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.
"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," added Ohanian, who in 2005 co-founded Reddit alongside current CEO Steve Huffman.
They're not even going to conceive of the idea of calling a stock broker or, for a lot of folks, hiring a professional."
Reddit, Alexis Ohanian, Ohanian, Steve Huffman, Doug Cifu, They're
CNBC, GameStop, AMC Entertainment, Clover Health, Clean Energy Fuels, Virtu