The ramifications of the WallStreetBets saga—where a group of Reddit users collectively inflated the shares of outdated retail company GameStop, sending hedge funds spinning—are still playing out.

We know now that communities on social media can have a massive sway on markets, similar to how social media communities managed to upend sectors like politics and media before that. The line where this should be regulated and where liability sits is still being drawn. 

Scott Nover spoke with current and former members of the Securities and Exchange Commission about the limits of free speech online and how they would have investigated the trades around GameStop. 

“I still can’t decide if this is nostalgic for me or I’m experiencing PTSD,” John Reed Stark, former lead of the SEC’s Office of Internet Enforcement told him. 

GameStop shares peaked on Wednesday at $347.51 before falling when brokers like Robinhood, the retail investor app designed to democratize trading, cut off peoples’ ability to transact. That's a brand PR misfire Robinhood will be paying off for some time.

While a very punk collective move, experts are divided on how anti-establishment this is. But with hedge fund managers now combing through retail social media forums for the next potential hit, it has changed the rules of the game.

This week we’ve hosted top names from the media and marketing world, like IPG CEO Philippe Krakowsky and former Publicis exec Rishad Tobaccowala, on the outlook for 2021. See more of Adweek’s 2021 Outlook coverage here, including deep dives from our editors into the future of media and marketing.

On that note, our team works hard to bring you the latest information through good times and bad. Please support our journalism with an Adweek+ Subscription.

Thanks for reading, have a great weekend!

Lucinda

Lucinda.southern@adweek.com

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Though the city's history inspired the changes, some local fans need a little convincing.

Luma Partners' Terry Kawaja on staying competitive with Facebook and Google.