Notorious Short Seller Kenneth Griffin, States Reddit’s WallStreetBets Crowd Going Long On Meme Stocks “Wipe Out The Pension Plans Of Teachers”
In an interview at the Bloomberg Intelligence Market Structure conference in New York, short seller Kenneth Griffin accused the Reddit WallStreetBets crowd of bankrupting Gabe Plotkin’s Melvin Capital, which in turn would lead to wipe out pension plans of teachers. The conference was named “Bloomberg Intelligence Market Structure” and that particular statement by Citadel’s Kenneth Griffin was very naïve and unintelligent.
Kenneth Griffin is the founder of a hedge fund called Citadel LLC and also performs Market Making duties via Citadel Securities. Citadel Securities is the designated market maker on the New York Stock Exchange.
In an interview with Bloomberg, the SEC chair Gary Gensler stated that “90-95% of retail orders don’t go through the lit exchange” and Citadel Securities controls most of the retail order flow.
No wonder that the markets are in turmoil, when we have Short Sellers like Kenneth Griffin controlling the markets, who illogically blame the Reddit crowd , who are in fact helping the economy by going long on stocks which they believe in.