Barry Sternlicht said the meme and tech stock craze has created a "casino society."- The
Starwood Capital chief compared the current market to the dot-com bubble.
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 $4. 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: $4.
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.