- Instagram’s most popular financial meme page is run by a New-York based investment banker in his late 20s.
- After the Reddit-fueled buying frenzy, he published a newsletter to help people make sense of what was going on.
- The founder of “Litquidity” told Insider that DraftKings, Virgin Galactic, and Penn have meme potential.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell
Litquidity has a following of about half a million people on Instagram, and it’s the most popular financial meme account on the site.
Run by an anonymous Wall Street banker in his late 20s, the account was launched in 2017 when he found some free time between switching jobs. His circle of friends was made up of people working in investment banks, hedge funds, private equity, and venture capital. So he created the account to share funny instances that they could all relate to.
“It’s a way we could all share the common stuff we were going through – working very late, going through the same struggles of dealing with tough managing directors who were very demanding, stress of the job, enjoying things like going out in New York City to the bars, and the way we think about things,” Litquidity told Insider in an interview.
The Litquidity account rapidly gathered an audience among the financial fraternity for its unveiling of the lifestyle of someone working on Wall Street. Some of Litquidity’s own colleagues often unwittingly send him his own memes.
“One or two coworkers maybe know, but it’s more of a suspicion,” he said. “It’s basically just my friends and family that know that I run it, but I try my best to maintain anonymity.”
He found there’s an appetite for market knowledge and information, since events in the financial world transpire very quickly and are easy to miss. And so, around the time that the Reddit-fueled day-trading craze pushed GameStop’s shares higher last month, Litquidity launched a newsletter called the Exec Sum to help readers decipher the goings-on in the market.
The brand describes itself as “the littest daily newsletter covering all things Wall Street & Silicon Valley with a dose of memes.” Having already lined up sponsors, the newsletter is meant to serve as a stream of revenue that adds to Litquidity’s merchandise and advertising business.
Aside from GameStop, the anonymous banker said these three stocks have “meme potential”:
DraftKings. “I think it’s very tied to the same personality that is active on Wall Street Bets. The same way that there’s degenerate stock traders who make the most outrageous investments, sports betters also have similarities with betting on football games, soccer, basketball – you name it. It’s the same type of person throwing money, and they can hit big or lose big.”
Virgin Galactic. Because the “going to the moon” association for the spaceflight company is a “natural fit.”
Penn National Gaming. “They are the majority owners of Barstool Sports now. Dave Portnoy being such an electric personality, he’s a meme in itself. It could be treated as a meme through sports-betting.”
Litquidity said his brand is still in the early stages and he wants to continue to make good content, entertain people, and eventually focus on educating so more can understand the financial world.