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January 29, 2021 02:00 pm

GameStop Shows Rising Power of Retail Traders, Says Reddit Co-Founder

Reddit Chief Executive Officer Steve Huffman said on Thursday that the WallStreetBets forum is "by no means perfect but they've been well in the bounds of our content policy." From a report: "With all of our communities that do their best to be good citizens of Reddit, we try to do our best by them as well," Huffman said on the Clubhouse app. He called the forum's outsize influence on GameStop stock a "culture war of Wall Street versus everybody else." He said anyone who thinks the users of the forum are "idiots" should spend more time reading the discussions. "It's this idiot swagger that masks what I think is this charming intelligence," Huffman said. The forum's unprecedented influence on GameStop's stock shows that markets must adapt to a world where retail investors are gaining some of the power big financial firms have long held, according to Alexis Ohanian, co-founder of the online forum. "This is something, I think, for a lot of people, that was a statement as much as an investment," Ohanian, who left Reddit's board last year, said on Bloomberg Television on Thursday. "I'd equate it to, like, folks voting with their dollars in order to get back at or make a statement towards big finance."

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