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Friday, June 18, 2021

Ken Griffin blasts ‘insane conspiracy theory’ that he helped tank ‘Reddit Rally’

Ken Griffin dismissed accusations that his huge hedge fund Citadel Investments had a hand in spoiling the “Reddit Rally,” calling it an “insane conspiracy theory.”

Fresh off his Thursday testimony on Capitol Hill on final month’s shock surge in shares of GameStop and AMC Entertainment, the Wall Street billionaire pushed again Friday on the concept that he was enjoying each side of the chaotic quick squeeze.

Some Reddit-fueled retail traders have accused his hedge fund of shifting to speculate $2 billion in Melvin Capital — a high-profile hedge fund whose bets towards GameStop shares they’d attacked — whilst his securities agency was tasked with executing a lot of their GameStop trades on Robinhood that have been squeezing the crippled hedge fund.

In explicit, rumors have swirled that Griffin’s fund was concerned in Robinhood’s determination to restrict customers’ capability to purchase GameStop shares, and that he was conspiring to dam retail traders in an effort to defend Melvin and its founder, Citadel alum Gabe Plotkin.

“If I had to run my business to the possibility of an insane conspiracy theory emerging at any point in time,” Griffin told CNBC, “I would have no business.”

When requested straight if his funding in Melvin on the top of the quick squeeze might need been a mistake, Griffin curtly retorted “No, I think Gabe Plotkin is one of the finest investors of his generation.”

As to the highly effective financiers ideas on the red-hot market for Bitcoin, Griffin stated he doesn’t have any.

“I just don’t spend much time thinking about cryptocurrencies,” Griffin stated. “I don’t see the economic underpinning of cryptocurrencies. I understand how to value a stock … I don’t know how to think about what is effectively a digital token.”

Bitcoin hit one more all-time excessive earlier Friday, elevating its complete market worth above the $1 trillion mark after Tesla chief Elon Musk known as the cryptocurrency “less dumb” than money.

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