Electric Car Exec Joined Reddit to Educate Investors Amid Memes
(Bloomberg) -- When electric vehicle company Arrival Ltd. became a meme stock earlier this year, the firm's President Avinash Rugoobur took to Reddit to chat with his new shareholders.
“We're on there and we try to engage the community. I think this is just the norm now,” Rugoobur said in an interview with Bloomberg at the Slush conference in Helsinki on Wednesday.
The company gained attention on Reddit's stock market forums after it debuted on the Nasdaq in March via a merger with a blank-check company. Arrival is developing buses and vans, manufacturing them in so-called microfactories.
Read more: BlackRock-Backed EV Startup to Make Nasdaq Debut in Crowded Race
Such investors on newer technology platforms are “just as engaged and involved in your company as the large traditional investors” but “it's not just about following a trend because then there's real people that can lose real money,” he said. “That educational piece needs to happen and that's why we're on there.”
©2021 Bloomberg L.P.
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