California recall candidate banned from viral memestock forum behind GameStop surge

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A California The recall candidate said the stock meme subreddit r / wallstreetbets banned it without warning this week after a profile on his candidacy compared his popular YouTube channel to the viral retail investing forum.

“They try to draw that 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, told FOX Business on Wednesday.

Verge’s article, entitled “How a Gamestonk YouTuber is shaking up the California recall“, pointed out how some of the topics Paffrath covers on his Meet Kevin YouTube channel overlap with the same popular themes on r / wallstreetbets and his gubernatorial campaign.

Teleprinter Security Last Switch Switch %
GME GAMESTOP CORP. 190.41 -8.77 -4.40%
AMC AMC ENTERTAINMENT HOLDINGS INC 50.16 +1.64 + 3.38%
CLOV CLOVER HEALTH INVESTMENTS 8.59 -0.72 -7.73%
MMAT META MATERIALS 5.23 -0.11 -2.06%

The moderators of r / wallstreetbets were aiming to distance themselves from association with politics, Paffrath said, and cited the article as the reason for its ban – although he said he had never posted on the forum.

CALIFORNIA DEMOCRATIC CHALLENGER SAYS IT WAS BANNED FROM PARTICIPATING IN ENWSOM “STOP THE REPUBLICAN RECALL” RALLY

The 29-year-old YouTube millionaire, also known as Meet Kevin on social media, describes himself as a JKF-style Democrat who aims to replace California Gov. Gavin Newsom in next week’s recall election. Starting out as a real estate agent, he used social media to share educational videos on stocks and finance – and participated in some of the hype inspired by r / wallstreetbets on AMC, the movie company, in which he said he owned 2,100 shares. . (He also bought a single share of GameStop during a short viral squeeze earlier this year.)

Paffrath said he has never used the r / wallstreetbets forum – he shares his content on YouTube and earns a substantial income from advertising. So the ban took him by surprise – but he also extended an olive branch and said he would be open to a relationship with moderators in the future.

GAMESTOP SHARES ARE DRIVING ON A SLOWER THAN EXPECTED RETURN

“Wallstreetbets and I should take a challenge and see who could come up with the best YOLO,” he joked. “Go all out on a short-term call option and then you win it all or you lose it all. It’s like roulette, isn’t it? “

As for retail investors – ordinary citizens defended by the ethics of r / wallstreetbets in its feud with financial industry insiders – he said the best way to stick with hedge funds is to earn money. ‘money for yourself.

In a photo provided by Kevin Paffrath, Kevin Paffrath smiles for a selfie outside the California State Capitol in Sacramento on Friday, July 16, 2021. The 29-year-old YouTuber is one of the Democrats running in the recall against California Gov .

“The best thing retail investors can do to burn Wall Street hedge funds, in my opinion, is make money – don’t worry about trying to burn hedge funds to the ground by coordinating those short compressions then “HODL” -ing, or hanging on for life, to dynamic action that is now outdated, ”he said. “And it’s not a reference to GME and AMC – it would be like, ‘Oh, I’m holding onto Meta Materials, or I’m holding onto Clover. [Health], because one day they will squeeze again. ‘”

GAMESTOP, AMC AND A NEW ETF SAME?

A better bet, he said, is to buy stocks of quality companies and hold them for the long term.

Politics, on the other hand, is a dirty business, he said – noting how the top Republican candidate, Larry Elder, was harassed by a pro-Newsom mob on Wednesday. Paffrath also claimed his vehicle was vandalized as a result of his own candidacy.

“I thought it was shameful,” he said. “Is this how people treat people who are trying to serve their community?” “

California’s recall election is Tuesday.

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Voters will be asked two questions about the ballot – whether Newsom should be recalled and who should replace him.

Newsom urged his supporters to vote “no” for the first and leave the second blank. The question of recalling Newsom requires a simple majority. If more voters choose yes, whoever gets the most support on the second question will end their term.


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