Absolute horseshit
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LAWSUITS OUT THE ASS
INVESTOR CONFIDENCE DESTROYED
MARKET CRASH IMMINENT
What the fuck is going on. I hope someone will sue them.
Can someone explain why they are going so hard on this, ok I understand they had a big loss but are there some long term consequences to this?
This article explains much of it:
https://www.zerohedge.com/markets/7087-billion-reasons-why-exchanges-betrayed-retail-customers
When individual retail investors cost big hedge funds billions of dollars, the players (Robinhood, TDAmeritrade, etc) get reminded who pays the piper and they in turn start assblasting the small customers. Who is going to stop them? By the time any regulators or courts step in, the hedge funds will have already closed their short positions. There may be some punishment, but it will pale in comparison to what they were facing (total insolvency/bankruptcy). Besides, the regulators are all in bed with the industry. They won't do anything.
Now if retail investors revolt en mass, it could trigger the stock market crash that was already overdue. That would be fun to see. If you have money in the stock market, you may consider getting out while you still can.
I hope they lose a shit-ton of customers over this. Knowing how the party comrades roll, I'm not sure they'd care. But I hope they do anyway.
Isn't selling off your shit without permission illegal?
Is this real? I don't know if I've ever placed a Market order on anything that wasn't filled instantly, let alone the highest volume stock on the market.
Or does RH do the weird thing some retail firms do where they only execute trades at certain times of the day?
This could be a margin call, in which case such an event is well within everyone's rights.
If it's a long stock then this is wildly illegal, however.
Literal theft of what is is surely millions upon millions of dollars. Robinhood's entire boardroom should be in a cold cell.
Meaning that I expect a class action lawsuit that amounts to virtually nothing.
This situation went from “hehe elites BTFO, don’t mess with gamers!” to “NO THIS ISN’T FAIR, WTF BROS GRRRR” real fast