Reddit’s ‘Mem Stock’ crowd is starting a super PAC

WallStreetBets is the angle to get into the mob political game.

A pair of part-time stock traders have launched a super PAC to “raise the voice of the retail investor” as the rise of the RedSit-Fueled “Mem Stock”, such as GameTop dodges large hedge funds and regulators and Has attracted the attention of politicians. Washington

The new political action committee is registered with the Federal Election Commission under the name “,” Regulars that aim to give investors the political bullhorn that is usually reserved for Wall Street veterans.

“The goal is to be irreplaceable but honest,” said 34-year-old Chad Minnis, who last month filed paperwork with fellow day trader Christian Fried for Super PAC. “It lets us get away from what the mainstream media says and say who we really are.”

According to Minis, WeLikeTheStock’s first goal is to raise enough money to buy a full-page ad in the New York Times to destroy the hostile media coverage of retail traders in The New York Times, which used the Reddit and Robinhood trading apps as big hedge Money is used to pump stock at the expense of controlling the market for a long time.

“They described us as a collective group of decadent people who are ruining things,” Minis said. “But we have already disrupted the markets by becoming decentralized hedge funds.”

The Super PAC – which is authorized to raise funds for political candidates under FEC rules that it believes will help its populist crusade against the Wall Street establishment – will follow a crowdfunding model that seeks funding from thousands of small investors .

“I want to do the opposite of a superpack,” Minnis said. “Instead of the few rich people who fund the most, I want a bunch of real people to give a little to make it.”

While the idea of ​​starting the PAC was sparked by a growing interest in online trading and the Wallabyte Reddit Forum, Minnis said his biggest inspiration was TV host Stephen Colbert, who called his own real super PAC, “A Better Tomorrow for Americans,” Yesterday “. As a parody of Super PAC.

“WeLikeTheStock,” meanwhile, gets its name from a WallStreetBets roaring for its favorite meme shares, which include AMC Entertainment, Nokia and Blackberry in addition to GameStop.

When Keith Gill, the unofficial patron saint of the Reddit rally, also known as the “Roaring Kitty”, was presented to Congress on 18 February and pressured him to continue with Gametop shares, he Replied, “I still like the stock” sending in shrill glee.

Gill appears to be the spiritual master of the new organization. According to the filing, Minis and Freed gave their “Statement of Organization” to the Federal Election Commission on the same day as Gill’s testimony for the PAC.

Looking ahead, Minis said he hopes the PAC can help capitalize on the still-boiling anger at the hedge funds, who have rebounded after less pressure, which would have given them and their crew a bang for the game. See as

“There was a post on the forum that recently asked, ‘Would you be willing to tape a few dollars to a rock and throw it into these hedge funds that start this whole thing by trimming shares in oblivion?” They said. “We think a lot of people are going to answer ‘yes’.”

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