On Monday, August 5th, 2024 there was a dramatic drop in the stock market worldwide, and the internet responded to the situation in the way it knows best: by turning it into a meme.
A lot happened in the stock markets worldwide on August 5th, 2024, from the Dow Jones Industrial Average dropping 951 points (2.4%) to the Nasdaq Composite dipping 3.1% and the S&P 500 going down by 2.7%, according to the latest news by CNBC.
Farther afield, Stoxx 600 in Europe fell by 2.4%, and “[the] Indian rupee fell to its lowest point on record on Monday, closing at 83.8450, down 0.1% from the last session,” per a New 18 report.
It looks like the main cause of this sudden drop in the stock market is led largely by the July jobs report and people’s fears that another U.S. recession is on the horizon.
Stock market crash memes
So why the stock market crash memes? People did what they do best when faced with a crisis and turned to memes about the situation on social media. On X, formerly known as Twitter, many people have taken popular culture references and applied them to the situation at hand.
“Oh F*ck You’re Gonna Make Me Be Greedy When Others Are Fearful,” wrote @buccocapital.
@TrungTPhan used screencaps from Breaking Bad to explain the situation for those less financial market-inclined.
@Geiger_Capital tweeted, “Warren Buffett watching every asset collapse while holding a quarter Trillion in T-Bills” along with a clip of Pablo Escobar's character from the Netflix show Narcos.
Meanwhile, @soychotic shared a screenshot of her Mcdonald's app, showing that she has nearly maxed out her points, and wrote, “Not sure what u guys are talking abt ? ? my stocks are doing just fine ????”
Memes within memes are always popular, and @Rothmus took the “are ya winning, son?” meme and turned it on its head, with the son entering the room and asking, “are ya winning, dad?” as his dad looks at a computer screen filled with red.
Another person, @nayshins, shared another version of the “are ya winning, son?” meme of a man committing seppuku, a “ritualistic suicide by disembowelment that can only be conducted by a samurai,” according to a post by academic Adam Acar on the Maikoya website.
Harking back to the recent Gen Z Boss and a Mini viral TikTok, X user @soncharm tweeted, “Not saying, just saying” and took a screenshot of the S&P 500 crash, marking on the chart when the Gen Z Boss video went viral at the S&P’s peak.
“Let me put this in a way Kamala will understand: the stock market just fell out of a coconut tree,” wrote @joma_gc.
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