Chamath Palihapitiya on GameStop: "A Pushback Against The Establishment In A Really Important Way"
Friday, January 29, 2021
CEO of Social Capital Chamath Palihapitiya on the meteoric rise of GameStop's stock and Reddit's influence to fight against shorts: "I'm taking all the profits that I made, plus my original positions, I'm going to take $500,000 and I'm going to donate it to the Barstool fund for small business... What I learned over the past couple of days is important for everybody that's watching CNBC. I think that what you're seeing is essentially a pushback against the establishment in a really important want. You have a lot of people, and I would encourage anybody who is dismissive of this thing to go onto /r/WallStreetBets and actually just read the forums. And I think that you're going to see three kinds of posts. The first kind of content are a lot of people doing incredible fundamental diligence on companies trying to think about long-term value and in my opinion, many of them are doing as good, and frankly, a better job than a lot of hedge fund analysts that I work with. The second are a lot of people who believe that coming out of 2008 what happened was Wall Street took an enormous amount of risk and they left retailers as the bag holders. And a lot of these kids were in grade school and high school when that happened. They lost their homes. Their parents lost their jobs. And they've always wondered why did those folks get bailed out for taking enormous amounts of risk and no one showed up to help my family? And the third thing is a realization that instead of having idea dinners or quiet whispered conversations amongst hedge funds in the Hamptons, these kids have the courage to do it transparently in a forum."
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