An app named on the sole premise of stealing from the rich and giving to the poor, just sided with the ultra rich.
If you have been living under a rock for the past couple of days, reddit has taken the world by storm and forced a short squeeze on many antiquated companies such as Gamestop, AMC, Nokia, Blackberry, etc.
Well, if you were trading under Robinhood this morning you woke up to a delightful little message at the bottom of your positions that read as follows below:
This whole concept, effectively will cause everyone holding the position to sell because that is their only option, tanking the stock and letting every single hedge fund who had a short on the company win without repercussion. That is not a free fucking market, you can’t just (openly) manipulate like that. What braindead moron thought that was the play last night at Robinhood?
This day is going to be very interesting as many people are trying to band together and hold so that these put options by the hedge funds expire. Doubtful that happens, because in mob mentality when you are only forced into one position, you take it and survive the best way you can.
Were you surprised by this news this morning? Well so was I below:
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