Reddit Inc. CEO Steve Huffman on Sunday reiterated his praise for the r / WallStreetBets forum that Wall Street has abandoned ‘meme shares’ over the past few weeks, although he said he did not give his own financial advice there do not get.
At a congressional hearing last week, Huffman said he was proud of Reddit’s role in the frenzy that plagued GameStop Corp shares. GME,
and AMC Entertainment AMC,
among others strongly shortened shares, which skyrocket. After the earth fell back, the GameStop share rose again last week and rose 150%, again attributed to Reddit chats.
In an interview with Axios on HBO aired Sunday night, Huffman expanded on the role of WallStreetBets: “The community has opened a gap between those who have access to the financial markets and those who are on the outside,” he told Axios. “In WallStreetBets, you see a community breaking into many things – or trying to break through – into the establishment.”
At last week’s hearing, Huffman went so far as to say that Reddit is one of the best places to seek financial advice, “because it has to be accepted by thousands of people before it gets the voice of visibility.”
Asked by Axios if he sought any financial advice from Reddit forums, Huffman said he did not.
“No, in my personal life I am financially very conservative,” he said. “Because Reddit is a growing business, it’s extraordinarily high risk, so it’s enough risk for me personally.”
In the interview, Huffman also addressed the forum moderation system of Reddit and said that the company will continue to allow pornography on its platform as long as it is not exploitative. ‘You can look at [porn] as exploitative. And indeed, a lot of it is, ‘Huffman said. “And that’s not the content we want on Reddit. But there is another aspect that empowers. And these are people who share stories of themselves, photos of themselves. And we fully support it. ”