Reddit Inc. s role in the recent stock-trading frenzy has brought millions of new users to the social media platform, its chief executive says, as well as scrutiny to the power of large communities online.
One of Reddit s defining quirks is that it largely relies on users, instead of algorithms or armies of tech employees, to police speech. Those community moderators didn t intervene when users in a forum called WallStreetBets egged on people to buy shares of heavily shorted stocks such as GameStop Corp. U.S. regulators are now probing whether the ensuing market upheaval resulted in securities-law violations.
In an interview, Reddit CEO Steve Huffman said the WallStreetBets episode has demonstrated the durability of the company s model, as it matures and grows. The 37-year-old Reddit co-founder recently changed his Reddit profile image to WallStreetBets cartoonish mascot of a Wall Street trader with so-called diamond hands, in a show of support for the group.
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