A California The recall candidate says the meme stock subreddit r / wallstreetbets banned him without warning this week after a profile of his candidacy compared his popular YouTube channel to the viral retail investment forum.
“They’re trying to make this parallel like, ‘Oh, Kevin is young, he talks about stocks; people on Reddit, Wall Street Bets, they’re young, they talk about stocks.'” Kevin Paffrath, the candidate, said FOX Business on Wednesday.
The Verge article entitled “How a Gamestonk YouTuber stirs up the recall in California”Emphasized how some of the topics Paffrath covers on his YouTube channel Meet Kevin overlap with the same topics popular with r / wallstreetbets and his gubernatorial campaign.
|GME||GAMESTOP CORP.||206.37||+1.85||+ 0.90%|
|AMC||AMC ENTERTAINMENT HOLDINGS INC||46.04||-0.80||-1.71%|
|CLOV||CLOVER HEALTH INVESTMENT||8.14||-0.03||-0.37%|
|MMAT||META MATERIALS||5.11||+0.16||+ 3.23%|
The moderators of r / wallstreetbets wanted to distance themselves from the association with politics, said Paffrath, citing the article as the reason for his ban – although he said he never posted on the forum.
The 29-year-old YouTube millionaire, also known as Meet Kevin on social media, is a self-proclaimed JKF-style Democrat who plans to replace California Governor Gavin Newsom when he is removed from office next week. Starting out as a real estate agent, he used social media to share instructional videos on stocks and finance – and participated in an r / wallstreetbets-inspired hype surrounding AMC, the cinema company, in which he claims he owns 2,100 shares. (He also bought a single share of GameStop during a viral short squeeze earlier this year.)
Paffrath said he has never used the r / wallstreetbets forum – he shares his content on YouTube and makes a significant income from advertising. So the ban surprised him – but he also extended an olive branch and said he was open to a relationship with the moderators in the future.
GAMESTOP SHARES ARE ON A SLOWER THAN EXPECTED TURNAROUND
“Wallstreetbets and I should take on a challenge and see who makes the better YOLO,” he joked. “Just go all in with a short term call option and then you either win or lose all.
As for retail investors – ordinary citizens who stand up for the r / wallstreetbets ethos in their feud with financial industry insiders – he said the best way to get hold of the hedge funds is to make money for yourself .
“The best individual investors can do to burn Wall Street hedge funds, in my opinion, is to make money – don’t worry, the hedge funds by coordinating those short squeezes and then the ‘HODL’ ingen up Burn to the ground, or to hang on to a momentum stock that’s now a thing of the past, “he said.” And that’s not a reference to GME and AMC – that would be like, ‘Oh, I’m sticking to meta-materials or I’ll hold on to Clover [Health]because one day they’ll squeeze again. ‘”
GAMESTOP, AMC AND A NEW MEME ETF?
A better bet is to buy stocks in quality companies and hold them for the long term.
Politics, on the other hand, is dirty business, he said, noting how the leading Republican candidate, Larry Elder, was molested by a pro-Newsom mob on Wednesday. Paffrath also claimed that his vehicle was destroyed due to his own candidacy.
“I thought that was a shame,” he said. “How do people treat people trying to serve their communities?”
The California recall election is on Tuesday.
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Voters are asked two questions on the ballot – whether Newsom should be recalled and who should replace him.
Newsom has asked backers to vote “no” on the first and leave the second blank. Newsom’s recall question requires a simple majority. If more voters vote yes, whoever gets the most support on the second question will end their term.