It’s true in a sense that the delightful GameStop brouhaha is about “the ongoing war between elites and populists.” But it’s also partially misleading.
In the free market, the consumers, as Mises pointed out, make rich men poor and poor men rich. A typical story is, as Schumpeter called it, “three generations from overalls to overalls.” This process is entirely socially virtuous and serves the good of the whole people.
Almost the entirety of non-ideological politics consists in the presently rich trying to escape consumer sovereignty and outlaw competition while pretending that doing so is in the public interest. Most regulations, for example, are written by the dominant firms in the industry with the purpose of creating barriers to entry to that industry and of ensuring permanent profits to those firms, secure from attacks by future entrepreneurs.
The elites have no interest in the free market. Free market is good for the consumers and often for those who are presently poor but who are trying to become rich by competing with the presently rich. This has little to do with Trump or political populism. It’s the nature of the market to churn the social hierarchy, and a lot of people would eagerly use the violence of the state in order not to be churned downward.