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https://twitter.com/LJMoynihan/status/1354836830169006081?s=20

(post is archived)

[–] • 1 pt

I hope Robbinghood is sued into the ground and out of business.

[–] • 0 pt

What is your reason for desiring its demise? And why do you call it Robbinghood? Is it not simply a vehicle for young people to invest or speculate on the markets? I am not shilling you, I am genuinely curious why you are opposed to this app or venue?

[–] • 1 pt

Yes you ARE SHILLING..... Have you NOT watched what has happened these last few days? NVM...I know the answer. Get to stepping outta here, nobody here wants to hear your frothing throat lubricants in action.

[–] • 0 pt

Well, to the best of my understanding, it became known that a couple of major hedge funds had shorted GME more than 140% of the total shares outstanding, which does in fact violate lawful position limits, clearly intending to manipulate the market and possibly drive GME into bankruptcy. When the situation was brought to the attention of the crowd of young people who use the Robinhood app, they correctly surmised that if they bought shares of GME (went long GME), it would cause a short squeeze on the naked short sellers. Now the way I see it, if another large hedge fund had gone long GME, no one would have thought twice about it. It is only because Robinhood is not a member of the big boys club that everyone is upset. At some point Robinhood management was running into some difficulty fulfilling members orders, and since I don't trade with that app I have no understanding of that process, and has established some limits.
What is your understanding of the situation?

[–] • 0 pt

They ought to counter sue, the little guys finally get a bite of what these big hedge funds do daily and they can't stand it

[–] • 0 pt

Robinhoods statement:

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. 

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.

Amid significant market volatility, it’s important as ever that we help customers stay informed. That’s why we’re committed to providing people with educational resources. We recently revamped and expanded Robinhood Learn to help people take advantage of the hundreds of financial resources we offer and educate themselves, including how to make sense of a volatile market. In 2020, more than 3.2 million people read our articles through Robinhood Learn.

We’re committed to helping our customers navigate this uncertainty. We fundamentally believe that everyone should have access to financial markets. We’re humbled to have helped many people invest in the markets for the first time. And we’re determined to provide new and experienced investors with the tools and resources to help them invest responsibly for their long-term financial futures.