Reddit 'was well within the bounds' of its policies -CEO

Reddit CEO Steve Huffman said Thursday that his company was "well within the bounds" of company policy when site traffic surged amid a rally in shares of GameStop.

Video Transcript

STEVE HUFFMAN: The specific community we'd like to talk about today is WallStreetBets. It's important to understand that WallStreetBets is one of many finance and investing related communities on Reddit. This particular community specializes in high risk, high reward investments than what you might find in other, more conservative, financial communities on Reddit, with such names as Personal Finance, Investing, and Financial Independence.

A few weeks ago, we saw the power of community in general, and of this community in particular, when the traders of WallStreetBets banded together at first to seize an investment opportunity not usually accessible to retail investors, but later, more broadly, to defend all retail investors against the criticism of the financial establishment. With the increasing attention, WallStreetBets, unsurprisingly, faced a surge in traffic and new users. At Reddit, our first duty in these situations is to our communities, and our role in this moment was to keep WallStreetBets online.

Working around the clock, we scaled our infrastructure, made technology changes to help this community withstand the onslaught of traffic, and we acted as diplomats to help resolve conflict within WallStreetBets' leadership. We have since analyzed the activity in WallStreetBets to determine whether bots, foreign agents, or other bad actors played a significant role-- they have not. In every metric we checked, the activity in WallStreetBets was well within normal parameters, and its moderation tools were working as expected. We will, of course, cooperate with valid legal requests from federal and state regulators. That said, we do believe that this community was well within the bounds of our own policies.