Can you hear them now? Retailers have now donated more than $ 10,000 to a political action committee called “WeLikeTheStock.wtf” whose goal is to give individual investors a political voice in their ongoing campaign to abide by the institutional powers on Wall Street who believe that they have manipulated the markets.
While super PAC co-founders Chad Minnis and Christian Freed have used a cheery voice and grassroots approach to organizing and funding their operation, the response has been anything but a joke. Since receiving their first donation on March 4, the two now say their little political war chest grew more than five figures in just under six weeks and that the average donation came in just north of $ 20, as the Donors show resistance to being called “degenerate” “Silly money” but instead want to focus on how they used message boards and no-fee trading apps to squeeze and cripple short-selling hedge funds like Melvin Capital . While Minnis told MarketWatch on Tuesday that the PAC is still short of its first goal of raising enough money to run a full page ad in The New York Times, it considers the $ 10,000 mark to be “an important milestone of traction “for a group that has emphasized avoiding help from political consultants and big donors. In an email to PAC donors sent Tuesday and seen by MarketWatch, Minnis doubled down on the non-political and non-mainstream voice that he and Freed have tried to foster, promising the group that they haven’t spent a single donated dollar. the PAC and will maintain an open bipartisan dialogue on its website. “We want to expand on what they have to say,” Minnis wrote to donors. “Not being in control of messages.” While there has been some data to suggest that the number of individual traders in free trading apps has dropped since the wild little cuts in January, the growing size and reach of groups like WeLikeTheStock does demonstrate sustained interest from many retail investors. that are still within the stock of memes. trend that has caused a manic volatility in shares of companies such as GameStop GME, -0.56%, AMC AMC, + 1.99% and others. For Minnis and Freed, what happens next is where the meaning of the so-called Reddit Rally movement will be found. “While no one knows exactly how or when the meme stock saga will end, one thing has become very clear,” the co-founders said in a statement. “Retail investors are not waiting for things to change; they themselves lead the movement. ”