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In January 2021, retail investors coordinated on Reddit to target shortselling activity by hedge funds on GameStop shares, causing a surge in theshare price and triggering significant losses for the funds involved. Such aneffective collective action was unprecedented in finance, and its dynamicsremain unclear. Here, we analyse Reddit and financial data and rationalise theevents based on recent findings describing how a small fraction of committedindividuals may trigger behavioural cascades. First, we operationalise theconcept of individual commitment in financial discussions. Second, we show thatthe increase of commitment within Reddit predated the initial surge in price.Third, we reveal that initial committed users occupied a central position inthe network of Reddit conversations. Finally, we show that the social identityof the broader Reddit community grew as the collective action unfolded. Thesefindings shed light on financial collective action, as several observersanticipate it will grow in importance.

From Reddit to Wall Street: The role of committed minorities in financial collective action