Reports are coming in that Robinhood, the stock broker app, is forcibly selling shares of GameStop on behalf of some of its users. The transactions cannot be canceled and it is being positioned as mitigating “unreasonable risk” on behalf of the company as well as the investor.
Billionaire hedge funds have been taking a huge hit after a Reddit group started buying up GameStop shares in an effort to counter a massive amount of short positions. This prompted a “short squeeze” that sent the stock skyrocketing. As the dominos fell, GameStop reached a high of over $400 dollars per share, more than 10,000% higher than its low point earlier this year.
Now, it appears Robinhood and other brokers are cutting the losses of the billionaires by limiting the gains of small investors.
Robinhood selling peoples' shares without permission. These people are sick! pic.twitter.com/XQ8AKtrbxO
— sleepy (@FilipJackson) January 28, 2021
In case you aren't following the Reddit/WallstreetBets/$GME stock market madness, @RobinhoodApp is now selling off many Redditors' shares *whether they want to sell them or not.* https://t.co/80epBFI2Ov
— Max Burns (@themaxburns) January 28, 2021
This move to protect big investors was predictable and the stock prices are now plummeting. At the time of this article, the stock had lost $180 per share in a matter of hours. The blatantly unfair and potentially illegal move by Robinhood and others prompted a rare moment of agreement between conservative Senator Ted Cruz and progressive Congresswoman Alexandria Ocasio-Cortez.
Fully agree. 👇 https://t.co/rW38zfLYGh
— Ted Cruz (@tedcruz) January 28, 2021
Robinhood now faces multiple class-action lawsuits as it was the preferred method through which Reddit users launched this barrage against Wall Street.
Robinhood is now targeted by multiple class action lawsuits.
The company is being accused of 'stealing from the poor to give more to the rich.'https://t.co/0KYEeAkKgp
— Kyle Becker (@kylenabecker) January 28, 2021
Fortunes made overnight are being lost even faster. Robinhood and others are protecting hedge funds facing an embarrassing defeat at the hands of the “little guys.” Wall Street is rigged as badly as the 2020 election.
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