The meme-stock frenzy has turned markets into a 'casino society,' says billionaire businessman Barry Sternlicht
Barry Sternlichtsaid the meme and tech stock craze has created a "casino society."
Starwood Capitalchief compared the current market to the dot-com bubble.
View all Offers
OnePlus Nord 2 5G (Blue Haze, 8GB RAM, 128GB Storage)₹ 29999₹ 29999Buy On
Redmi Note 10 (Aqua Green, 4GB RAM, 64GB Storage)₹ 13999₹ 15999Buy On
- 29% OFF
Samsung Galaxy M32 5G (Sky Blue, 6GB RAM, 128GB Storage)₹ 16999₹ 23990Buy On
- 48% OFF
Samsung Galaxy Note 20 (Mystic Bronze, 8GB RAM, 256GB Storage) with No Cost EMI/Additional Exchange Offers₹ 44999₹ 86000Buy On
- 24% OFF
Samsung Galaxy M32 (Light Blue, 4GB RAM, 64GB Storage) 6 Months Free Screen Replacement for Prime₹ 12999₹ 16999Buy On
Starwood Capital Group CEO Barry Sternlicht said a new, highly speculative stock market has emerged amid the meme-stock frenzy.
"You really have two stock
"And then you have a complete casino society," he said, referring to this year's meme-stock frenzy. It's a "complete, total speculative bubble," he said.
The billionaire businessman, whose firm has about $100 billion in assets under management, compared the boom to the dot-com bubble, saying, "There's a lot of warnings signs that we are in 2000 and 2001 before the Nasdaq dropped 82%."
The dot-com bubble and the meme-stock craze both had at least one thing in common: high levels of retail participation.
Sternlicht said meme stocks aren't the only thing driving the market frenzy, considering some of the multiples on tech companies "are impossible to imagine." The Nasdaq has risen about 13% so far this year, touching an all-time high in September.
- WhatsApp won’t work on these phones from November 1: Check the full list
- Shiba Inu hits another all-time-high — now more valuable than Adani Enterprises, Tata Steel and Tech Mahindra
- Shiba Inu is not only bigger than Dogecoin — it’s now bigger than XRP, Polkadot and USD Coin as the seventh-biggest player in the market
- IRCTC will lose a chunk of its revenue to the Indian government starting next month
- EaseMyTrip makes its first acquisition in 13 years to strengthen its hotel offerings
- Portugal''s political fate uncertain after govt budget defeat
- Battlegrounds Mobile India gets Dune-themed rewards in new crossover
- YouTube is the most-used social media platform by influencers in India: AnyTag report