In The Know

Jon Stewart joins Twitter, defends Reddit GameStop traders

Aaron Schwartz

Comedian Jon Stewart has joined Twitter and on Thursday sent his first tweet, defending those on Reddit who have faced pushback after trading and sending shares of GameStop skyrocketing this week.

“This is bullshit. The Redditors aren’t cheating, they’re joining a party Wall Street insiders have been enjoying for years. Don’t shut them down…maybe sue them for copyright infringement instead!!” Stewart said in his first tweet. “We’ve learned nothing from 2008. Love StewBeef.”

Shares of GameStop, AMC, BlackBerry and Nokia skyrocketed this week after a Reddit forum encouraged traders to trade stocks against hedge funds who betted that the values of those stocks would go down.

Online trading platforms, including Robinhood, triggered bipartisan backlash on Thursday after they made the decision to either block or limit trades of the companies targeted by the forums. Sen. Sherrod Brown (D-Ohio), the incoming chairman of the Senate Banking Committee, plans to hold a hearing amid the controversy.

In a follow-up tweet, Stewart thanked his followers for a warm welcome, and promised to use the app “in a sporadic and ineffective manner.”

Fellow comedian and “The Late Show” host Stephen Colbert welcomed Stewart to the platform.

“Well, one thing changed since 2008- a friend of mine joined Twitter,” Colbert said.

Stewart garnered more than 120,000 followers within five hours of his first tweet, according to The Verge. The comedian is making a return to television with a new show on Apple TV, though it’s still unclear when the show will air.

Tags AMC AMC BlackBerry GameStop gamestop Hedge funds Jon Stewart Nokia Reddit robinhood Robinhood Sherrod Brown Stephen Colbert stocks Twitter Wall Street
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