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C-Uppsats Grupp 22 Uppsala universitet Institutionen för informatik och media C-uppsats i medie- och kommunikationsvetenskap Framlagd VT 2021 “We’re not selling” En studie av r/wallstreetbets Författare: Daniel Ebeid & Ida Hellgren Handledare: Anne-Marie Morhed Abstract In the beginning of 2021, the stock of strained and heavily shorted company GameStop rose by almost 2,000 percent. The meteoric rise was caused after users of the subreddit r/wallstreetbets mobilized to buy up stock of the business, hoping that short- sellers would be forced to close their positions, leading to further upside. The purpose of this study is to describe the culture of the subreddit, using Stuart Hall’s (1997) theory of representation to explain how users create meaning. Furthermore, we attempt to explain how the digital nature of the movement affected its structure and organisation, for which Bennett and Segerbergs (2012) framework The logic of connective action is applied. The study used a netnographic approach for data-collection, which was later analyzed using qualitative text- analysis and semiotic-image- analysis. In total, 50 different posts were analyzed which included both texts and memes. Our results indicate that the movement is characterized by the lack of hierarchy and a substantial amount of user- generated content. Narratives and motives have been naturally constructed collectively through the interaction of users rather than enforced by a central authority. A unique feature of the movement is its exclusively digital presence, allowing for fluid participation and individualized framing. The premises and boundaries of activism change as activism becomes more dependent on the digital world. This study offers insight into how digital movements can be constructed and how the digital fundamentally changes the preconditions of activism and mobilization. Nyckelord Digital aktivism, GameStop, kultur, Wallstreetbets, connective action, representation Innehållsförteckning 1. Inledning 1 1.1 Syfte & frågeställningar 2 1.2 Centrala begrepp 3 1.2.1 Digital aktivism 3 1.2.2 Användargenererat innehåll 3 1.2.3 Kultur 4 1.2.4 Memes 4 1.2.5 Narrativ 5 1.3 Disposition 5 2. Bakgrund 6 2.1 Reddit 6 2.2 WallStreetBets 7 2.3 GameStop 8 2.4 Blankning 8 2.5 Aktionens händelseförlopp 9 3. Tidigare forskning 19 3.1 Connective action i digital aktivism 19 3.2 Reddit som verktyg för aktivism 21 3.3 Intervjustudier av r/wallstreetbets 22 4. Teoretiskt ramverk 25 4.1 The logic of connective action 25 4.2 The work of representation 28 4.2.1 Memes som visuell retorik 30 4.3 Tillämpning av teorier 31 5. Metod och material 32 5.1 Forskningsdesign 32 5.2 Metodval 32 5.2.2 Semiotisk bildanalys 34 5.2.3 Kvalitativ textanalys 34 5.3 Material & urval 35 5.4 Genomförande 35 5.5 Etiska överväganden 37 6. Resultat & analys 38 6.1 Resultat 38 6.1.1 Resultat observationer 38 6.1.2 Resultat kvalitativ textanalys & semiotisk bildanalys 39 6.2 Organisation och struktur 42 6.3 Kulturen på WSB 46 6.3.1 Motdiskurs och narrativ 48 7. Avslutning 50 7.1 Avslutande diskussion 50 7.2 Analys av metodval 53 7.3 Vidare forskning 54 1. Inledning Den 29 januari 2021 publicerade Dagens Nyheter en artikel om hur medlemmar på den digitala plattformen Reddit utfört en börskupp med målet att få den sjunkande Gamestop-aktien att stiga i värde (Ewald, Lindkvist & Stiskalo, 2021). Det var medlemmar i r/wallstreetbets, ett subforum för oerfarna investerare, som i början av 2021 mobiliserade sig för att köpa upp aktier i företaget Gamestop. De tog på så sätt en motsatt position i aktien i relation till många finansiella institutioner. Förhoppningen var att priset skulle gå upp tillräckligt mycket för att fonderna skulle täcka sina positioner, och på så sätt pressa priset än högre (ibid.). I subforumet präglades diskussionerna av hur man ville sätta dit “de onda” hedgefonderna vilka skapat den ekonomiska krisen 2008. Utfallet av aktionen blev att Gamestop-aktien ökade i värde med omkring 2.000 procent (Ewald, Lindkvist & Stiskalo, 2021). Detta ledde bland annat till att aktieköps-appen Robinhood i slutet av januari 2021 satte stopp för köp av ett antal aktier som på kort tid ökat mycket i värde. En av dem var Gamestop-aktien. Robinhoods handling ledde till politikers engagemang i frågan, då bland annat den amerikanska demokraten Rashida Tlaib lyfte händelsen i ett Twitterinlägg. I inlägget menar politikern att Robinhoods handling kan jämställas med marknadsmanipulation i syfte att skydda hedgefonderna (ibid.). Dagens digitala verktyg möjliggör för individer att genom digitala medier göra sin röst hörd. Såsom att ställa politiska krav, organisera sig, samt att lyfta och utmana den rådande samhällsdiskursen (Lindgren, 2017). Genom mobilisering och organisering med hjälp av digitala verktyg och sociala medier tillgängliggörs dessutom deltagandet för en större del av befolkningen, då engagemanget inte är geografiskt begränsat (Lindgren, 2017). Att människor genom internetforum mobiliserar sig för att påverka finansiella marknader är ett unikt fenomen och ett nytt uttryckssätt för digital aktivism. Händelsen särskiljer sig från andra exempel av digital aktivism i avseendet att rörelsen aldrig lämnade den digitala sfären. Andra rörelser, likt den arabiska våren och #occupywallstreet, hade sitt ursprung i digitala medier för att sedan ta sig ut i den fysiska världen. Rörelsen är även unik i den aspekten att deltagandet hade en explicit kostnad. Att delta i aktivism kan ofta kosta i exempelvis juridiska komplikationer eller socialt stigma, men i detta fall fanns en 1 påtaglig ekonomisk risk då deltagarna behövde investera pengar i aktien. Denna form av digital mobilisering har direkta konsekvenser för omvärlden, i form av påverkan på finansiella marknader, samt den ekonomiska risken för de deltagande individerna. Dessa faktorer i kombination med den omfattande nyhetsrapporteringen och närheten i tid betonar vikten av att studera fenomenet. Studien är en fallstudie av subforumet r/wallstreetbets, där insamling av data kommer att göras genom en netnografi. Det empiriska materialet kommer sedan att analyseras med hjälp av bild- och textanalys i syfte att besvara studiens forskningsfrågor. Hädanefter kommer r/wallstreetbets att benämnas som WSB. Det är viktigt att varna för att språkbruket på forumet kan ha funkofobiska inslag, något som kan vara anstötligt för vissa läsare. Samtidigt som vi vill understryka att vi inte står bakom språkbruket på subforumet har ett beslut i samspråk med handledare tagits om att inte censurera materialet. Det vulgära språkbruket är en central del av subforumets jargong och censur av empirin riskerar att ge en ofullständig eller manipulerad bild av WSB. Denna studies forskningsområde är brett, där flera discipliner överlappar. Studien ska dock huvudsakligen betraktas som en inom online communities och internetkultur. Samtidigt undersöker studien viktiga inslag av digital aktivism, och kan således ses som ett bidrag till det forskningsfältet. Studiens huvudsakliga syfte är dock att förstå hur det digitala påverkar rörelsers natur och hur digitala communities skapar mening. 1.1 Syfte & frågeställningar Syftet med studien är att beskriva kulturen på subforumet r/wallstreetbets samt att undersöka hur rörelsens digitala natur har påverkat dess organisation och struktur. Frågeställningar Hur har rörelsens digitala natur påverkat rörelsens organisation och struktur? Hur ser kulturen på forumet ut? Har rörelsen ett gemensamt narrativ? 2 1.2 Centrala begrepp I detta avsnitt beskrivs och förklaras studiens centrala begrepp; digital aktivism, användargenererat innehåll, kultur, memes och narrativ. 1.2.1 Digital aktivism Uppkomsten av stora aktivistiska rörelser under de senaste 10 åren, såsom Occupy Wall Street och arabiska våren, har lett till att intresset för digital aktivism vuxit inom forskningsfältet media och kommunikation. Gemensamt för många av dessa stora rörelser är att de startade på digitala plattformar. Dagens teknologi utgör ett effektivt verktyg för människor att kommunicera med varandra, vilket också medför möjligheten för aktivistiska rörelser att expandera snabbare. Lindgren (2017) beskriver hur internet kan användas för att driva aktivistiska intressen. Genom internet kan människor bilda och mobilisera rörelser, vilka kan ifrågasätta rådande makt- och samhällsstrukturer. Under de senaste 10 åren har aktivistiska rörelser formats i allt större utsträckning och med allt fler deltagare. Internet är en del av detta då det möjliggör engagemang från fler människor, där digitala plattformar och onlineforum utgör en plats för människor att interagera med varandra och därmed kollektivt lyfta ideer och diskutera frågor av intresse (ibid.). Aktivism på internet tillåter människor att koordinera och organisera sig utan formella organisationers inblandning, vilket ger mer plats åt mänsklig autonomi. Denna typ av kollektivt engagemang kan försvaga statens och vanlig nyhetsmedias makt genom att den ger mer makt åt den enskilda individen. Internet är effektivt för människor att mobilisera rörelser vilka sedan når ut till den verkliga världen, exempelvis genom protester och demonstrationer (ibid.). 1.2.2 Användargenererat innehåll Framväxten av web 2.0 har inneburit stora möjligheter för internetanvändare att själva producera och publicera innehåll, samt att interagera med varandra (Crowston & Fagnot, 2018). Användargenererat innehåll syftar till innehåll vilket publicerats på en plattform av medlemmar eller av användare. Plattformar som bygger på användargenererat innehåll karaktäriseras bland annat av
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