California is recalling a candidate banned from the memestock viral forum behind the GameStop surge
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 callback 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.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||50.16||+1.64||+ 3.38%|
|CLOV||CLOVER HEALTH INVESTMENT||8.59||-0.72||-7.73%|
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, which he said owns 2,100 stocks. (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 LONGER THAN EXPECTED TURNAROUND
“Wallstreetbets and I should take on a challenge and see who could find 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 about trying to get the hedge funds by coordinating those short squeezes and then the ‘HODL ‘Burning Ing to the ground or sticking 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 harassed by a pro-Newsom mob on Wednesday. Paffrath also claimed that his vehicle was destroyed because of 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 his term in office.