The r/WallStreetBets community has flocked to the comments section of PSY’s Gangnam Style YouTube video after a wild conspiracy theory convinced Redditors that hedge funds would close the platform.
Why do Redditors believe that hedge funds have the power to take down the very large website of Reddit? Major head fund Citadel is part-owner of content distribution network, Fastly, which recently shot to fame as the company that managed to responsible for a ton of popular websites going down on Tuesday.
problem: some redditors believe hedge funds will take down reddit & other platforms to create FUD + paper hands when gamestop stock short squeezes.
insight: gangnam style on youtube will never go down.
solution: if hedgies shenanigan, communicate via gangnam style comments ⤵️ pic.twitter.com/51zINJ2fTW
— ???????????? ???????? ????????????????????????.???????????? ???? (@yungcontent) June 8, 2021
Okay so how did Gangnam Style come into it?
While it may sound like a joke, the Gangnam Style backup plan very quickly became a reality on Tuesday night after the Fastly outage.
Granted, the outage only lasted about an hour, but that’s an hour of trading time and the Reddit finance bros were simply having none of it. So they decided to put their master plan into action — flooding the comments section of Gangnam Style.
The entire comments section has now been turned into a Reddit thread for discussions about stocks.
If you’re wondering why Gangnam Style became the failsafe instead of a video about stocks or literally any other video on the site, the logic here is that YouTube would never take down its second most popular video on its platform.
According to SocialBlade, PSY’s channel rakes in 1.5 to 2 million views per day, which is estimated to be making up to $10,000 in that sweet AdSense revenue. Obviously, a large portion of those views are from Gangnam Style directly.
You can enjoy it here for yourself:
This isn’t the first time conspiracy theories have run rampant in the r/WallStreetBets community. Earlier this year some in the community believed that RobinHood pulled popular meme stocks like AMC and GameStop from its platform at the height of their popularity because it was in cahoots with big hedge funds.
However, this was never proven and RobinHood is now the subject of a SEC investigation that will eventually give us more clarity on the situation.
Anyway, that’s enough internet for one day. Oppa Gangnam Style, my friends.