What happens to the foot soldiers of the meme trading revolution?
Fintech is in its flop era, and it would be funny, except that it’s dragging real people down with it.
It’s true that stocks are down generally — the S&P 500 has fallen 10 percent in the last 30 days, the Nasdaq is down 14 percent, and the Dow Jones Industrial Average dropped 6.5 percent. But fintech is, by comparison, down bad.
Coinbase dropped almost two-thirds in the last 30 days. Block, the Jack Dorsey-led company formerly known as Square, fell by 40 percent. PayPal shares dropped by a third. Robinhood has fallen less, shaving off more than a quarter of its value.
The meme stocks are down bad, too. GameStop fell more than 40 percent in the last month. AMC also lost more than 40 percent of its value. Bed, Bath and Beyond is worth...