The meme stock craze is back, but hedge-fund titan Boaz Weinstein said he wants nothing to do with it.
The meme stock craze is back , but hedge-fund titan Boaz Weinstein said he wants nothing to do with it. Weinstein, the founder and chief investment officer of Saba Capital Management, said that although traders could make money by riding the mania around certain meme stocks, it isn't truly investing and undermines the challenges endured by more focused investors. "It's bewildering," he told CNBC's "Squawk Box" Tuesday morning.
Trading in both stocks was halted at one point Tuesday due to volatility. The resurgence of meme mania began late Sunday when " Roaring Kitty ," the man who first ignited the meme stock phenomenon through GameStop in 2021, posted on X for the first time since then. Beyond meme stocks, Weinstein said there's sure to be plenty of volatility in the "foggy" market in the months to come, citing inflation, geopolitics and the upcoming U.S. presidential election.
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