Slate Money: "Memestocks are Spreading" – April 11, 2026

Episode Overview

In this episode of Slate Money, host Felix Salmon is joined by Emily Peck (Axios Markets) and Elizabeth Spires (New York Times) for a lively, skeptical, and often irreverent roundup of the week’s most intriguing stories in business and finance. This week’s major themes: how meme stock trading behavior is migrating across asset classes—with notable new risks in crypto oil futures markets; a baffling financial move by billionaire Bill Ackman; and the perennial, headline-grabbing search for Satoshi Nakamoto’s true identity.

Main Topics & Insights

1. The Meme Stock Frenzy Goes Global—and Gets Weirder (02:48–17:49)

Key Discussion Points

Expansion of Meme Trading:
Emily Peck leads off with her reporting on how the meme stock trading ethos—“trade anything!”—has spilled beyond equities into speed-of-light, leveraged bets on commodities (primarily oil) via offshore crypto exchanges like Hyper Liquid and its offshoot, Trade XYZ.
Platform Mechanics and Scale:
- Hyper Liquid and Trade XYZ now allow retail investors to trade derivatives tracking Brent oil futures, outside regulated markets.
- Volume has exploded—over $1 billion in daily trading, “approaching or even exceeding” peak meme stock frenzy levels seen back in 2021. (Felix Salmon, 06:18)
Who Is Trading?
- Exact demographics are opaque; users must post at least $1,000 to play.
- Significant participation by US and Asian retail investors, despite supposed legal barriers. (Emily Peck, 05:48)
Risk, Speculation, and Gambling:
- “The amount of risk in this market is enormous… This is a pure gambling betting game.” (Felix Salmon, 08:15)
- Platform offers 20x leverage—users can lose 100% of their stake quickly; "you're basically betting on a random number." (Felix Salmon, 13:13)
- Unlike regulated futures, users only lose their posted funds—no margin calls.
- Despite the “wild” volatility and high fees, the rush to trade continues.

Notable Quotes

“For most people, it would be insane to play in this pool because you expect to lose on every single trade, and yet there seems to be no shortage of people doing it.” — Felix Salmon (08:15)
“Everything on the platform trades at a 20 times leverage... The trades roll over every eight hours. Every time that happens, you get charged a fee on the 20 times leverage number.” — Emily Peck (11:17)
“Polymarket walked so that Hyper Liquid could run.” — Felix Salmon (16:20)

Memorable Moment

The hosts collectively marvel at the fact that Hyperliquid is run by a Harvard grad, only 11 employees, and already commands vast sums and a cult-like user base. (17:32)

2. Bill Ackman’s “Financial Engineering” Sparkle (21:35–32:36)

Key Discussion Points

Ackman’s SPARK Plan:
Felix lectures on the nuance between SPACs and the newfangled “SPARK” structure, with the same basic function: enable a public listing for a target company, this time with cash only flowing after a deal is made.
The Bizarre Twist:
Ackman targets Universal Music Group (UMG)—already publicly traded—for his SPARK, essentially offering to buy it with his empty listed shell.
- “Taking a public company public is the dumbest thing in the world because it’s already public.” (Felix Salmon, 28:34)
Motivations & Skepticism:
- Ackman’s rationale: shifting to a US (NYSE) listing, liquidating assets like Spotify, promises to “unlock value.” The hosts scoff, seeing little real advantage.
- “Bill Ackman was like, yeah, I gave [the controlling shareholder] a heads up like 24 hours before I announced this…” (Felix Salmon, 32:01)
- Universal’s shareholders have little reason to bite.

Notable Quotes

“I think that a lot of this just boils down to Bill Ackman's general psychology as an individual. He kind of gets a bee in his bonnet about something and then just doesn't let go.” — Elizabeth Spires (26:54)
“This is just the old corporate activist playbook, which Bill Ackman knows very well.” — Felix Salmon (27:41)
“When people use the term financial engineering… it seems like that’s what this is: a numbers salad, a word salad…” — Emily Peck (29:04)

Memorable Moment

Emily’s exasperated dig: “Don’t do this, Bill Ackman. SPACs are for, isn’t the Donald Trump crypto company started out as a SPAC? That’s what you do… You don’t just do like the most storied music publisher out there.” (29:34)

3. The New York Times and the Quest for Satoshi Nakamoto (34:52–49:37)

Key Discussion Points

The Latest “Satoshi Unmasking”:
The NYT published an extensive feature by John Carreyrou (of Theranos fame) claiming to have identified Satoshi. The hosts disagree over the strength of the reporting and whether "the British cryptographer" Andy Back is Satoshi.
Evidence vs. Narrative:
- Elizabeth finds Carreyrou’s case convincing, and argues that circumstantial cases are often the best we can get. (37:12, 41:42)
- Felix and Emily critique the story as largely recycling old material, built on “p-hacking” and confirmation bias—cherry-picking coincidences (such as similar turns of phrase or behaviors).
- Stylometric analysis (using AI to compare writing styles) was inconclusive, and even Carreyrou concedes this. (37:53)
- “None of this is remotely convincing. This is what Nassim Taleb calls ‘fooled by randomness.’” — Felix Salmon (39:36)
Does Satoshi’s Identity Matter?
- For Elizabeth and Emily: Yes, out of both narrative curiosity (“God-level weird”) and because Satoshi controls a fortune in dormant Bitcoin—potentially market-moving.
- For Felix: “A name is just a name... Can't we get bored of this game?” (49:47, 50:28)

Notable Quotes

“He starts off the story already convinced that this Back guy is his man... and then he just goes off on this hunt looking for anything he can find that might reinforce his priors.” — Felix Salmon (39:36)
“If it turns out this guy is Satoshi, both of you owe me a hundred dollars.” — Elizabeth Spires (45:01)
“It is really creepy that we don’t know who came up with bitcoin. I think it does absolutely matter. Honestly, I do think about it a lot.” — Emily Peck (49:37)

Memorable Moment

The hosts make a $100 bet: If Andy Back is proven to be Satoshi, Elizabeth wins; if not, Felix and Emily split the payout. (45:01)

4. Numbers Round (50:54–58:18)

Featured Numbers

500 million:
- Annual revenue of “Buzzballs,” a fast-growing, spherical prepared-cocktail brand—debated as a clever innovation or a moral panic. (Elizabeth Spires, 50:54)
Two dozen:
- Number of Waffle House workers/regulars interviewed by the NYT to debunk a FEMA official’s (satirical) claim of teleporting into a Waffle House (Emily Peck, 52:32)
5:
- Number of big-bank CEOs summoned for a meeting with the Fed and Treasury about Anthropic’s new cyber-security AI, Mythos—emphasizing rising official concerns over AI-enabled cyber vulnerabilities. (Felix Salmon, 54:35)

Notable Quotes & Memorable Moments

“Everything on the platform trades at a 20 times leverage… The trades roll over every eight hours.” — Emily Peck (11:17)
“Taking a public company public is the dumbest thing in the world because it's already public.” — Felix Salmon (28:34)
“He started with a conclusion in mind, and then he did his best to cherry pick evidence and make things… seem bigger than they were.” — Emily Peck (42:58)
“It is really creepy that we don't know who came up with bitcoin. I think it does absolutely matter. Honestly, I do think about it a lot.” — Emily Peck (49:37)

Structure & Timestamps

Meme Stock & Hyperliquid Trading: 02:48–17:49
Bill Ackman’s SPARK/UMG Bid: 21:35–32:36
Satoshi Nakamoto Investigation: 34:52–49:37
Numbers Round: 50:54–58:18

Tone and Takeaways

The trio maintain their signature skepticism, wit, and blend of finance geekiness and cultural crankiness:

New speculative trading platforms are not just the next FTX, but potentially even wilder—in scale and in disregard for risk.
Financial engineering often means creating value from thin air—and sometimes not even bothering to create the illusion.
The urge to unmask financial legends (Satoshi, Banksy) may not be as satisfying, or meaningful, as journalists or the public believe.
Headlines may change, but human nature—risky bets, financial hubris, and mysteries both silly and world-changing—remains the same.

For business and finance buffs, "Slate Money" continues its mission: puncturing hype, exposing contradictions, and ensuring you’re not the dumbest money at the table.

[End of Summary]

Slate Money: "Memestocks are Spreading" – April 11, 2026

Episode Overview

Main Topics & Insights

1. The Meme Stock Frenzy Goes Global—and Gets Weirder (02:48–17:49)

Key Discussion Points

Expansion of Meme Trading:
Emily Peck leads off with her reporting on how the meme stock trading ethos—“trade anything!”—has spilled beyond equities into speed-of-light, leveraged bets on commodities (primarily oil) via offshore crypto exchanges like Hyper Liquid and its offshoot, Trade XYZ.
Platform Mechanics and Scale:
- Hyper Liquid and Trade XYZ now allow retail investors to trade derivatives tracking Brent oil futures, outside regulated markets.
- Volume has exploded—over $1 billion in daily trading, “approaching or even exceeding” peak meme stock frenzy levels seen back in 2021. (Felix Salmon, 06:18)
Who Is Trading?
- Exact demographics are opaque; users must post at least $1,000 to play.
- Significant participation by US and Asian retail investors, despite supposed legal barriers. (Emily Peck, 05:48)
Risk, Speculation, and Gambling:
- “The amount of risk in this market is enormous… This is a pure gambling betting game.” (Felix Salmon, 08:15)
- Platform offers 20x leverage—users can lose 100% of their stake quickly; "you're basically betting on a random number." (Felix Salmon, 13:13)
- Unlike regulated futures, users only lose their posted funds—no margin calls.
- Despite the “wild” volatility and high fees, the rush to trade continues.

Notable Quotes

“For most people, it would be insane to play in this pool because you expect to lose on every single trade, and yet there seems to be no shortage of people doing it.” — Felix Salmon (08:15)
“Everything on the platform trades at a 20 times leverage... The trades roll over every eight hours. Every time that happens, you get charged a fee on the 20 times leverage number.” — Emily Peck (11:17)
“Polymarket walked so that Hyper Liquid could run.” — Felix Salmon (16:20)

Memorable Moment

The hosts collectively marvel at the fact that Hyperliquid is run by a Harvard grad, only 11 employees, and already commands vast sums and a cult-like user base. (17:32)

2. Bill Ackman’s “Financial Engineering” Sparkle (21:35–32:36)

Key Discussion Points

Ackman’s SPARK Plan:
Felix lectures on the nuance between SPACs and the newfangled “SPARK” structure, with the same basic function: enable a public listing for a target company, this time with cash only flowing after a deal is made.
The Bizarre Twist:
Ackman targets Universal Music Group (UMG)—already publicly traded—for his SPARK, essentially offering to buy it with his empty listed shell.
- “Taking a public company public is the dumbest thing in the world because it’s already public.” (Felix Salmon, 28:34)
Motivations & Skepticism:
- Ackman’s rationale: shifting to a US (NYSE) listing, liquidating assets like Spotify, promises to “unlock value.” The hosts scoff, seeing little real advantage.
- “Bill Ackman was like, yeah, I gave [the controlling shareholder] a heads up like 24 hours before I announced this…” (Felix Salmon, 32:01)
- Universal’s shareholders have little reason to bite.

Notable Quotes

“I think that a lot of this just boils down to Bill Ackman's general psychology as an individual. He kind of gets a bee in his bonnet about something and then just doesn't let go.” — Elizabeth Spires (26:54)
“This is just the old corporate activist playbook, which Bill Ackman knows very well.” — Felix Salmon (27:41)
“When people use the term financial engineering… it seems like that’s what this is: a numbers salad, a word salad…” — Emily Peck (29:04)

Memorable Moment

Emily’s exasperated dig: “Don’t do this, Bill Ackman. SPACs are for, isn’t the Donald Trump crypto company started out as a SPAC? That’s what you do… You don’t just do like the most storied music publisher out there.” (29:34)

3. The New York Times and the Quest for Satoshi Nakamoto (34:52–49:37)

Key Discussion Points

The Latest “Satoshi Unmasking”:
The NYT published an extensive feature by John Carreyrou (of Theranos fame) claiming to have identified Satoshi. The hosts disagree over the strength of the reporting and whether "the British cryptographer" Andy Back is Satoshi.
Evidence vs. Narrative:
- Elizabeth finds Carreyrou’s case convincing, and argues that circumstantial cases are often the best we can get. (37:12, 41:42)
- Felix and Emily critique the story as largely recycling old material, built on “p-hacking” and confirmation bias—cherry-picking coincidences (such as similar turns of phrase or behaviors).
- Stylometric analysis (using AI to compare writing styles) was inconclusive, and even Carreyrou concedes this. (37:53)
- “None of this is remotely convincing. This is what Nassim Taleb calls ‘fooled by randomness.’” — Felix Salmon (39:36)
Does Satoshi’s Identity Matter?
- For Elizabeth and Emily: Yes, out of both narrative curiosity (“God-level weird”) and because Satoshi controls a fortune in dormant Bitcoin—potentially market-moving.
- For Felix: “A name is just a name... Can't we get bored of this game?” (49:47, 50:28)

Notable Quotes

“He starts off the story already convinced that this Back guy is his man... and then he just goes off on this hunt looking for anything he can find that might reinforce his priors.” — Felix Salmon (39:36)
“If it turns out this guy is Satoshi, both of you owe me a hundred dollars.” — Elizabeth Spires (45:01)
“It is really creepy that we don’t know who came up with bitcoin. I think it does absolutely matter. Honestly, I do think about it a lot.” — Emily Peck (49:37)

Memorable Moment

The hosts make a $100 bet: If Andy Back is proven to be Satoshi, Elizabeth wins; if not, Felix and Emily split the payout. (45:01)

4. Numbers Round (50:54–58:18)

Featured Numbers

500 million:
- Annual revenue of “Buzzballs,” a fast-growing, spherical prepared-cocktail brand—debated as a clever innovation or a moral panic. (Elizabeth Spires, 50:54)
Two dozen:
- Number of Waffle House workers/regulars interviewed by the NYT to debunk a FEMA official’s (satirical) claim of teleporting into a Waffle House (Emily Peck, 52:32)
5:
- Number of big-bank CEOs summoned for a meeting with the Fed and Treasury about Anthropic’s new cyber-security AI, Mythos—emphasizing rising official concerns over AI-enabled cyber vulnerabilities. (Felix Salmon, 54:35)

Notable Quotes & Memorable Moments

“Everything on the platform trades at a 20 times leverage… The trades roll over every eight hours.” — Emily Peck (11:17)
“Taking a public company public is the dumbest thing in the world because it's already public.” — Felix Salmon (28:34)
“He started with a conclusion in mind, and then he did his best to cherry pick evidence and make things… seem bigger than they were.” — Emily Peck (42:58)
“It is really creepy that we don't know who came up with bitcoin. I think it does absolutely matter. Honestly, I do think about it a lot.” — Emily Peck (49:37)

Structure & Timestamps

Meme Stock & Hyperliquid Trading: 02:48–17:49
Bill Ackman’s SPARK/UMG Bid: 21:35–32:36
Satoshi Nakamoto Investigation: 34:52–49:37
Numbers Round: 50:54–58:18

Tone and Takeaways

The trio maintain their signature skepticism, wit, and blend of finance geekiness and cultural crankiness:

New speculative trading platforms are not just the next FTX, but potentially even wilder—in scale and in disregard for risk.
Financial engineering often means creating value from thin air—and sometimes not even bothering to create the illusion.
The urge to unmask financial legends (Satoshi, Banksy) may not be as satisfying, or meaningful, as journalists or the public believe.
Headlines may change, but human nature—risky bets, financial hubris, and mysteries both silly and world-changing—remains the same.

For business and finance buffs, "Slate Money" continues its mission: puncturing hype, exposing contradictions, and ensuring you’re not the dumbest money at the table.

[End of Summary]