The r/wallstreetbets crowd has a new target: CNBC
As [hotlink]GameStop[/hotlink] shares once again spike higher, the Reddit community that has been cheering their ascendency is getting more protective of the company.
An increasing number of posts on the r/wallstreetbets forum, admittedly scattered amid the rocket ship and diamond emojis and calls to hold, have been showing an increased level of frustration toward CNBC, with host and former hedge fund manager Jim Cramer getting special attention.
“Jim Cramer is a man who doesn’t want you to do better than he does because his job right now is to tell people what value and growth stocks to invest in,” wrote one especially exasperated Redditor in a nearly 3,000-word missive. “They hate…us, because they don’t understand us. And that mortifies them. Because they have no way to understand us.”
Others post clips of network guests, such as Charlie Munger, vice chairman of [hotlink]Berkshire Hathaway[/hotlink], who are skeptical of the stock, peppering the posts with mocking statements.
The frustration seems to come from the perception of Reddit users that they are being mocked for buying the stock.
“Do these cnbc morons actually think we're stupid?” said one user. “Buy high…Sell low. It's not rocket science.”
Today’s GME megathread, which had over 45,000 comments by 11:08 a.m. ET, has been filled with frustration at CNBC—especially after Cramer went after GameStop management and the SEC on Squawk on the Street this morning for not issuing a statement addressing the stock surge.
“Let’s say it’s Costco and Costco stock is up 40%,” he said. “Do you think Costco would just say nothing? No, they would put out a statement. The fantastic CFO would put out a statement and say, ‘You know what, there’s…really nothing going on at the company that we can attribute the stock moving to.’ That’s what a real company does. …A real company has real people who do real things. Not this company.”
CNBC did not immediately reply to a request for comment about the apparent antagonism from Reddit.
This story was originally featured on Fortune.com
