In 2021, Steve Bannon passionately framed the movement of retail traders, known as “Wall Street Apes,” as a populist rebellion against Wall Street’s elite. Fast forward to 2024, the political landscape and market forces are aligning, with influential voices like billionaire Scott Bessent hinting at a Trump win, while stocks tied to Trump’s brand soar. The narrative of a "holy war” against financial power has resurfaced, spotlighting the intersection of populism, politics, and economic uncertainty, raising the question if Bannon’s vision has come to pass.
Bannon’s 2021 Rant: A Populist Call to Activism
“The hard work of the ‘deplorables’—the working-class Americans who made this country safe—is being exploited. What people want to invest in is now turned against them. They use your money, your taxes, and even your pension funds to work against your interests. This is the greatest scandal out there. It’s a holy war, led by the ‘Ape Army’ against those who are using your own resources to undermine you,” Steve Bannon said in Jan. 2021.
In early 2021, Steve Bannon took to his platform to champion a new kind of rebellion—one led by everyday traders, dubbed ” Wall Street Apes.” This group made mainly of young, anonymous traders, shook the financial world by driving up the prices of so-called “meme stocks” like GameStop and AMC. Bannon labeled this movement a "holy war against Wall Street,” claiming that the "Ape Army” represented a battle of the disenfranchised against a corrupt and incompetent elite.
This movement led to significant volatility, with AMC’s stock price experiencing dramatic highs and lows throughout 2021. The event attracted widespread media attention and raised discussions about market manipulation, the role of retail investors, and the influence of social media on stock markets.
This movement wasn’t just about finance, according to Bannon. It was about power—the power of ordinary people to take on billion-dollar hedge funds and short-sellers who profit off others’ losses. He pointed out the hypocrisy of Wall Street’s manipulation and condemned the disproportionate tax breaks that favor the ultra-rich. For Bannon, the "Ape Army” symbolized a broader populist uprising challenging a system he saw as rigged against the common American.
2024 Echoes: Betting on Trump and Market Reactions
"They only like the free market when it works in their favor. The moment the tables turn, they cry foul. They can’t handle it when regular people play by the same rules they’ve been exploiting for decades,” Bannon said, slamming the typical elite Wall Street players.
Fast forward to 2024, and the echoes of Bannon’s narrative can be heard in recent market activity. Billionaire investor Scott Bessent, a frequent guest on Bannon’s WarRoom, has again voiced his expectation that Donald Trump will win the 2024 presidential election. This sentiment, according to other financial experts, has permeated Wall Street. Stanley Druckenmiller, another financial heavyweight, observed that the markets are "very convinced” of a Trump victory, noting that "bank stocks and crypto” have been reacting positively.
Meme Stocks Make a Comeback as Trump’s Chances at Victory Rise
"This is a new kind of holy war, led by the ‘ape army’ — people who are tired of being told they don’t matter. They’ve shown that when they unite, they can shake the financial establishment to its core,” Steve Bannon said.
CNN’s Matt Egan recently highlighted the resurgence of Trump Media & Technology Group (TMTG), which had been struggling until recently. The company’s stock, often seen as a proxy for Trump’s political fortunes, has spiked by 150% over the last month. This surge occurred despite the absence of any groundbreaking business news—suggesting that traders are betting heavily on Trump’s potential return to the White House.
The stock’s rebound is a reflection of growing confidence among certain financial circles that Trump could win in November. For traders, TMTG’s stock isn’t just about the value of the business—it’s a bet on the political future of the country. It appears that just as the "Apes” rallied around meme stocks to challenge Wall Street, today’s investors are rallying around Trump’s candidacy to challenge the current political order.
The Intersection of Populism and Finance
"Meme stocks thrive on attention, and in the case of Trump Media, the price also reflects the expectations of who will win the November election,” Ritter said, pointing to betting markets such as PredictIt that show Harris’ margin over Trump has vanished.
Since September 23, the value of Trump’s stake in the company has spiked by about $1.7 billion to $3.4 billion.
Jay Ritter, quoted by Eagan, a finance professor at the University of Florida who has studied capital markets for four decades, described the 100% spike for Trump Media since September 23 as "stunning.”
So Bannon’s 2021 warnings about a corrupt financial system have seemingly resurfaced. In his view, the "Apes” were never just about shorting stocks—they were about shorting the power structure. With Wall Street’s renewed interest in meme stocks and Trump-linked companies, it’s clear that the 2024 election is more than a political battle. It’s a referendum on the established economic and political systems.
Ritter recently noted the speculative nature of these stocks, likening them to Bannon’s 2021 descriptions of retail traders. "Meme stocks thrive on attention,” Ritter said, pointing out that the recent price surges are less about business fundamentals and more about the perceived odds of Trump’s victory. This recalls Bannon’s framing of the Apes as not just financially savvy but politically motivated—a new type of financial activism.
Betting Markets Align with Populist Sentiment
"This isn’t just about making money; it’s about taking a stand. The little guy is fed up with being taken advantage of, and now they’re fighting back. This is a populist uprising in the financial markets,” Bannon said in his 2021 WarRoom rant.
The rise of populism is influencing not only stocks but also betting markets. As election day approaches, sites like PredictIt have shifted towards Trump. Crypto bets are pouring into predictions of a Trump victory, with millions at stake. The market movements reflect a larger cultural shift—a belief that the system, political and financial, requires disruption.
A Populist Resurgence?
“It’s the little guys — the deplorables — who are finally standing up, battling against the elites on Wall Street. They’re taking their power back, refusing to let the big guys rig the game anymore. This is about fairness, about fighting for what’s been taken from them,” Bannon said in 2021.
The populist themes Bannon talked about in 2021 echo today as financial markets react to the political landscape. The "Ape Army” movement may have faded from the headlines. Still, the underlying sentiment—distrust of elites, rejection of the status quo, and a drive to disrupt entrenched power—remains alive and well. With Trump’s 2024 chances rising, the connection between populism and the financial world is becoming ever clearer, reminding us that the fight Bannon described isn’t over—it’s evolving.
"This is about more than just stocks; it’s about power, control, and who gets to decide the future of this country. The ordinary people are reclaiming their voice, and Wall Street can’t stand it,” Bannon said.
And Scott Bessent, who is not your typical Wall Street Billionaire, is there with the “Apes” and the Populists:
"She's eviscerated the middle class.” Scott Bessent reacts as new poll finds majority of Americans say they’re worse off than they were four years ago. | @dagenmcdowell @SeanDuffyWI pic.twitter.com/lKdtZ6MReD
— The Bottom Line (@BottomLineFBN) October 18, 2024
Bessent is a prominent American investor and hedge fund manager known for his expertise in global macroeconomic investing. He is the founder and Chief Investment Officer of Key Square Group, a hedge fund he established in 2016 after a successful career in the financial industry.
For more of our WarRoom coverage of Scott Bessent:
For more from Steve Bannon, flashback to his 2021 comments:
WARROOM STEVE BANNON: The Apes Are in ‘Holy War’ Against Corrupt Wall Street
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