Opinion | Who Wins in a Meme Stock World?

Produced by ‘Sway’

Running a social media platform is an endeavor loaded with land mines. (We’re looking at you, Facebook and Twitter.) So is running a retail trading app, as Robinhood found out when it suspended trading of GameStop at the start of this year. Now imagine doing both.

Cue Jannick Malling, a co-C.E.O. of Public: part brokerage, part social media platform and the latest retail trading unicorn. The app hit 1 million users in February — a milestone that mirrors a larger boom in retail trading.

Kara presses Malling on the responsibility that apps like Public and Robinhood have to safeguard their users from a frothy market. They also discuss what lessons were learned from the GameStop surge and what regulatory scrutiny may be around the corner for retail investing apps — and what the heck is up with Dogecoin.

Thoughts? Email us at sway@nytimes.com. Transcripts of each episode are available midday.

Special thanks to Shannon Busta, Liriel Higa and Kristin Lin.

“Sway” is produced by Nayeema Raza, Blakeney Schick, Heba Elorbany, Matt Kwong and Daphne Chen, and edited by Nayeema Raza and Paula Szuchman; fact-checking by Kate Sinclair; music and sound design by Isaac Jones; mixing by Erick Gomez.

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