13 min
Episode 11: WallStreetBets vs. Robinhood et al. Paradise Lost Financial
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- Investing
WallStreetBets driving up prices of Gamestop, AMC, BlackBerry, Nokia, and more, intentionally targeting some of these stocks due to outspoken short-selling firms.
Robinhood (and some other brokerages) have come under fire for restricting trades (or outright closing some of their user's positions, allegedly) and potentially even conspiring with hedge funds such as Citadel to allow for damage control at the expense of the retail trader.
We're beginning to see class action lawsuits against Robinhood, members of Congress demanding a DOJ investigation, and billionaires stating that this situation is "dangerous for the markets".
Many Robinhood traders & the WallStreetBets folks are saying they will close out their Robinhood accounts and #DeleteRobinhood is now trending.
*Note that I should have said 76% of users say they will stop using Robinhood (I mistakenly said 76 people... sorry I'm tired lol) and it looks like hedge funds have lost roughly $5 billion, not $70 billion (I was thinking of Twitter & Facebook losing $70 billion in market cap after they shut down conservative accounts... separate topic) - that's still $5 million millions, so $5B is nothing to sneeze at!
DISCLAIMER: As always, nothing on the podcast or channel should be construed as financial advise, always do your own research and never invest unless you can afford to lose it all.
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Support this podcast: https://podcasters.spotify.com/pod/show/paradiselostfinancial/support
WallStreetBets driving up prices of Gamestop, AMC, BlackBerry, Nokia, and more, intentionally targeting some of these stocks due to outspoken short-selling firms.
Robinhood (and some other brokerages) have come under fire for restricting trades (or outright closing some of their user's positions, allegedly) and potentially even conspiring with hedge funds such as Citadel to allow for damage control at the expense of the retail trader.
We're beginning to see class action lawsuits against Robinhood, members of Congress demanding a DOJ investigation, and billionaires stating that this situation is "dangerous for the markets".
Many Robinhood traders & the WallStreetBets folks are saying they will close out their Robinhood accounts and #DeleteRobinhood is now trending.
*Note that I should have said 76% of users say they will stop using Robinhood (I mistakenly said 76 people... sorry I'm tired lol) and it looks like hedge funds have lost roughly $5 billion, not $70 billion (I was thinking of Twitter & Facebook losing $70 billion in market cap after they shut down conservative accounts... separate topic) - that's still $5 million millions, so $5B is nothing to sneeze at!
DISCLAIMER: As always, nothing on the podcast or channel should be construed as financial advise, always do your own research and never invest unless you can afford to lose it all.
---
Support this podcast: https://podcasters.spotify.com/pod/show/paradiselostfinancial/support
13 min