Social Capital CEO Chamath Palihapitiya praises Redditors for buying Gamestop | Boing Boing

— Alex Kantrowitz (@Kantrowitz) January 27, 2021

— Bull Investment (@BullInvestPR) January 27, 2021

Chamath Palihapitiya, CEO of Social Capital, was on Scott Wapner’s Fast Money: Halftime Report on CNBC to defend Robinhood and Redditor’s buying up of Gamestop stock and spoiling the plans of market-manipulating hedge fund short sellers. Wapner thinks it’s an outrage but Palihapitiya points out that “so-called momentum trading” is regularly practiced by quant traders and no one blinks an eye. It’s only when non-one-percenters do it (and when it hurts the one-percenters) that it suddenly becomes a catastrophe that must be stopped.

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