ve probably read about it by now: the forum’s members have driven GameStop’s price up by buying masses of shares, inflicting huge damage on the hedge funds who were betting against — or ‘shorting’ — the company’s prospects. The WallStreetBets board is now deluged with ‘gain porn’ —  screenshots of trading accounts showing enormous returns, though real WallStreetBets addicts seem just as happy posting ‘loss porn’ when things go wrong.

The most famous winner is a man named Keith Gill, who goes by an obscene moniker on WallStreetBets and is known as ‘Roaring Kitty’ on YouTube. At last count, his initial $50,000 investment had returned $36 million. He’s cashed out a third of it, but the rest is still in play. Gill is a 34-year-old father who works in insurance and dresses like a teenager: aviator sunglasses, sweat bands on his wrists and a bandana. As he passed the $10 million mark, he celebrated by dipping some fried chicken in a glass of prosecco.

Smaller wins have been life-changing, too. A member called llweasel told me he made $35,000 which he will spend on a custody battle for his daughter: ‘I started stock trading to be able to afford a lawyer as my ex has an expensive lawyer.’

When I revealed to a trader friend that I’d joined the frenzy, she told me: ‘GameStop has been the bane of my life for the last two weeks.’ Another friend in finance said his superiors had quietly banned the topic. Others lamented the fact that regulations stopped them joining in themselves.

But for many of us, the mania proved irresistible. As GameStop’s price soared, and the craze spread to other unloved stocks like Nokia and BlackBerry, the fear of missing out became overwhelming. I heard one successful banker say he was buying Nokia shares because he ‘liked their 5G strategy’. Course you do, mate.

As the price of GameStop swung wildly, it became impossible to do anything other than glare at the screen and chew gum ferociously. When the price tanked on Monday, I sold in a panic, making a £400 loss. Almost immediately, the price shot back up. The next day, I went straight back in and I’ve been holding on for dear life ever since. The US markets open at 2.30 p.m. GMT, and for the next six hours I do nothing except watch the price while texting friends who are doing the same.

I am a textbook example of the brainless amateur investor. When the price is falling, I only think about getting out. When it’s rising, I scold myself for not buying more. That’s gambling for you. The whole game is pure speculation. Some people may have got into GameStop at the beginning because they spotted some ‘deep value’ in this declining company, but we are now long past that point. Prices are driven by hype: on Reddit, then in the media, then by the actual increase in price.

Traditionally, these scenarios have not ended well. And the risks amateur investors are taking are pretty scary. On WallStreetBets, you’ll see many examples of people betting their entire life savings, maxing out credit cards or taking out personal loans.

One user, Volkswagen1 (gains: $540,000) tells me: ‘I liquidated everything. I don’t have a penny to my name any more. I sold my silver and gold collection. I sold my Bitcoin. I sold my other stocks. I put mortgage payments, savings, checking, and my spare change jar money into this. I skipped meals so I had extra money to put in. I’d sell my cat for extra GameStop shares if someone would buy it. Do you want a cat?’

In fairness, Volkswagen1 seemed willing to accept the consequences. He also had a logical exit strategy. A lot of other users had a similar attitude: they had aggressively bet on a rare opportunity, got lucky and were enjoying the ride. Which is about as healthy as your attitude can be if you’re piling your life savings into a videogames shop which Wall Street thinks is worthless.

Others should not be in the casino. This week a post appeared from a user called Hyre, titled: ‘Hi, I’m back. You may remember me from such events as gambling away $7 million.’ It begins: ‘I’ve been to rehab, I’ve lost custody of my kids, lost my house. However I still found a way to play.’ He then announced he is holding $15,000 of shares in GameStop plus a $50,000 bet on silver prices.

If ever you wanted a sign of market mania, the ‘irrational exuberance’ which precedes a crash, surely the GameStop saga is it. It’s reminiscent of the dotcom bubble; comparisons have also been made with the Dutch tulip bubble, which was started by bored men playing a drinking game during a plague.

The problem for participants, of course, is how the hell you cash out. At the time of writing, the price was crashing. I’m still holding two shares, and I’m down about £400. So how do we get out? The original plan was to ‘squeeze’ the hedge funds until they dropped their bets against GameStop, which would in turn push the price up further. There was talk of this driving the price past $1,000 per share, or even higher. But it looks like the hedgies have given up.

A lot of people have been quietly cashing in. Others are adamant that the price is still going up. One user showed me his sell plan, which saw him dump his holding at stages from $1,000 to $250,000. I was curious about what he’d do if it never reached those heights. ‘Make a new plan. Or I’m screwed,’ he told me. I encouraged him to make a new plan. As for me, I’m getting out. Anybody want to buy some silver?
Newsletter

Related Articles

0:00
0:00
Close
WhatsApp Develops New Meta AI Features to Enhance User Control
Germany Considers Gold Reserves Amidst Rising Tensions with the U.S.
Michael Schumacher Shows Significant Improvement in Health Status
Greenland’s NATO Stress Test: Coercion, Credibility, and the New Arctic Bargaining Game
Diego Garcia and the Chagos Dispute: When Decolonization Collides With Alliance Power
Trump Claims “Total” U.S. Access to Greenland as NATO Weighs Arctic Basing Rights and Deterrence
Air France and KLM Suspend Multiple Middle East Routes as Regional Tensions Disrupt Aviation
U.S. winter storm triggers 13,000-plus flight cancellations and 160,000 power outages
Poland delays euro adoption as Domański cites $1tn economy and zloty advantage
White House: Trump warns Canada of 100% tariff if Carney finalizes China trade deal
PLA opens CMC probe of Zhang Youxia, Liu Zhenli over Xi authority and discipline violations
ICE and DHS immigration raids in Minneapolis: the use-of-force accountability crisis in mass deportation enforcement
UK’s Starmer and Trump Agree on Urgent Need to Bolster Arctic Security
Starmer Breaks Diplomatic Restraint With Firm Rebuke of Trump, Seizing Chance to Advocate for Europe
UK Finance Minister Reeves to Join Starmer on China Visit to Bolster Trade and Economic Ties
Prince Harry Says Sacrifices of NATO Forces in Afghanistan Deserve ‘Respect’ After Trump Remarks
Barron Trump Emerges as Key Remote Witness in UK Assault and Rape Trial
Nigel Farage Attended Davos 2026 Using HP Trust Delegate Pass Linked to Sasan Ghandehari
Gold Jumps More Than 8% in a Week as the Dollar Slides Amid Greenland Tariff Dispute
BlackRock Executive Rick Rieder Emerges as Leading Contender to Succeed Jerome Powell as Fed Chair
Boston Dynamics Atlas humanoid robot and LG CLOiD home robot: the platform lock-in fight to control Physical AI
United States under President Donald Trump completes withdrawal from the World Health Organization: health sovereignty versus global outbreak early-warning access
FBI and U.S. prosecutors vs Ryan Wedding’s transnational cocaine-smuggling network: the fight over witness-killing and cross-border enforcement
Trump Administration’s Iran Military Buildup and Sanctions Campaign Puts Deterrence Credibility on the Line
Apple and OpenAI Chase Screenless AI Wearables as the Post-iPhone Interface Battle Heats Up
Tech Brief: AI Compute, Chips, and Platform Power Moves Driving Today’s Market Narrative
NATO’s Stress Test Under Trump: Alliance Credibility, Burden-Sharing, and the Fight Over Strategic Territory
OpenAI’s Money Problem: Explosive Growth, Even Faster Costs, and a Race to Stay Ahead
Trump Reverses Course and Criticises UK-Mauritius Chagos Islands Agreement
Elizabeth Hurley Tells UK Court of ‘Brutal’ Invasion of Privacy in Phone Hacking Case
UK Bond Yields Climb as Report Fuels Speculation Over Andy Burnham’s Return to Parliament
America’s Venezuela Oil Grip Meets China’s Demand: Market Power, Legal Shockwaves, and the New Rules of Energy Leverage
TikTok’s U.S. Escape Plan: National Security Firewall or Political Theater With a Price Tag?
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
The Greenland Gambit: Economic Genius or Political Farce?
The Greenland Gambit: Economic Genius or Political Farce?
The Greenland Gambit: Economic Genius or Political Farce?
Will AI Finally Make Blue-Collar Workers Rich—or Is This Just Elite Tech Spin?
Prince William to Make Official Visit to Saudi Arabia in February
Prince Harry Breaks Down in London Court, Says UK Tabloids Have Made Meghan Markle’s Life ‘Absolute Misery’
Malin + Goetz UK Business Enters Administration, All Stores Close
EU and UK Reject Trump’s Greenland-Linked Tariff Threats and Pledge Unified Response
UK Deepfake Crackdown Puts Intense Pressure on Musk’s Grok AI After Surge in Non-Consensual Explicit Images
Prince Harry Becomes Emotional in London Court, Invokes Memory of Princess Diana in Testimony Against UK Tabloids
UK Inflation Rises Unexpectedly but Interest Rate Cuts Still Seen as Likely
AI vs Work: The Battle Over Who Controls the Future of Labor
Buying an Ally’s Territory: Strategic Genius or Geopolitical Breakdown?
AI Everywhere: Power, Money, War, and the Race to Control the Future
Trump vs the World Order: Disruption Genius or Global Arsonist?
×