How companies court retail investors online
Add Axios as your preferred source to
see more of our stories on Google.

Illustration: Sarah Grillo/Axios
CEOs and investor relations teams are experimenting with retail engagement strategies that could fundamentally change the "Wall Street playbook."
Why it matters: Retail investors are becoming more important, yet are incredibly difficult to reach.
- Retail investing flows have risen by 50% since 2023, according to a recent JPMorganChase Institute report.
Zoom in: These investors skew younger. Roughly 40% of 25-year-olds have investment accounts, a 500% increase since 2015, per the report.
- 37% of Gen Z and millennial investors turn to friends or family for investment guidance, and 23% seek advice on social media, according to a World Economic Forum report.
In response, investor relations teams are spending more time on nontraditional platforms.
- Ahead of its listing, Coinbase CEO Brian Armstrong hosted a Reddit "ask me anything" (AMA) session, while Nikola Corporation used the platform as part of its get-out-the-vote proxy campaign.
- Reddit engages its retail investors through a dedicated subreddit and hosts quarterly AMAs where shareholders can ask questions that may be addressed in earnings calls.
- Robinhood livestreams its earnings calls but plans to launch an in-app social platform next year that could serve as a broader hub for "retail investor relations." It will include other companies' live earnings events, vice president of product management Abhishek Fatehpuria told Axios during a demo of the new product.
- Lyft CEO David Risher and CFO Erin Brewer joined web show "TBPN" last week to frame the company's Q3 results for retail investors, a spokesperson told Axios.
Between the lines: Community-building strategies and tactics are being deployed with investors, requiring more involvement from comms and marketing teams, says Matt Joanou, CEO and co-founder at Stakeholder Labs.
- "Traditionally, IR teams have been heavily focused on institutional investors," Joanou says. "But retail investors are starting to get a seat at the table. They're starting to be able to ask questions on earnings calls. They're starting to participate more directly with these companies through shareholder newsletters and through things like shareholder benefits."
Now, business leaders are looking to build rapport with retail investors with sway, as they do with institutional investors.
- "The north star is how do we find influencers who are doing things a little bit differently that have this, rabid, engaged audience — guys like Litquidity, Unusual Whales or Stocktwits — and just leverage that as best we can to reach their audience," says Russ Rubino, co-founder of CorpBridge Advisors and former chief marketing officer at Sporttrade.
What they're saying: It's a product of the evolving media landscape and fragmented investor base, and it presents a lot of opportunity for corporate communications and marketing teams, says Katie Perry, founder of Ursa Major Media and co-host of Stocktwits show "Daily Rip Live."
- "Institutional analysts are also on Reddit. They're on X. They're seeing these retail [trends]," she adds. "If retail sentiment shifts, that could be a risk that might impact their analysis."

What's next: Corporate communications teams are already looking for effective ways to court other influential sources — like chatbots.
- 62% of millennials and 37% of Gen Zers are using AI to help them pick investments, per a recent eToro report.
- Meanwhile, 41% of young investors say they would let chatbots manage their portfolios, a World Economic Forum report found.
What to watch: Investor relations sites are likely to get a facelift to attract LLMs, says Perry.
- This could take the shape of a comprehensive FAQ or more multimedia content on an investor relations pages.
More on Axios:

