Breaking News
Investing Pro 0
🙌 It's Here: the Only Stock Screener You'll Ever Need Get Started

Beyond GameStop: survey reveals Reddit’s larger-than-expected influence on investing


When users on the social media platform Reddit engineered a stunning and meteoric rise in GameStop (NYSE:GME) share prices earlier this year, the episode could have easily been considered a fluke. Yet a new survey from has found that Reddit’s broader influence on the investing space is more substantial than expected.

According to the survey, conducted among 1,302 U.S. investors, more than 1 in 5 respondents have used Reddit to drive an investment decision. While conventional wisdom would seem to relegate social media-driven investing to younger users from the Millennial and Gen Z age groups, the survey actually reveals that more than 17 percent of investors born from 1928-1980 have also used Reddit to actively drive financial decisions. Interestingly, nearly half of investors above 40 years old have been on Reddit or downloaded the app since the drama that played out with GameStop earlier this year.

Investors use Reddit

“It’s not at all surprising, given the recent Reddit WallStreetBets Meme Stocks saga, which dominated markets earlier this year,” said Jesse Cohen, senior analyst at “The sharp spike and huge gains in those names drew investors - young and old alike - to the WallStreetBets forum to find out what stock everyone was coordinating to buy next.”

The trend is hardly limited to Reddit, as 55 percent of respondents have used some form of social media platform to research an investment decision. Over 20 percent use Twitter to make investment decisions, 17 percent use Stocktwits and 7.5 percent use Facebook for that purpose. And Reddit or not, 47 percent of those surveyed have purchased GameStop or AMC Entertainment (NYSE:AMC) stocks during the past three months.

Most used social platforms

This sudden surge in meme stock interest since January, particularly in GameStop, is further showcased through data provided by's Portfolio, revealing that investors following GameStop’s stock within their holdings, increased as much as 1,000% just from December 2020 (16,638 users) to January 2021 (199,489 users), and almost 2,000% when compared to March (303,641 users).’s Portfolio enables users to monitor all their financial instruments and holdings, on any device.

Gamestop interest

Not surprisingly, nearly 80 percent of respondents who use Reddit to drive investment decisions have been doing so for only the past few months, aligning with the timeline of the GameStop drama. More than 70 percent of investors who use Reddit to drive their decisions plan to continue doing so during the coming year. At the same time, just 6 percent of those investors say Reddit is their only source of information for investment decision-making.

Reddit investing

“The dramatic rise in retail investing seems like it’s here to stay, and that should bode well for social media platforms like Reddit,” Cohen continued. “These social media forums are replacing traditional financial news outlets as the place-to-go to research and make informed financial decisions.”

Among those respondents who have not previously used Reddit to drive an investment decision, more than 20 percent do plan to use that social media platform to assist in their investment decision-making in the coming year. More than 60 percent of the same respondents who have not yet used Reddit to drive investment decisions have also not been on Reddit or downloaded the app since the GameStop drama played out, and over 40 percent have been investing in financial markets for longer than five years.

On the regulatory front, 16 percent believe social platforms that are organizing retail investors should be restricted. Eighteen percent say trading platforms such as Robinhood — which was forced to temporarily limit GameStop trades in the aftermath of the saga — should have the right to restrict trading to retail investors. Sixty six percent agree that more needs to be done to protect retail investors and even the playing field against Wall Street, while only 28 percent believe retail investors on platforms such as Reddit pose a threat to Wall Street.

“The battle between the retail investor, which entered the market amid the Covid pandemic, and Wall Street hedge funds will undoubtedly intensify in the years to come. The returns of the individual investor have changed the entire character of the market, and the professionals are no longer the only force that matters,” said Cohen.

Ultimately, it seems clear that rather than a flash in the plan, the GameStop drama was actually a strong indicator of social media’s rising influence on the investing sector as a whole.

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Gerard Rotonda
GerardRotonda Apr 27, 2022 5:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gerard Rotonda, "The Reddit revolution in the US has drawn attention to the potential power that a growing force of retail investors can wield in stock markets when equipped by social media."  Gerard Rotonda
Arnaud Tyra
Arnaud Tyra Jan 21, 2022 3:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Douglas Johnson
Douglas Johnson Oct 11, 2021 5:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It has long been known that people willingly succumb to the influence of the media. It was used very well in the days of TV and is now well used for example on Facebook, Twitter or Reddit.  I personally hate to be dependent on news, so I don't use my bitcoins to trade on exchanges. I prefer online games - *****This is an easier path for the average guy.
Bobby kingsworth
Bobby kingsworth Jun 05, 2021 9:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email