Robinhood Gets Extreme Backlash for Removing AMC and GameStop Stock
Discount brokerage firm Robinhood is getting some extreme backlash for removing GameStop and AMC [...]
So are @robinhoodapp and @IBKR ending trading in #wallstreetbets stocks because they are losing their ass on these trades ? Or maybe they dont have the cash to enable the trades at this scale ? Anyone have any insight on their economics ?
— Mark Cuban (@mcuban) January 28, 2021
"These MFers are protecting the hedge funds, IMO. They've been getting rich for DECADES off the little guy who loses his house in the market, but when it happens to them they have the power to stop us from trading. It's the biggest SHAM in our country," one Twitter user wrote.
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This is unacceptable.
We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit.
As a member of the Financial Services Cmte, I’d support a hearing if necessary. https://t.co/4Qyrolgzyt
— Alexandria Ocasio-Cortez (@AOC) January 28, 2021
"The app is also canceling prior purchases and acting as if the consumer made the decision but money is not being returned to bank accounts!" another said.
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Congress needs to investigate HOW the decision was made at @RobinhoodApp, @TDAmeritrade, and @CharlesSchwab to limit retail trading of GameStop and other stocks.
Were there conversations with hedge funds or other large investors?
WHO ORDERED THE CODE RED?
— Judd Legum (@JuddLegum) January 28, 2021
"Seriously. I'm not shedding a tear for anyone involved in playing this game, but when the trading houses basically step in to protect the portfolio profits of hedge funds at the expense of retail investors, that is [Prima facie] rigging the system. Has to be investigated," someone else said.
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after delisting GameStop and AMC, Robinhood has gotten over 100,000 1 star reviews in one hour on the app store, now set with a 1 rating. they deserve it pic.twitter.com/eDNDuPrj8r
— Rod Breslau (@Slasher) January 28, 2021
"These apps like [Robinhood] market themselves as trading platforms for the independent investors. But now you can see who they are really looking out for," another wrote.
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Stock Market: Here you can buy and sell shares in companies.
People: Ok, I would like to buy this share, please.
Stock Market: No, not like that.
— Clint (@curmudgeonaf) January 27, 2021
"It's market manipulation of market manipulation in response to market manipulation. Only answer, no more shorting stocks for anyone. They play with [companies'] value to make money and no care for the company. It's wrong," someone else said.
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Can't wait to find out one of the Robinhood founders has a secret hedge fund called Nottingham Capital
— A Shady Dame From Seville (@SorayaMcDonald) January 28, 2021
"Robinhood should probably rename their app King John right?" one user chimed in.
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Robinhood robbin' da hood.
— JerryRigEverything (@ZacksJerryRig) January 28, 2021
"Robinhood and TD Ameritrade should face severe consequences for the stunt they pulled today, absolutely ridiculous!" another said.
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