GameStop and Robinhood are all anyone’s talking about today. For good reason.
Long story short:
A bunch of retail investors (read: everyday people who trade stocks) had the short squeeze of the century going on in GameStop (read: they were making tons of money at the expense of big hedge funds, which had shorted the stock) and Robinhood, the trading app that’s supposed to be “all about the everyday retail trader,” decided to shut down trading on GameStop, except for selling. To save the big hedge funds. At the expense of the everyday traders. And GameStop has now sold off. And people are big mad.
If you want a bit more thorough and colorful explanation, here is an expletive-laden rant by Barstool president and self-professed degenerate gambling day trader, Dave Portnoy [language warning obvs]:
The move by Robinhood was so egregiously crooked, that you wouldn’t even believe the following 5 tweets I’m about to show you, except that the headline already gave it away and that’s why you clicked through and are reading this article.
So here they are:
Now seriously, when was the last time these five people agreed about ANYTHING? Has there ever been a single current issue that they all simultaneously agreed on?
You done messed up, Robinhood.
This content was originally published here.