Andrew Ross Sorkin on meme stocks, bitcoin, SPACs, antitrust, and Elon Musk

hysteria. And don't forget Bed Bath & Beyond or some of the others that are completely and utterly divorced from reality, Alex.

I don't buy it. I just don't buy it. First of all I would love the "little guy," I even hate that phrase, to be wildly successful and to beat the man. I would love that. I'm not even sure that's what's even happening here. But there is, I think a distinction between what's happening in this meme stock era and the frankly blatant manipulation that happens — to the extent that we're going to call it manipulation — in the market via institutional investors.

The other counterpoint would be that GameStop has actually stayed pretty high. I've been surprised at how high it stayed. Who knows if AMC is going to drop given the current levels? So maybe the joke really is on the short sellers... Adam Aron's not claiming he's going to do anything different. In fact, the only thing that Adam Aron is doing, is to some degree and I also admire this, though I think it creates all sorts of questions….Keep on going. And by the way, at the same time, I don't want say he's taking advantage of them, but if they're taking advantage, he's taking advantage by selling shares to them at prices that I think he knows full well are vastly overvalued.

Yes, but big stocks can also be a story company. I started to think about this and I don't think it happens unless you start to have some of the stock market unhinged from the fundamentals to begin with. And that's when I start to think aboutBut that's the argument. I think a lot of people would say, look, look at Tesla, that was a story stock and people believed and look at where it is now.

And then how would that change the dynamic? Would it force Reddit and other social media sites to put in different procedures and things? Maybe in the same way that you're seeing Facebook and others try to deal with misinformation or disinformation in the world of politics. That's when it could get interesting on one side of things.

There are two issues. One is Gary Gensler is a different person than Jay Clayton, who's the former chair of the SEC. Gary's just got into this role. I think he's going to want to put his stamp on this agency and make a mark. I do. And so I think it's almost impossible to believe that he would have done something already in any real way. I'd also remind your listeners, and it's such a fabulous story, if you can go back and Google it and find it.

It's a great question. I do not own bitcoin. And I will also say as a journalist, I was always skeptical of whether I should or could. I don't own stocks as you probably know, because that's a policy that we've long had and because of the information that oftentimes I'm privy to sometimes in the reporting process. I own mutual funds and things like that, but nothing beyond that.

Talking about the inflation, I don't agree with Francis Suarez that bitcoin a good hedge on inflation. But, from my perspective, it's increased so much because money has become somewhat meaningless to lots of folks recently... You can have as many bad actors as you want on the stage doing as many bad things on the stage, as you could imagine. If you think that the SPAC people are being irresponsible and you think that the SEC is not minding the store, you can name whatever you think is bad. It doesn't really matter unless there's too much leverage in the system. And so the question is where that leverage is today. It's not at the banks.

RemindMe_OfThis in 12 months

Daddy really wanted me to accuse retail traders of market manipulation for Father's Day. Hope this one makes him happy!! $AMC $GME ToTheMoon

Birthday celebration for our state counselor Daw AungSanSuuKyi held by the residents of Palaing village, Shwebo, Sagaing on June 19. June20Coup WhatsHappeningInMyanmar

Andrew, for your next topic… please explain why CNBC pumps Jim Cramer and his clown routine all day long and why Cramer does not get held accountable for his hypocrisy in pumping stocks depending upon the day and $$$ direction. Thanks

slow news day

What value does interviewing a journalist on CNBC provide? This guy has been more wrong than he has ever been right.

good luck

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