As the controversy surrounding GameStop stock rages on, some members of the previously, relatively unknown subreddit WallStreetBets, have shown their true colors. While the Legislative Branch of the United States government continues to hold hearings in an attempt to ascertain if market manipulation has occurred contributing to the recent volatility of the stock, many users of the subreddit have again banded together to contribute to another cause. On March 13, one reddit user posted a screenshot of a gorilla he had adopted through the Dian Fossey Gorilla Fund, and listed GameStop as the donor. Following that post many other redditors joined the cause and flooded the Gorilla Fund with donations.
Subsequently Tara Stoinski, the President and CEO of the Dian Fossey Gorilla Fund released a short video thanking the Redditors for their contributions in the name of furthering gorilla conservancy. As of March 15, the fund had received over $350K and about 3,500 gorillas have been adopted. This is a huge number considering that the charity usually only gets about 20 adoptions in a normal weekend with the price of adopting one of these endangered gorillas ranging from $60 to $150. On the same day the fund's official twitter account sent out a tweet saying that "you can *bet* those funds will go straight into our field programs", a nod to the investors on the popular subreddit.
The phrase "apes together strong" taken from the 2011 film, Rise of the Planet of the Apes, has become a common refrain on the subreddit where the users regularly refer to themselves and others engaged in risky market gambles as "apes". The logic behind adopting gorillas is summed up in a comment referenced in an article by The Verge "Just a bunch of degenerative apes protecting their own species". Many similar comments can be found on the plethora of posts showing donations to the fund on the subreddit.
In a time where both institutional and retail investors are under intense scrutiny from both market regulators and legislatures, a positive story is a breath of fresh air. While the fight between those shorting the stock and those hoping for a squeeze does not appear to have an end in sight, at least some people are looking outside of themselves and helping in the conservation attempts of this endangered species.
I was immediately drawn to this article by the title as a Planet of the Apes fan, however, I learned more about the intricacies of the WallStreetBets community. I love to see people giving back in tongue and cheek ways like when Bills fans donated thousands of dollars to Bengals quarterback Andy Dalton after his game winning touchdown pass to Tyler Boyd in week 17 a few seasons back which sent the Bills to the playoffs. It allows everyone to have a good laugh while still doing good for society. I find it very endearing that this community that got rich together by fighting back against the system choose to give back when the hedge funds that they worked against…
I really like this article because it shines a light on selfless acts that people can do once they acquire extra income. The GameStop situation has allowed people to pay off their student loans, pay for their family member’s medical treatments or simply put money away into a savings account. The beauty of the actions perpetrated by WallStreetBets is that it gave a chance for “regular people” to acquire money in ways that are typically only allowed for large corporations or hedge funds. It’s incredible to see people use this money to carry out selfless acts even though they don’t need to. Furthermore, the people who have chosen to adopt these animals that contribute to the conservation of ecological diversity…
It's really nice to see people with the resources to make a difference actually have the prerogative to do so. It's crazy to think of the random series of events that can start such massive movement. Out of this really aggravating situation, something good and positive was resolved. Hopefully this can be the case with other issues we face in the future.
Hey Richard, once again I really enjoyed reading your post and I agree that this news is a breath of fresh air. All discussions regarding GameStop seem to have a heavy air about them which makes discussing the topic draining sometimes. However, this ape donation situation really clears the air and, while nobody really knows for sure, makes wallstreetbets look like they may have been the ones in the right. Specifically, it makes Melvin Capital and others involved look like the greedy ones who recklessly blew money on shorting stocks and hurt the economy. Inversely, wallstreetbets looks like the ones who honestly benefitted from a stock exchange and just want to give a little back. While public opinion could c…