‘This is beyond absurd’: Robinhood faces backlash after stopping purchases of GameStop and other ‘memestocks’
3 years, 11 months ago

‘This is beyond absurd’: Robinhood faces backlash after stopping purchases of GameStop and other ‘memestocks’

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Robinhood released a statement claiming that the decision to restrict transactions was due to “significant market volatility” surrounding companies promoted on the Reddit forum WallStreetBets. Recommended Reddit WallStreetBets posts warning letter to Wall Street hedge funds “They’re blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who’ve used the stock market as a casino for decades.” Congresswoman Alexandria Ocasio-Cortez, who serves on the committee, said she would support a hearing on Robinhood’s decision to block retail investors. We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” she tweeted. “As a member of the Financial Services, I’d support a hearing if necessary.” Celebrities also heaped criticism on Robinhood, with rapper Ja Rule tweeting: “Yo this is a f***ing CRIME what @RobinhoodApp is doing DO NOT SELL!!!

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History of this topic

Robinhood CEO discusses the brokerage’s evolution leading up to another ride on the meme stock wave
6 months, 2 weeks ago

Robinhood CEO discusses the brokerage’s evolution leading up to another ride on the meme stock wave

Associated Press  

SAN FRANCISCO — Meme stocks like GameStop are hot again, reviving memories of early 2021 when they turned into a craze that ended up burning many investors along with Robinhood Markets. Robinhood has enjoyed a far more stable ride on the latest meme stock wave, an improvement that CEO Vlad Tenev credits to the brokerage becoming more mature and diversified …

GameStop shares surge again as Roaring Kitty teases $116m meme stock portfolio
7 months ago

GameStop shares surge again as Roaring Kitty teases $116m meme stock portfolio

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shares in GameStop, the …

Robinhood cuts 23% of its workforce as fewer users trade during the bear market
2 years, 5 months ago

Robinhood cuts 23% of its workforce as fewer users trade during the bear market

The Hindu  

Robinhood Markets said Tuesday it’s cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app. The reduction of about 780 jobs follows another round of layoffs announced earlier this year, which cut 9% of its workforce and “did not go far enough” in cutting costs, Mr. Tenev …

Explained | The regulatory and legal headwinds facing Robinhood
2 years, 11 months ago

Explained | The regulatory and legal headwinds facing Robinhood

The Hindu  

Robinhood Markets is still facing a number of legal and regulatory threats a year after the retail "meme stock" trading frenzy led the brokerage to restrict trading in some stocks, infuriating customers. The regulators included the U.S. Attorney's Office for the Northern District of California, the U.S. Justice Department, the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, …

Robinhood soars again, doubles in 4 days after tepid IPO
3 years, 5 months ago

Robinhood soars again, doubles in 4 days after tepid IPO

LA Times  

Robinhood Chief Executive Vladimir Tenev is shown on an electronic screen at Nasdaq in New York’s Times Square following his company’s IPO on Thursday. Robinhood’s stock flew again on Wednesday, and it has more than doubled in four days to follow up what had been a disappointing debut on Wall Street. Even before its initial public offering, experts warned that …

Biden’s Wall Street cop is putting Robinhood on notice
3 years, 8 months ago

Biden’s Wall Street cop is putting Robinhood on notice

CNN  

New York CNN Business — Gary Gensler, the newly installed chairman of the Securities and Exchange Commission, put Robinhood and Citadel Securities on notice Thursday about a potential crackdown in the Biden era. Gensler, whose nomination was endorsed by Senator Elizabeth Warren, repeatedly expressed concern about the “inherent” conflicts of interest that exist in the payment-for-order flow business model used …

Trading app Robinhood says it files confidentially for IPO
3 years, 9 months ago

Trading app Robinhood says it files confidentially for IPO

Live Mint  

Robinhood Markets Inc. said it filed confidentially for an initial public offering, in what will be a highly anticipated listing among investors -- including the trading app’s own customers. Robinhood could go public as soon as late in the second quarter but the timing could change, said a person familiar with the matter who asked to not be identified because …

GameStop shares rise after Robinhood lifts trading curbs
3 years, 10 months ago

GameStop shares rise after Robinhood lifts trading curbs

Live Mint  

Shares of GameStop and other companies caught in the recent social media-hyped trading frenzy rose on Friday, after online broker Robinhood lifted all the buying curbs imposed at the height of the battle between amateur investors and Wall Street hedge funds. Robinhood, among the fee-free online brokers that are credited with fueling the trades, said late on Thursday it had …

Robinhood CEO defends actions in GameStop saga at hearing
3 years, 10 months ago

Robinhood CEO defends actions in GameStop saga at hearing

Associated Press  

WASHINGTON — The CEO of Robinhood defended the trading platform to Congress Thursday for its actions during the GameStop trading saga, while apologizing to customers for restricting their ability to trade at the height of the frenzy. “Many Americans feel that the system is stacked against them and no matter what, Wall Street always wins.” Waters brusquely grilled Tenev on …

GameStop wraps up a bad week, leaves $18 billion hole
3 years, 11 months ago

GameStop wraps up a bad week, leaves $18 billion hole

Live Mint  

Even with Friday’s bounce, GameStop Corp. wrapped up its worst week on record as a stunning reversal of fortune wiped out $18 billion from the video-game retailer’s stock-market value. The 19% gain on Friday after Robinhood Markets removed buying limits still left it far below last week’s high of $483 as retail trader demand and excitement across platforms like Reddit …

Robinhood’s Reckoning: Can it survive the GameStop bubble?
3 years, 11 months ago

Robinhood’s Reckoning: Can it survive the GameStop bubble?

Live Mint  

Many startup founders dream of the day their creation claims the top spot in Apple Inc.’s app store. “We haven’t really been in a situation where we see the intersection of financial services and social media," Mr. Tenev said in an interview last week. Mr. Tenev was known internally as “the head" for his focus on numbers and growth, while …

Robinhood app downloads soar despite trading restrictions
3 years, 11 months ago

Robinhood app downloads soar despite trading restrictions

The Hindu  

Robinhood's trading app recorded more downloads than any other U.S. trading app last week, despite concerns that its restrictions on transactions involving some heavily shorted stocks such as GameStop Corp would alienate some users, according to market research data providers. The app saw 2.1 million downloads in the United States on Google Play and App Store last week, as traders …

Barstool sports founder Dave Portnoy lost $700K in GameStop frenzy
3 years, 11 months ago

Barstool sports founder Dave Portnoy lost $700K in GameStop frenzy

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Barstool Sports founder Dave …

How Reddit users grew GameStop’s stock tenfold fighting Wall Street
3 years, 11 months ago

How Reddit users grew GameStop’s stock tenfold fighting Wall Street

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Video game retailer GameStop’s stock price has increased dramatically due to the actions …

What happened with GameStop? Everything you need to know about Robinhood, Reddit and short-selling
3 years, 11 months ago

What happened with GameStop? Everything you need to know about Robinhood, Reddit and short-selling

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Institutional investors, including the $13bn hedge fund Melvin Capital …

Robinhood app downloads soar despite trading restrictions
3 years, 11 months ago

Robinhood app downloads soar despite trading restrictions

Live Mint  

Robinhood's trading app recorded more downloads than any other U.S. trading app last week, despite concerns that its restrictions on transactions involving some heavily shorted stocks such as GameStop Corp would alienate some users, according to market research data providers. The app saw 2.1 million downloads in the United States on Google Play and App Store last week, as traders …

Robinhood controversy: Elizabeth Warren wants answers on startup’s ties to hedge funds
3 years, 11 months ago

Robinhood controversy: Elizabeth Warren wants answers on startup’s ties to hedge funds

CNN  

New York CNN Business — Senator Elizabeth Warren is demanding answers from Robinhood co-CEO Vlad Tenev over potential conflicts of interest caused by the free trading app’s relationship with large hedge funds and other financial players. “We didn’t want to stop people from buying stocks and we certainly weren’t trying to help hedge funds,” Robinhood said in an email to …

Google stops Play Store 'review bombing' by GameStop traders
3 years, 11 months ago

Google stops Play Store 'review bombing' by GameStop traders

India Today  

Google has removed a wave of negative reviews of popular stock-market trading apps targeted by furious investors in a flurry of negative reviews. Google removed as many as 120,000 negative reviews of Robinhood, pushing the app’s rating from one star to about four stars. Google reportedly confirmed the massive removals to tech news publication The Verge, claiming that the decision …

GameStop’s ‘Reddit rally’ puts scrutiny on social media forums
3 years, 11 months ago

GameStop’s ‘Reddit rally’ puts scrutiny on social media forums

The Hindu  

Social media services including Facebook Inc and Reddit restrict discussions about weapons, drugs and other illegal activity, but their rules do not specifically mention another lucrative regulated good: stocks. The "Reddit rally" however, has roiled global stock markets and drawn scrutiny of posts in which thousands of smaller investors trade tips on platforms from Facebook to Instagram to Telegram and …

Robinhood app is new eye of GameStop storm
3 years, 11 months ago

Robinhood app is new eye of GameStop storm

The Hindu  

Online broker Robinhood has been one of the hottest venues in this week's retail-trading frenzy but its sudden curbs on buying of some hot stocks have raised the ire of customers, celebrities and politicians who argue it unfairly benefits bigger investors. Robinhood Chief Executive Vlad Tenev said on Thursday trade was restricted in "about 13" viral stocks, which include GameStop, …

GameStop Stock Rebellion Lets Ontario Teachers, Canadian Cannabis Firm Cash In
3 years, 11 months ago

GameStop Stock Rebellion Lets Ontario Teachers, Canadian Cannabis Firm Cash In

Huff Post  

Wall Street’s hedge funds are on track to lose tens of billions of dollars in the “short squeeze” caused by traders on Reddit, but some Canadian entities affected by the frenzy are cashing in ― while they still can. The Ontario teachers’ pension plan and a small Calgary cannabis company are among the Canadian entities seemingly making bank on surging …

January 29 Gamestop and WallStreetBets Reddit news
3 years, 11 months ago

January 29 Gamestop and WallStreetBets Reddit news

CNN  

Robinhood CEO Vlad Tenev explained what he called the platform’s “very difficult decision” to restrict buying of GameStop and about a dozen other securities during a Thursday evening interview on CNBC. “We have lots of financial requirements, including SEC net capital requirements and clearinghouse deposits — that’s money that we have to deposit at various clearinghouses,” Tenev said. He added …

GameStop has $11bn wiped off value in wild day of trading as Reddit-inspired investors restricted
3 years, 11 months ago

GameStop has $11bn wiped off value in wild day of trading as Reddit-inspired investors restricted

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy GameStop stock saw $11bn wiped off its share price during …

Robinhood raised $1 billion after halting GameStop purchases
3 years, 11 months ago

Robinhood raised $1 billion after halting GameStop purchases

CNN  

New York CNN Business — Robinhood raised $1 billion from existing investors just hours after it halted purchases of GameStop, suggesting the free-trading app faced a potential cash shortage. “To prudently manage the risk and the deposit requirements, we had to restrict buying in these 13 stocks,” Vlad Tenev, Robinhood’s co-CEO, told CNN’s Chris Cuomo Thursday evening. “Just another shill …

Reddit users beat Wall Street hedge funds, then Robinhood blocked trading in GameStop, Nokia shares
3 years, 11 months ago

Reddit users beat Wall Street hedge funds, then Robinhood blocked trading in GameStop, Nokia shares

India Today  

Most market experts were left scratching their heads when shares of GameStop an electronic retailer that has struggled over the past years and is shutting stores - skyrocketed by nearly 2,000% since the beginning of the year. Well, a group of users came together on the online forum Reddit and pushed the price of the stock, beating Wall Street hedge …

GameStop stock price crashes as Robinhood app restricts trading, Wall Street reacts to short squeeze
3 years, 11 months ago

GameStop stock price crashes as Robinhood app restricts trading, Wall Street reacts to short squeeze

ABC  

GameStop shares have sunk as trading platforms including Robinhood and Interactive Brokers restricted trading in the video game retailer along with AMC Entertainment, Blackberry and other stocks that soared this week in a social media-driven trading frenzy that shook stock markets. Key points: GameStop gains have forced short-sellers to buy back stock to cover potential losses GameStop briefly became the …

Reddit, GameStop, Robinhood and Wall Street hedge funds: What is going on, the full story in 10 points
3 years, 11 months ago

Reddit, GameStop, Robinhood and Wall Street hedge funds: What is going on, the full story in 10 points

India Today  

Reddit, GameStop, Robinhood and Wall Street hedge funds till few days back only a handful of people knew or rather were aware about this names. Short Selling is a practice where Wall Street Hedge Funds and money managers borrow stocks of a small company to sell if the stock price goes down in future. This was because of group of …

GameStop shares surge 40% before dropping sharply as Reddit-fuelled rollercoaster continues
3 years, 11 months ago

GameStop shares surge 40% before dropping sharply as Reddit-fuelled rollercoaster continues

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy GameStop shares surged a further …

U.S. Congress to hold hearings on GameStop trading,...
3 years, 11 months ago

U.S. Congress to hold hearings on GameStop trading,...

Daily Mail  

The U.S. House Financial Services and Senate Banking committees said on Thursday they will hold hearings on the stock market after users of investment apps faced trading limits following the 'Reddit rally' that put a charge into GameStop and other volatile stocks that were touted in online forums. 'We must deal with the hedge funds whose unethical conduct directly led …

AOC and Donald Trump Jr surprisingly agree on GameStop stock controversy
3 years, 11 months ago

AOC and Donald Trump Jr surprisingly agree on GameStop stock controversy

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Gotta admit it’s really something to …

Ja Rule weighs in on Robinhood blocking GameStop and AMC stock trades
3 years, 11 months ago

Ja Rule weighs in on Robinhood blocking GameStop and AMC stock trades

The Independent  

Sign up to Roisin O’Connor’s free weekly newsletter Now Hear This for the inside track on all things music Get our Now Hear This email for free Get our Now Hear This email for free SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rapper Ja Rule has weighed …

AOC demands probe after Robinhood app banned GameStop purchases triggering 90-minute sell-off frenzy
3 years, 11 months ago

AOC demands probe after Robinhood app banned GameStop purchases triggering 90-minute sell-off frenzy

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors …

Robinhood Slammed After Halting Users From Buying Surging Stocks
3 years, 11 months ago

Robinhood Slammed After Halting Users From Buying Surging Stocks

Huff Post  

LOADING ERROR LOADING Users of the popular stock-trading app Robinhood expressed outrage on Thursday after the platform abruptly stopped allowing the purchase of high-flying stocks like GameStop and AMC Entertainment Holdings. Interactive Brokers told CNBC on Thursday that it stopped allowing the purchases of GameStop, AMC, BlackBerry and other meme stocks “due to the extraordinary volatility in the markets.” As …

Explainer | Why regulators may scrutinise GameStop’s Reddit-driven retail stock surge
3 years, 11 months ago

Explainer | Why regulators may scrutinise GameStop’s Reddit-driven retail stock surge

The Hindu  

Shares of video game retailer GameStop Corp surged nearly 700% over the past week as retail investors piled in to the stock, appearing to be urged on by bullish posts in popular online forum Reddit as opposed to any fundamental changes in the company's finances or prospects. Jacob Frenkel, Securities Enforcement Practice chair for law firm Dickinson Wright, said the …

GameStop Memes Surge on Internet as Freakish Stock Rise by Reddit Baffles Wall Street
3 years, 11 months ago

GameStop Memes Surge on Internet as Freakish Stock Rise by Reddit Baffles Wall Street

News 18  

A lot of drama has unfolded on the Internet lately after Reddit’s subreddit r/WallStreetBets propelled a meteoric surge in American videogame company GameStop’s shares soaring over 400% this week, after aggressive touting of GameStop’s stock by several of its members. I’m too sexy to understand how the stock market works— gaming disorder pawg January 27, 2021 Gamestop unveils their new …

Jaime Rogozinski on WallStreetBets stock frenzy: I’m enjoying this from the sidelines
3 years, 11 months ago

Jaime Rogozinski on WallStreetBets stock frenzy: I’m enjoying this from the sidelines

CNN  

New York CNN — The founder of the subreddit WallStreetBets says he never expected the forum to become the force it is now, with hordes of amateur investors driving up stock prices in a showdown with Wall Street short-sellers. “I don’t envy any of them,” WallStreetBets founder Jaime Rogozinski told Julia Chatterley on CNN Thursday. “I’m enjoying this from the …

Class-action lawsuit filed against Robinhood following outrage over GameStop stock restriction
3 years, 11 months ago

Class-action lawsuit filed against Robinhood following outrage over GameStop stock restriction

CNN  

New York CNN Business — A Robinhood customer filed a class-action lawsuit against the stock-trading app Thursday after the company barred traders from buying shares of GameStop promoted by WallStreetBets, a popular Reddit group for investors. “Robinhood’s actions were done purposefully and knowingly to manipulate the market for the benefit of people and financial institutions who were not Robinhood’s customers,” …

GameStop: Why social media-driven traders are beating Wall Street
3 years, 11 months ago

GameStop: Why social media-driven traders are beating Wall Street

Al Jazeera  

Retail traders using social media site Reddit have quickly overturned conventional wisdom about who holds sway in US equity markets. An unlikely company has found itself at the centre of a much-heralded sea change in investment trends, as video game retailer GameStop’s stock continues to skyrocket – at least for now. But the bizarre spectacle around the surge in the …

Revolut rival stock trading app Robinhood launches in the UK
5 years, 1 month ago

Revolut rival stock trading app Robinhood launches in the UK

The Telegraph  

US stock trading app Robinhood is set to join Britain’s fintech boom after rolling out its commission-free trading app in the UK. Founded in 2013, the company's valuation has swelled to a $7.6bn having won over investors on its trading services, which give users the chance to invest in US and global stocks such as Amazon, Apple and Nike without …

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