It appears someone missed the memo that Dave Chappelle was only joking when he described the dire need to get Ja Rule’s input on breaking news stories because CNBC enlisted the help of the Fyre Festival co-founder to try and help make sense of the past week’s Wall Street zaniness.
Ja Rule, who just last week weighed in on the Robinhood trading controversy, has now brought his financial takes to the prominent business news outlet CNBC.
Asked about the “Reddit-driven meme stocks” issue, Ja shared his initial love of the Robinhood service and explained what frustrated him amid last week’s headlines mania.
“I actually, I loved Robinhood,” Ja said. “I love what they represent, putting basically the stock market in your pocket. Really cool, you know, let’s let retail traders trade really quick in real time and [it] kind of makes you feel like you’re on the floor with the traders. So, really, a cool app. But I was really upset about what they did the other day because it kind of felt like everything they stood for—even their name, Robinhood—it kind of all just went in the dumps [with] what they did the other day by freezing some of the trading on certain stocks.”
Robinhood’s co-CEO, notably, recently explained to Elon Musk why the platform chose to restrict certain trading at the time.
Elon Musk asks Robinhood's CEO Vlad why did they screw over their clients pic.twitter.com/2o1216qmQ5
— SOUND (@itsavibe) February 1, 2021
“We had no choice in this case,” Vlad Tenev told Musk on Clubhouse, per CNBC. “We had to conform to our regulatory capital requirements.”
Ja, however, argues the optics of that decision were bad.
“I think the real situation that’s going on, I don’t think the CEO had the money to cover the actual money that was going through the platform … I think that’s really what the freezing was about,” he said during his CNBC interview on Monday. “I don’t know but it just looks like it’s playing into the hands of the big Wall Street guys and the big hedge fund guys.”
Peep Ja’s full interview, a range of reactions to which can be sampled below, via the video up top.
Ja Rule is about to be on CNBC.
We’ve reached peak 2021 and it’s only February 1st.
— Brian Russell (@brussell41) February 1, 2021
Ja Rule on cnbc we reached the top!!! Short everything lol pic.twitter.com/Dna6immW15
— Watchotrade (@WatchOtrade) February 1, 2021
They’re about to have Ja Rule on CNBC this morning…… pic.twitter.com/9piK5779A0
— For the common good ??? (@SHK_THT) February 1, 2021
— mrchristockton (@christockton_) February 1, 2021
“Ja Rule speaks on GameStop, stock trading, and Reddit memes in exclusive CNBC interview”
Just adding this to the absurd headlines of 2021 folder.
— Wesley Hilliard (@HilliTech) February 1, 2021
— ?Q-Cap? (@qcapital2020) February 1, 2021
I really, REALLY didn't have Ja Rule trying to explain DTCC capital requires on prime time CNBC on my Feb 2021 Bingo card. https://t.co/M114zSF0pS
— Magnus Macro (@MagnusMacro) February 1, 2021
I see we've reached the "CNBC has Ja Rule on" stage of the market. pic.twitter.com/gQljRIRN2D
— Bill Mann (@TMFOtter) February 1, 2021
LMFAOOO CNBC BRINGING JA RULE ON TO DISCUSS THE GAMESTOP SITUATION
— beans after dark after dark (@goodbeanaltalt) February 1, 2021
Seeing Ja Rule talk about stocks on CNBC made my morning
— Armin Faraji (@ArminsWorld) February 1, 2021
Perhaps Ja can build on this moment to rebuild his image as an astute investor.