BUSINESS

New York shares of Wendy's soar in meme rally

PUBLISHED Jun 24, 2026, 11:40 AM ET

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NEW YORK — Shares of The Wendy’s Company (NASDAQ: WEN) jumped more than 40 percent on Wednesday, June 24, 2026, after a meme-fueled buying spree by retail traders on Reddit’s WallStreetBets forum and on X triggered a sharp short squeeze. The stock reached an intraday high of $8.78 shortly after the U.S. market opened, reversing a multi-year downtrend that had seen it fall to a recent low of $6.07 just days earlier. Explosive trading volume and rapid price gains forced short sellers to scramble to cover their positions, amplifying the upward move in a textbook short squeeze that caught many Wall Street analysts off guard. The rally followed a viral post by an online influencer known as Serenity, who shared a humorous message that referenced a long-running, self-deprecating joke within the WallStreetBets community about retail traders ending up working behind a Wendy’s trash bin after losing money on risky options trades. The post warned that if Wendy’s went bankrupt, the community would lose its supposed fallback, and the joke quickly spread across social media. Thousands of retail investors then piled into Wendy’s shares and call options under the banner of “saving Wendy’s,” while online discussions highlighted the company’s high short interest, relatively low valuation and dividend yield as additional reasons to buy.

By Michael Grant | JQJO News

Timeline of Events

Recent years Wendy's enters multi-year downtrend
Earlier this month Stock hits $6.07 multi-year low
Recently Short interest builds against Wendy's shares
Earlier this week Retail forums discuss valuation metrics
Wednesday morning Viral Serenity post circulates widely
Wednesday shortly after open Stock surges over forty percent
Wednesday midday Short sellers scramble to cover
Later Wednesday Online discussions focus on short squeeze

News Intelligence

This Wendy's stock surge shows how social media can influence markets. It's a reminder to stay informed about your investments. Check if your portfolio includes companies that could be affected by such trends.