This seems to be the year Reddit has exploded – in a good way – becoming a household name around the world. During the pandemic, the network of online communities has become the preferred destination for people to share their opinions, experiences and stories and connect with one another.
Reddit Chief Marketing Officer Roxy Young said of the year under review, “This year, we saw first-hand the power of online communities to drive action and influence in the real world. From the highly publicized activity within r/wallstreetbets to the daily interactions that continue to inspire, it is clear that the conversations, tips, and recommendations that occur within online communities have the potential to spill over into the real world.”
Reddit is home to over 100,000 active communities around the world, with 366 million posts in 2021 and over 2.3 billion total comments. The most voted comments, which reflect what members feel are most important, interesting and relevant, include matters relating to business and Wall Street’s trading activities.
Most Supported Comments
- r/wallstreetbets: “Times Square right now” (431K upvotes)
- r/wallstreetbets: “UPVOTE so everyone can see we’ve got support” (322K upvotes)
- r / wallstreetbets: “GME YOLO Update – January 28, 2021” (286K upvotes)
- r / antiwork: “I quit my job last night, it was nice to be home to make breakfast for the kids and take them to school today! Go look for a new opportunity, wish me luck 🙂 ”(270k upvotes)
Unemployment for all
“Unemployment for All” is a frustrating rallying cry of the r/antiwork subreddit, which represents the revolutionary changes taking place in the workplace.
Millions of Americans quit their jobs in the “Great Resignation”. Workers were frustrated with low wages, long working hours, and little or no future growth potential. To make matters worse, they had to put up with arrogant bosses. If they work in restaurants, bars or retail stores, there have been constant arguments with rude customers and fighting over mask requirements.
If you use the r/antiwork subreddit, you’ll find more than 1.3 million unemployed people – the self-described term for members of this group – sharing their stories of corporate abuse. The group is home to “those who want to quit work, are curious about quitting, want to make the most out of a work-free life, want more information about anti-work ideas and want personal help with their job/work-related struggles.”
This traffic means something different to the people on the site. Considering, some of the members are tired and tired of working and have no interest in finding a new job anytime soon. Others want to vent their frustration. A common and unifying theme is that workers feel they are being exploited, forced to work long hours for low wages and treated rudely by their unsympathetic managers.
Nearly 40% of the jobs people left were in the restaurants, hotels, travel, bars, warehouses, manufacturing and healthcare sectors. These people deal with long and ever-changing hours, rude customer behaviour, low wages and extreme stress.
These workers resist poor wages, unpleasant working conditions, and lack of respect for management. Once they leave, many take their time looking for new types of opportunities that offer meaningful work and a path to advancement.
Many of their complaints, given a healthy dose of exaggeration, are valid. The younger generation may be the first group in recent history that does not perform as well – or as well – as their parents. With tens or hundreds of thousands of student loan debt owed, young adults find it nearly impossible to buy a home, get married, and start a family. The debt burden, along with rising home prices and inflation, do not leave them with enough money to sustain the lifestyle that older generations took for granted.
One of the subreddits that turned into a social phenomenon was r/wallstreetbets. Apparently overnight, people who didn’t invest in stocks became smitten with the day-trading meme. Millennials and Gen-Z have found a new career in online stock trading. The pandemic has caused people to lose their jobs or work from home. College students’ classroom lectures have been canceled and they are forced to learn via Zoom calls, made by professors lacking proficiency in the technology they use.
One strange consequence of millions of people staying indoors all day is the rapidly growing emergence of young, novice investors trading stocks online. Many have flocked to Robinhood, a trading app that was built like a video game.
A large section of active traders dispense with buying stocks and buying cheap, risky and cashless calls, which provides them with more leverage and huge profits. WallStreetBets is a go-to subsite for people interested in the rush of commerce and camaraderie between fun-loving, goofy, vulgar, and self-deprecating pals. The frenzy of buying GameStop stock and call options provides a window into their activities.
Today, Robinhood traders began buying shares of companies that hedge fund experts had short sold. This prompted big money holders to frantically buy back shares in order to “cover” their positions. And the more they try to buy it back, the more the price will move up.
It got so bad that one of the gang’s business targets, Melvin Capital, needed to get an infusion of cash from two major hedge funds, including one run by the new owner of the New York Mets, to prevent it from closing. The trading was so intense and furious that “outs and outs” occurred at the largest online brokers, including Charles Schwab, Vanguard, Fidelity, and many other online brokerages.
Redditors celebrated their victory over the pros with emojis and trash talk. Many showed screenshots of the money they made on their trades. Some have claimed hundreds of thousands of dollars or over a million in quick wins. These numbers can be real, inflated, or fictitious.
Politicians and the Securities and Exchange Commission felt compelled to consider trading-related activities.
Cryptocurrency was one of the most visited sub-forums in 2021. For over 10 years, Reddit has been home to over 500 cryptocurrency communities. As more editors engage in the conversation, whether it’s for information, help, or to share major successes, Reddit continues to be a hub for crypto enthusiasts.
The top five most viewed crypto communities in 2021 were r/dogecoin, r/superstonk. r/cryptocurrency, r/amcstock and r/bitcoin.
“Our mission is to bring community and belonging to everyone around the world,” said Laura Nestler, Vice President of Community at Reddit. “Most of our work to achieve this mission is done online, so what I have found most interesting in the past year is how many people have come together And they went from URL to IRL; people rallied online and Redditors positively impacted their physical communities — and the communities of others.”