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Reddit co-founder Alexis Ohanian told CNBC on Thursday that the meme stock frenzy — which traces its roots to the online forum website he helped create — is what happens when momentum investing is amplified by technology.
“Really, the existence of people getting whipped up and excited about a stock has happened, you know, it’s happened around barbershops. It’s happened around bars,” Ohanian said in an interview on “Squawk Box.” “Retail investors have just never been able to jump on an opportunity in real time, and this is what it’s like in the age of ubiquitous social media.”
“Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,”…
Source cnbc.com
