Wednesday, February 10, 2021

The Demographics of the Viral Stock Frenzy

How many Americans bought GameStop or other viral stock during the speculative trading frenzy in January? According to a Yahoo Finance-Harris Poll, an astonishing 28 percent of Americans participated. 

Though GameStop was the poster child of the frenzy, it was not the most popular stock purchase. The number-one spot belonged to AMC Entertainment. Among those who purchased viral stock in January, 35 percent purchased AMC, 33 percent bought GameStop, and 23 percent BlackBerry. The 53 percent majority of those who bought viral stock invested $250 or less. 

The demographics of the players are what you might suspect. Men were much more likely than women to have purchased viral stocks in January—40 percent of men did so versus 16 percent of women. Younger adults were more likely to participate than older Americans. Forty percent of 18-to-44-year-olds bought viral stock in January compared with 17 percent of those aged 45 or older.

Source: The Harris Poll, Going Viral: "Meme Stocks" Win Over 1 in 4 Americans

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