Ever have one of those days where nothing made sense, but then suddenly everything made sense because you accepted that this is life in a world gone slightly mad?
For meme stocks, that was Thursday.
Despite global supply chains being a key driver of massive inflation worries, GameStop /zigman2/quotes/203755179/composite GME -2.34% had its first real good day in quite a while thanks to a big restock of PlayStation 5s, AMC Entertainment /zigman2/quotes/200235402/composite AMC +4.22% went back into the green thanks to the CEO tweeting about cheap tickets on a movie that came out seven years ago, Robinhood /zigman2/quotes/228268942/composite HOOD +4.36% found support from a U.S. senator bravely willing to defend the rights of online brokers to sell their order flow to market makers, and Digital World Acquisition Corp. /zigman2/quotes/229933747/composite DWAC +28.10% roared back to life because a former U.S. president is doing local talk radio in Seattle?
Oh, and there was also that thing where Mark Zuckerberg showed the world his new virtual fiefdom where he can pretend to be whomever he wants as long as he’s not the hated founder and CEO of Facebook /zigman2/quotes/205064656/composite FB +2.40% . And to make sure that happens he just renamed his $900 billion tech behemoth “Meta.”
We wish we were capable of making this stuff up.
And let’s stay on Facebook/Meta for a second, because a dramatic rebrand by a vilified megacompany is always a very good place to start.
Facebook is now Meta because Zuck has a cool new product to share and he would like everyone to forget about… the recent unpleasantness .
But let our colleague Jon Swartz explain it i n a better way than we can:
One highlight from that presentation was Zuckerberg’s uncannily smooth avatar using a virtual mirror to put on a spacesuit, a visual that must have provoked giggles from Zuck’s fellow billionaires Jeff Bezos, Richard Branson and Elon Musk, all of whom are becoming real astronauts.
Facebook stock closed up 1.5% as the internet delighted in the awkwardness of the company’s ‘timely’ pivot.
As mentioned above, GameStop popped 5.4% for what has become a rare day of solid gains thanks to a new delivery of PS5s, and AMC eked out a late burst closing up 1.4%.
That afternoon push was due in part to Adam Aron’s very patriotic tweet announcing that his theaters will show the Clint Eastwood film “American Sniper” for $5 on Nov. 11 in celebration of Veterans Day.
Aron’s stars and stripes heave tweet fit in nicely with another major theme of Thursday’s trading day: a big bounceback for DWAC.
While the deal between the SPAC and Donald Trump’s gestating wannabe media empire Trump Media & Technology Group does not appear to have moved materially forward, DWAC has filed some new paperwork and the price had fallen back into buyable range for meme traders by Thursday morning, sitting well off its record high of $175 a share at about $70.
It closed up 12.1% on the day, ending a heavy, three-day losing streak.
But the real excitement for traders on social media appeared to be frothy expectations for a Trump interview Thursday evening on “The Ari Hoffman Show,” a radio program on Seattle’s KVI AM 570.
While the former president has been outspoken recently on issues like a possible tax on billionaires and whether or not Republicans should vote in the 2022 midterms, he is likely going to disappoint DWAC bulls on Thursday night.