David McDonough, founder and CEO of Commonstock
A new social network is betting that enthusiastic retail traders are here to stay and that they want more transparency than what’s offered on Reddit.
Commonstock is a social media platform for talking about trades and financial markets. It features a Twitter-like news feed, with users ranking and commenting on investment strategies. But unlike Reddit’s popular WallStreetBets forum, it’s not anonymous. Traders to link to brokerage accounts in order to verify the investments they post about are real.
“The ability for anybody to prove they own Tesla or Peloton by percentage, and show their skin in the game, weeds out a lot of the grifters who might say they had a 1,000% return,” Commonstock’s CEO and founder David McDonough told CNBC in an interview. “There’s no lying about it — you can see somebody’s performance in real time.”
The San Francisco-based start-up announced a $25…