Posted on 01/28/2021 7:05:56 AM PST by Red Badger
The GameStop stock battle between retail investors and hedge fund managers has resulted in Robinhood unlisting the stock and several others ... and people are pissed.
As of Thursday morning ... Robinhood customers can no longer buy Gamestop stock on the free-trading app, thereby blocking members of the WallStreetBets forum on Reddit. Of course, that group of investors sparked the resurgence of GameStop's stock.
It also aimed to do the same for AMC, Nokia, BlackBerry, Naked Brands and a few other stocks ... but Robinhood's unlisted those too!
In making the move, Robinhood emailed customers warning of "the current volatile market conditions." The notice stated, "It’s as important as ever to be an informed investor," and included links to its investment resources.
Of course, this has infuriated customers who believe this is market manipulation favoring the hedge funds that have shorted stocks like GameStop... and hurting retail investors who are backing them.
As one person on Twitter put it ... "The free market is only free until rich people lose money."
As we reported, GameStop's stock price has surged to $350 this week -- after starting the year at $19 -- thanks to the backing of retail investors encouraged by the WallStreetBets group.
By Robinhood blocking trading on Thursday, the general feeling among the public is that the financial services company is siding with the hedge fund people on Wall Street ... and screwing over the little guy.
This could get ugly.
Its like elections. You can participate, but if its the result they want.
Somewhere in there must be the broker’s concern on whether or not they can deliver the shares.
Gotta “protect” the kids from themselves.
The kids have to learn some time.
What these amature speculators don’t know is that the pro’s are still makeing money on the bets they are making trying to crush the shorts. They will eventually be stuck with worthless stock and the the pro’s will walk away with their money. Walk away before you loose your butt, you are not gong to hurt anyone but yourself.
Hedge Funds managers and Day Traders do everyday what Reddit buyers are doing now. What is the difference?
This is total market manipulation by the powers to be.
When they are losing they cheat.
It’s the ‘Mortgage Banking Crisis’ on steroids....................
I saw a youtube video about ten years ago where this guy bought every single stock in a company - and yet it was still being traded on the nasdaq. His question: I have every single stock and am not trading. What are people buying and selling out there?
I pointed him to page 3 of the Robinhood app terms of service:
"Robinhood may terminate these Terms and Conditions, or suspend your access to the Service or the Content, with or without cause at any time and effective immediately. These Terms and Conditions will terminate immediately without notice from Robinhood if you, in Robinhood’s sole discretion, fail to comply with any provision of these Terms and Conditions. Robinhood shall not be liable to you or any third party for the termination or suspension of the Service or the Content, or any claims related to such termination or suspension."
He then pointed to the SEC holding them responsible.
I then reminded him of all of the prosecutions the SEC concocted, I mean conducted from the crash of 2008.
Idiot millennials using Robinhood to buy gamestop are about to lose their profits if they don't get out now. If Wall street thought this was a good short at $20, you can bet they will short at these levels. And they can pay the margin interest and wait it out.
The Reddit buyers made the mistake of just buying stock instead of buying renting* some Congressmen too.
*Politicians can only be rented. Just like $50 whores, they'll kick you out if you stop paying or someone calls with $100.
Just tilting the betting table to ensure big hedgies win and regular americans lose.
Revolting!
Futures maybe?
Betting on the price of the stock that they didn’t hold?
Unfairness Walkaway!?
This move could result in retail disinvestment entirely.
Want to see the entire house of cards (equity markets) collapse in 48 hours?
Keep it up, hedgies ....
Robinhood is finished. They promised access and commission free trading, but as soon as a problem arises, they allow the deep state to screw over their members.
The Robinhood trading people won’t forget that. I don’t know how quickly people will leave, but they will definitely leave.
Too late for the Melvin Capital Hedge Fund (-$3 billion). This is less about making money, and more about “rubbing their noses in it” (with that $1800. in “stimmy $$”). Next target JPM & silver...”AG” up big this AM.
Biggest game of “Chicken” ever played, financially.
Rigged elections, rigged media, rigged markets.
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