May 22, 2024 - Business

RFK Jr. apes the apes

RFK Jr's "Apes together strong" twete

Via @RobertKennedyJr / X

Presidential candidate Robert Kennedy Jr. just bought $24,000 of GameStop shares at a forward P/E ratio of roughly 2,200.

Why it matters: The move is a symbolic one, designed to show that Kennedy "will support the Ape retail rebellion," per his post on X.

Where it stands: "The Ape meme first came up during the initial GameStop runup to refer to the crowd gathering around GME," explains Nathaniel Popper, author of a forthcoming book on the history of meme stocks.

  • "The AMC crowd — and the CEO of AMC — later adopted it, and it got brought into a whole conspiratorial mindset that grew up around a few of these meme stocks."

Between the lines: The conspiracy, as limned by Kennedy, is that hedge funds illegally manipulate the market by shorting stocks, thereby enriching themselves at the expense of average retail investors.

The bottom line: Kennedy's campaign is centered on conspiracy theories, so it comes as little surprise he's attaching himself to this one too.

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