Powered by Topple

RARE bipartisan unity when financial app Robinhood for ‘everyday investors’ cuts off trades amid GameStop surge

Powered by Topple

Get the latest BPR news delivered free to your inbox daily. SIGN UP HERE


CHECK OUT WeThePeople.store for best SWAG!

Robinhood, a smartphone application that allows everyday people to easily trade the stock market, is being accused of “colluding” with hedge fund managers to drive down the otherwise skyrocketing price of the gaming company GameStop’s stock.

It was primarily via Robinhood that earlier this week a large group of everyday investors were able to buy enough of GameStop’s stock to cause its price to skyrocket.



Hedge fund managers had been using their vast quantities of wealth/power to keep GameStop’s stock from rising.

Communicating through a chatroom that’s since been banned, the everyday investors worked together to overpower the managers and cause the stock’s value to rise. In doing so, they cost the managers billions of dollars.

However, the stunning move also provoked rage and backlash from establishment elites who quickly circled the wagons to protect their own interests.

First, the chatting platform Discord banned the investor’s chatroom late Wednesday. Then on Thursday, retail brokerages began restricting trades. None of this was necessarily a surprise. As the saying goes, elites gon’ elite.

But what did inspire shock was Robinhood — a company whose mission statement speaks of wanting to “provide everyone with access to the financial markets, not just the wealthy” — choosing to also bend the knee.

“Our mission at Robinhood is to democratize finance for all. We’re proud to have created a platform that has helped everyday people, from all backgrounds, shape their financial futures and invest for the long term,” the company announced in a blog post.

“We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AAL, $AMC, $BB, $BBBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR, and $TRVG. We also raised margin requirements for certain securities.”

$GME is the stock symbol for GameStop.

As of noon Thursday, the tweet above boasted over 40,000 comments and almost 20,000 retweets, the vast majority of them scathing denunciations of the company.

And just like support for the investors, which has been stunningly bipartisan with leftists and right-wingers both cheering their victory against the elites, the condemnations of Robinhood have come from both sides.

Here’s far-left “Squad” members Reps. Rashida Tlaib and Alexandria Ocasio-Cortez slamming Robinhood:

And here’s Donald Trump Jr. doing the same:

Now ask yourself this: How often do Rashida Tlaib, Alexandra Ocasio-Cortez and Donald Trump Jr. agree on something? If you answered “never,” then you’re correct — except of course for this exceedingly rare moment of unity.

See more unity below:

Even rapper Ja Rule was mad:

There are thousands upon thousands — if not tens and hundreds of thousands — of similar tweets from left-wingers, right-wingers, centrists and libertarians all united in their disgust of not only the establishment elite but also sellouts like Robinhood.

It’s amazing, is it not? Who would have ever thought that all it’d take to finally achieve unity in America would be one app too many selling out to the establishment?

Vivek Saxena

Comments

Latest Articles