Reddit Inc. CEO Steve Huffman on Sunday reiterated his praise for the r / WallStreetBets forum that posted Wall Street “memes” in recent weeks, though he said he doesn’t get his own. financial advice.
At a hearing in Congress last week, Huffman said he was proud of Reddit’s role in the frenzy that sent GameStop Corp. shares. GME,
and AMC Entertainment AMC,
among other very short actions, which are fired. After falling to the ground again, GameStop shares rose again last week and rose 150%, again attributed to the Reddit chatter.
In an interview with “Axios on HBO” that aired Sunday night, Huffman expanded on WallStreetBets’ role: “That community exposed a gap between those who have access to financial markets and those who are abroad.” , he told Axios. “At WallStreetBets you see a community, among many other things, that is breaking into or trying to break into this establishment.”
At last week’s hearing, Huffman went so far as to say that Reddit is one of the best places to get financial advice, “because it has to be accepted by many thousands of people before it can get that visibility vote.”
But when Axios asked him if he took any financial advice from Reddit forums, Huffman said he didn’t.
“No, in my personal life I am very conservative financially,” he said. “Because Reddit is a growing business, it has an extremely high risk and is therefore a sufficient risk for me personally.”
In the interview, Huffman also promoted the moderation system of the Reddit forum and said the company will continue to allow pornography on its platform, as long as it is not exploitative. “It simply came to our notice then [porn] so exploitative. And, in fact, a lot of it is like that, ”Huffman said. “And this is not the content we want on Reddit. But there is another aspect that enhances. And these are people who share stories of themselves, photos of themselves. And we are perfectly in favor of it ”.