{"id":167277,"date":"2021-01-29T16:25:38","date_gmt":"2021-01-29T13:25:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/reddit-co-founder-alexis-ohanian-backs-wallstreetbets-rally\/"},"modified":"2021-01-29T16:25:38","modified_gmt":"2021-01-29T13:25:38","slug":"reddit-co-founder-alexis-ohanian-backs-wallstreetbets-rally","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/reddit-co-founder-alexis-ohanian-backs-wallstreetbets-rally\/","title":{"rendered":"#Reddit co-founder Alexis Ohanian backs WallStreetBets rally"},"content":{"rendered":"

“#Reddit<\/a> co-founder Alexis Ohanian backs WallStreetBets rally<\/strong>”<\/p>\n

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Reddit co-founder Alexis Ohanian endorsed the stock-market revolution unfolding on his website while slamming hedge-fund investors who he said use \u201cbulls\u2014\u201d tactics to make their money.<\/p>\n

In a live-streamed interview<\/a> with Rep. Alexandria Ocasio-Cortez, Ohanian said online traders like those in Reddit\u2019s WallStreetBets forum have exposed the hypocrisy of a financial system that often gives Wall Street bigwigs too long a leash.<\/p>\n

\u201cI think there are far too many Americans now who are just far too fed up with how rigged the game<\/a> has felt, continues to feel, and how John and Jill America end up having to pick up the tab when things go wrong,\u201d Ohanian told Ocasio-Cortez during the Thursday evening broadcast on the Twitch streaming platform.<\/p>\n

Ohanian\u2019s remarks came after the Robinhood trading app<\/a> blocked retail investors from buying shares of GameStop and other stocks touted by Reddit users whose prices have swung wildly in recent days.<\/p>\n

\"Alexandria
Alexandria Ocasio-Cortez, seen here during a Twitch stream, called for a probe of Robinhood\u2019s actions on Thursday.<\/figcaption>
Twitch<\/span><\/figcaption><\/figure>\n

The decision sparked outrage among day traders and lawmakers, including Ocasio-Cortez, who said it was \u201cunacceptable\u201d for Robinhood to block small investors from buying stocks while hedge funds could continue trading freely.<\/p>\n

Ohanian agreed, saying the mass of online traders who have been pumping up GameStop were just engaging in the same kinds of crafty financial maneuvering that hedge funds get away with all the time.<\/p>\n

He specifically criticized the practice of short-selling \u2014 betting that a company\u2019s stock price will fall.<\/p>\n

\u201cConceptually, right, you\u2019re basically betting a company will fail. You will make money when a company\u2019s share price goes down,\u201d Ohanian said. \u201cIt\u2019s a bulls\u2014 way to make money in my opinion.\u201d<\/p>\n

Ohanian noted that a Reddit user known as \u201cRoaring Kitty\u201d reportedly launched the GameStop rally by pointing out that investors had shorted more shares of GameStop than the company had available on the market, which Ohanian called \u201cmathematically impossible.\u201d<\/p>\n

\u201cHedge funds do this all the time,\u201d Ohanian said. \u201cHedge fund versus hedge fund is like headline news<\/a> in business press. It\u2019s Wall Street porn, hedge fund after hedge fund in these exact same situations.<\/p>\n

\"Alexis
Alexis Ohanian, seen with his wife, tennis star Serena Williams, criticized the practice of short-selling during the Twitch stream.<\/figcaption>
Getty Images<\/span><\/figcaption><\/figure>\n

\u201cThe difference is it was one clever person \u2014 Roaring Kitty with a YouTube channel \u2014 who shared his work with the world, publicly, and the people saw it and said, \u2018Yeah, actually, I think you\u2019re onto something, I agree,\u2019 and then voted with their dollars.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Reddit co-founder Alexis Ohanian backs WallStreetBets rally” Reddit co-founder Alexis Ohanian endorsed the stock-market revolution unfolding on his website while slamming hedge-fund investors who he said use \u201cbulls\u2014\u201d tactics to make their money. In a live-streamed interview with Rep. Alexandria Ocasio-Cortez, Ohanian said online traders like those in Reddit\u2019s WallStreetBets forum have exposed the hypocrisy…<\/p>\n","protected":false},"author":1,"featured_media":167278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/01\/reddit-stocks-ohanian.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[91277,5004,72128,5005,72388],"class_list":["post-167277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-29-21","tag-alexis-ohanian","tag-gamestop","tag-reddit","tag-stock-market"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/167277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=167277"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/167277\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/167278"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=167277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=167277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=167277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}