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Despite its best efforts to the contrary, Robinhood did end up stealing from the rich and giving to the poor.Melvin Capital, the $8 billion hedge fund that didn’t find GameStop (GME) funny, lost 53% of its portfolio in January ($7 billion) trying to short against the rallying cries of the
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The round is the stock trading app's largest raise ever. Source
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The latest in the saga of WallStreetBets vs the world.This episode is sponsored by Nexo.io.In this edition of the Breakdown’s weekly recap, NLW looks at:Robinhood’s ham-fisted explanations for why it shut down buying for GME and other stocksWhy the root cause seems to have been insolvencyHow politicians are gearing up
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Over the past few days, a number of stocks, such as GameStop (GME) and AMC Entertainment (AMC), have risen dramatically in price, reportedly in line with attention from Reddit users buying in the face of selling pressure from big players. Popular trading platform Robinhood subsequently began restricting customers’ ability to
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Over the last few days, whales and miners have been depositing the largest amount of Bitcoin this year, yet despite all the selling, price is soaring. The reason? Elon Musk has changed his Twitter bio to include the cryptocurrency’s hashtag and it has ignited a flood of FOMO from retail
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Three stories1. Elon Musk changed his Twitter bio to #bitcoin and the crypto jumped 20%, to highs last seen on Jan. 19. The two events are not definitely connected. However, just 15 minutes after Musk made the change, bitcoin climbed 15.7% to $37,050. It’s still ticking up.Of course, with any
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Google has reportedly deleted thousands of negative reviews of Robinhood on the Google Play Store after the platform suspended trading of several skyrocketing stocks like GameStop, multiple sources claim.Financial analyst Mr. Whale reported on Jan. 28 that Google removed as many as 120,000 negative reviews of Robinhood, pushing the app’s rating
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Retail traders in two U.S. states sued Robinhood Markets Thursday over its decision to prevent buy orders on GameStop (GME) and other so-called “meme stocks” swept up in the Reddit-fueled trading frenzy.The separate suits slam Robinhood over a decision that had immediate repercussions for impacted shares. GameStop, which had been
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Hundreds of thousands tuned in to a Twitch stream today as U.S. congresswoman Alexandra Ocasio-Cortez discussed Robinhood’s controversial decision to suspend trading in GameStop after the short squeeze engineered by r/WallStreetBets.Hours earlier, Ocasio-Cortez, who sits on the House Financial Services Committee, slammed Robinhood for favoring the interests of the ultra
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Last week, the SEC accused Robinhood of providing misleading information to its customers, which failed to disclose the revenue source of the trading app.Vlad Tenev, Robinhood CEO, has refuted the claims that the company’s money-making tactics deceived customers. On the basis of such allegations, the Securities and Exchange Commission (SEC)
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