The Revolution That Wasn't: How GameStop and Reddit Made Wall Street Even Richer

The real story of the GameStop squeeze, as told by Wall Street Journal columnist Spencer Jakab, is that it was a rigged game, with the casino always winning in the end. Jakab exposes how technological and financial innovations like Robinhood are ploys to part investors from their money and argues that there is a way for ordinary investors to beat the pros by refusing to play their game.

Format: Hardback
Length: 320 pages
Publication date: 27 January 2022
Publisher: Penguin Books Ltd

The real story of the GameStop squeeze, and the surprising winners of a rigged game, is explored in Spencer Jakab's book, "The Revolution That Wasn't." Jakab skillfully dismantles the widely held but dangerously incorrect narrative of Reddit's David defeating Wall Street's Goliath, demonstrating how the casino always wins in the end. This important book contains lessons that will last far longer than GameStop's stock market levitation. Robin Wigglesworth, author of "Trillions," praises Jakab's work, stating that it is a deep appreciation for an important book with lessons that are far more durable than GameStop's stock market levitation.

During one wild week in January 2021, a motley crew of retail traders on Reddit's r/wallstreetbets forum achieved the seemingly impossible: they brought some of the biggest and richest players on Wall Street to their knees. Their weapon was GameStop, a struggling retailer whose shares briefly became the most-traded security on the planet and the subject of intense media coverage.

"The Revolution That Wasn't" is the gripping story of how the meme stock squeeze unfolded, and the real architects (and winners) of the GameStop rally. Drawing on his years as a stock analyst at a major bank, Jakab exposes technological and financial innovations like Robinhood as ploys to part investors from their money, within the larger story of evolving social and economic pressures. The surprising truth? What appeared to be a watershed moment - a revolution that stripped the ultra-powerful hedge funds of their market influence, placing power back in the hands of everyday investors - only increased the chances of the house winning.

Online brokerages love to talk about empowerment and democratising finance - while Wall Street thrives on chaos. In this nuanced analysis, Jakab shines a light on the often-misunderstood profit motives and financial mechanisms to show how this so-called revolution is, on balance, good for Wall Street.

Weight: 544g
Dimension: 163 x 244 x 34 (mm)
ISBN-13: 9780241572559