Investors Rage at Financial App Robinhood for Cutting Off Trades of GameStop: ‘Turns Out Free Market Isn’t So Free After All’
The stock market frenzy and chaos created mainly by the actions of members of Reddit’s “WallStreetBets” subreddit continued to ignite on Thursday after day trading app Robinhood halted all purchasing of GameStop and AMC Entertainment Holdings shares.
Investors on social media were outraged at Robinhood for what they believed to be stacking the deck against mom and pop stock purchasers. In a statement, Robinhood cited “recent volatility” for the reason it suspended purchases. Investors are being allowed to close out their positions in the impacted stocks.
Fox Business host Charles Payne‘s explosive Wednesday rant, and CNBC’s epic clash of guest and host, demonstrate the news market volatility of the story, which is framed as Little Guy vs. Evil Corporations or Internet Trolls vs. Responsible Traders, depending on which host you’re talking about.
After news broke Wednesday about the restrictions by Robinhood, TD Ameritrade and others, Twitter erupted in apoplexy, outrage, and snark.
Robinhood trying to act like they’re just acting in the best interests of their users is pretty funny for an app that shoots confetti across the screen when you deposit money in it
— Josh Billinson (@jbillinson) January 28, 2021
People decided to play the big hedge funds’ game, and they took their ball and went home. https://t.co/yzsz8xisOY
— Sawyer Hackett (@SawyerHackett) January 28, 2021
yet another classic reaping/sowing from robinhood
— Alex Fitzpatrick (@AlexJamesFitz) January 28, 2021
This nonsense is in significant part Robinhood’s fault to begin with, with this sort of promotion of trading rather than investment. https://t.co/vX89oWVPSb
— Josh Barro (@jbarro) January 28, 2021
This Robinhood App is a bunch of bullshit huh?
— Pat McAfee (@PatMcAfeeShow) January 28, 2021
Apparently Robinhood actually steals from the poor and gives to the rich.
— Robin Lundberg (@robinlundberg) January 28, 2021
Somebody is going to have to explain to me in what world @RobinhoodApp and others literally trying to force a crash by closing the open market is fair? They should all be in jail.
— Dave Portnoy (@stoolpresidente) January 28, 2021
Teach your children that @RobinhoodApp gave to the rich and not the poor.
— russ (@RussellOkung) January 28, 2021
Robinhood: Men in Shorts
— Seth Mandel (@SethAMandel) January 28, 2021
It’s a free market until the rich lose money and want to restrict the poor, but thankfully Robinhood is here to…further restrict the poor so they can keep the rich people rich and honestly this remake kinda sucks. pic.twitter.com/zGhlmhlFQU
— Sarah Kogod (@SarahKogod) January 28, 2021
Need LittleJohnApp to fix this mess.
— Nathan “Two Sheds” Wurtzel (@NathanWurtzel) January 28, 2021
Do not sell. This is market manipulation. And if it’s war they want, it’s war they shall get.
— Bridget Phetasy (@BridgetPhetasy) January 28, 2021
me, yesterday: this gamestop stuff is crazy
me, today: DO NOT SELL YOUR STOCKS MY BROTHERS AND SISTERS. THAT IS WHAT THE ENEMY WANTS pic.twitter.com/GoFQECQ2Ns
— manny (@mannyfidel) January 28, 2021
The fact that “do not sell” is trending. 2021 is already wild.
— Nicole Norfleet (@nicolenorfleet) January 28, 2021
the free market is fine, until super rich people might lose money, then they turn to corporate and government protection. but yeah, “free market.”
— Oliver Willis (@owillis) January 28, 2021
So @RobinhoodApp, an app named after the guy who took from the rich and gave to the poor, is now blocking the little guy from taking from the rich after the rich and the regulator pressured them. Might need to change the name of the app to SheriffofNottinghamApp.
— Erick Erickson (@EWErickson) January 28, 2021
Turns out the “free market” in America isn’t so free after all.
Well, anything goes when you’re a big guy, the little guy doesn’t count. https://t.co/vIyCgoWxOg
— Chris Millington (@ChrisMilIington) January 28, 2021
Robinhood was literally created for the “little guy.”
It’s now blocking the little guy from trading a stock that the little guy made skyrocket. pic.twitter.com/aUpxNSY3ni
— Kendall Baker (@TheKendallBaker) January 28, 2021
Message boards Sheriff of Nottingham
— Frank Pallotta (@frankpallotta) January 28, 2021
It seems the natives of virtual Sherwood Forrest are going to remain restless for quite some time to come.
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