GameStop stock frenzy media coverage vilified hedge funds: Accuracy in Media president
Media ‘hyped up’ the short squeeze, Adam Guillette says
{{#rendered}} {{/rendered}}Accuracy in Media President Adam Guillette told FOX Business' "Varney and Co." Tuesday that media coverage of the GameStop stock saga was focused on attacking hedge funds.
"The media loves to vilify hedge fund managers as if they're the source of all the evil in this world," Guillette said.
However, the middle class and working class are also impacted by these market movements "because pensions invest in hedge funds," he added.
{{#rendered}} {{/rendered}}INVESTOR PUTS GAMESTOP GAINS TO GOOD USE AT TEXAS CHILDREN'S HOSPITAL
"All these Redditors love to laugh when they see a billionaire lose some of his money," Guillette told host Stuart Varney. "But what about your grandma, the retired teacher who's got a pension. Is it so funny when she loses money?"
Share prices of GameStop spiked last week after the online Reddit forum WallStreetBets spurred smaller and first-time investors to pile into certain stocks. This, ultimately hurting market short-sellers, gave way for more recent investors to make a hefty profit.
{{#rendered}} {{/rendered}}He said the media loves to "hype up" events like this and get a reaction from political leaders.
"[Politicians] love when the media hype something like this up so that they can step in there and claim more political control over our lives," Guillette said. "We don't benefit from that."
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{{#rendered}} {{/rendered}}He went on to discuss censorship on social media and President Biden calling for the removal of hate speech from the internet.
"As we know, the left loves to define any speech they disagree with as hate speech," Guillette said. "They want a monoculture where we've all got the same ideas, the same thoughts, and there's no marketplace of ideas. There's no open discourse."
He called this "totalitarian."
{{#rendered}} {{/rendered}}"The best solution is to have more good ideas in the marketplace, not to censor," he added.
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Guillette said one way to push against the move toward censorship in Big Tech was to divest from the industry.
{{#rendered}} {{/rendered}}"One of the steps we're taking with our organization is supporting the divest movement so that our tax dollars, our state and local governments aren't spending our own money on Twitter, on Facebook, on Google," he said.
FOX Business’ Daniella Genovese contributed to this article.