https://archive.vn/PrPws blog. robinhood. com/news/2021/1/28/keeping-customers-informed-through-market-volatility
January 28, 2021 Keeping Customers Informed Through Market Volatility
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 $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities.
https://archive.vn/PTJt9 Dave Portnoy @stoolpresidente 5:34 AM - 28 Jan 2021 from Miami Beach, FL
I can still buy everything on @TradeZer0 by the way. Hadn’t crashed. Hasn’t become rigged yet
Robinhood only has 0$ commisions because they sell data to hedge funds such as Citadel. Citadel and Point72 gave Melvin Capital, the main target of the short squeeze 2.75 billion dollars to double down with.
And I think in doing so just undermined their own creditability to their customer base. Because once they do it here, who is to say they won't do it for other reasons in the future. I think companies that have interfered on the side of the hedge funds and wall street are going to see an exodus. I have a Scottrade account that's now TD Ameritrade. Already started the paperwork to move those accounts over to Fidelity where I have IRA's. And when TD Ameritrade asks why I'm telling them because they restricted what I could and could not do with my money. I can no longer risk investing with your platform because of it.
Yea I guess I shouldn’t be surprised
People are already starting to organize a class action lawsuit over this.
Also filing SEC complaints. Because this sure looks like intentional market manipulation to drive the price down. And that's illegal.
And just like in 2008, they will have hearings, some traders will pay very easily recoverable fines, nobody will go to jail, and nothing will change.
Ah, 2008. Fun fact, most of my earnings in stocks came from the recovery after the recession. Thanks, Dad.
Financial crimes need to carry corporal punishments.
Things will totally change!
To prevent the plebs from doing this again, that is.
Robinhood always looked weird to me. I guess I just wasn't a marketing target. Honestly, I saw it more as pitched to leftists, you know the name and the "investing for us normal poor people" thing. Maybe I'm just turned off by those "classism" lines.
The thing is, there was never really a barrier there. I've been playing with stocks since I was a teenager. I specifically remember talking stocks with a friend when I was in junior high school. I had an E*TRADE account way back then when I was still dialing into the internet. Made some money, lost a lot of it right back, learned a lot. Still, investing was totally accessible to me a kid with a hundred bucks.
I got a free share of AMC when I signed up for Robinhood. If only I would’ve bought more when it was at 3 bucks