Robinhood, the app that has been a pandemic winner and put power in the common man’s hand, is now turning on the very customer base they swore to protect. Robinhood has monikers like “Democratizing Finance” and “Stealing from the Rich, giving to the poor” yeah, yeah, yeah. Whatever you say. The brokerage app went against those very words as the market frenzy tore on. They restricted trades to popular stocks like GameStop, Bed Bath and Beyond, AMC Theaters, Black Berry, and a few others. Just so we are clear, Robinhood, restricting the product people want is the very antithesis of “Democratizing Finance”. Let the traders, trade. And if those smooth brained morons want to put their life savings into shit stocks like GameStop, I say, let ‘em.
Robinhood, although maybe slightly unfairly, has been ousted in a wave of crucifixions of hedge funds, broker apps, and the big finance suits that seem to control everything but are accountable for nothing. The brokerage app suspended and restricted trading for the hottest stocks on the market, which all are pretty much dogshit companies anyway, but nostalgia and memes know no bounds, and the pump of trading, sent holders of the shit stocks to record levels. Well, Robinhood decided to put an eviction notice on those stocks last night which has enraged traders and fund managers alike. There is some serious coin to get your hands on, and to restrict trades is almost taking away a person’s right to make money. So yes, it incredibly fucked up, BUT Robinhood shouldn’t be getting all the blame.
Robinhood COULD have financial or judicial regulations that requires the company to restrict trades, now I understand that’s pretty fucking simp way out, but it could be the regulations that are baring down on the company. Overall, this is quite frankly NOT the move that any brokerage apps should be making, and there are others that restricted trading as well, but they are not as popular as Robinhood. Oh, the price of fame. Well now, Robinhood is stuck between a dumpster fire and a horny inmate. There will surely be a rush of customers dropping out of the app and turning to other firms to control trades. The backlash, loss of trust, and hate Robinhood will receive in the next month will knock the company off of targeted IPO dates, and put PR in a fucking head spin. Hopefully this restriction was worth it to the company.
People are finally getting the power and taking away big money from the suits that control the markets. It’s a beautiful thing, and will have many attempts to end this movement. As the Twitter world says, HOLD THE LINE. Don’t give in yet boyz.
Anyway, that’s my take on it. Until next time. -GS
Comentários