I'm not an expert but my understanding is that Robinhood is an app where you can buy/sell from the stock market. And, because of what was going on with GameStop, they removed the option to trade that stock on their app. As far as what was going on with GameStop, can't explain it rationally. All I know is that what happened really screwed with how things are "normally" done, which messed up the whole system. However, it was white hats (good guys) going up against the big (bad) guys.
Hedge funds and Wallstreet shorted 113% of GameStop stock. In order to cover those shorts, they need to buy it all back. Reddit and 4chan are buying and controlling as many shares as they can preventing the buy back at any price, pushing the price up.
And it wasn't just R/H that closed their app to new positions in GME, other apps and trading platforms did as well. And not just for GME but AMC, NOK, BB many wouldn't let you open an order.
First yesterday the short sellers (Melvin) went on MSNBC and tried to tell the autist's that he had closed out his shorts, but there were some savvy investors on r/WSB who knew that was to be a lie so they carried on buying all the while the shorts getting worse! Aftermarket they managed to close some but by this morning pre market it was even higher lol.
Then it all came to a stop, GME was suspended from trading and at the same time the R/H app wouldn't work and if it did you couldn't buy. If you see the other thrwad from the R/H insider he seems to think the Xiden W/H got involved because one of the hedge funds in particular donated heavily to his campaign and the DNC.
One autist bought 50k worth, at one stage he was sitting on 22 mil and still wouldn't sell, it was the principle, even Musk got involved lol.
https://www.techspot.com/news/88390-gamestop-stock-hits-record-high-reddit-group-causes.html
The above link explains how the group of Redditors got together and gamed the stock causing the price to skyrocket and screw Hedge funds that held short positions. And now Robinhood, a trading app halted buying on the stock, causing the price to fall. It's mayhem on Wall street! haha
To add to this. Robinhood's main customer is Citadel who buys trade data from them to front run retail investors. Citadel is infusing Melvin Capital with cash (in exchange for shares of the firm) to help Melvin who are the ones hemorrhaging the most because of their naked shorts on GameStop.
Citadel (probably) told Robinhood to stop allowing people to buy GameStop and other stocks to let Melvin recover a bit.
I'm not an expert but my understanding is that Robinhood is an app where you can buy/sell from the stock market. And, because of what was going on with GameStop, they removed the option to trade that stock on their app. As far as what was going on with GameStop, can't explain it rationally. All I know is that what happened really screwed with how things are "normally" done, which messed up the whole system. However, it was white hats (good guys) going up against the big (bad) guys.
Someone correct me if I'm wrong.
Hedge funds and Wallstreet shorted 113% of GameStop stock. In order to cover those shorts, they need to buy it all back. Reddit and 4chan are buying and controlling as many shares as they can preventing the buy back at any price, pushing the price up.
And it wasn't just R/H that closed their app to new positions in GME, other apps and trading platforms did as well. And not just for GME but AMC, NOK, BB many wouldn't let you open an order.
First yesterday the short sellers (Melvin) went on MSNBC and tried to tell the autist's that he had closed out his shorts, but there were some savvy investors on r/WSB who knew that was to be a lie so they carried on buying all the while the shorts getting worse! Aftermarket they managed to close some but by this morning pre market it was even higher lol.
Then it all came to a stop, GME was suspended from trading and at the same time the R/H app wouldn't work and if it did you couldn't buy. If you see the other thrwad from the R/H insider he seems to think the Xiden W/H got involved because one of the hedge funds in particular donated heavily to his campaign and the DNC.
One autist bought 50k worth, at one stage he was sitting on 22 mil and still wouldn't sell, it was the principle, even Musk got involved lol.
To the moon................
https://www.techspot.com/news/88390-gamestop-stock-hits-record-high-reddit-group-causes.html
The above link explains how the group of Redditors got together and gamed the stock causing the price to skyrocket and screw Hedge funds that held short positions. And now Robinhood, a trading app halted buying on the stock, causing the price to fall. It's mayhem on Wall street! haha
To add to this. Robinhood's main customer is Citadel who buys trade data from them to front run retail investors. Citadel is infusing Melvin Capital with cash (in exchange for shares of the firm) to help Melvin who are the ones hemorrhaging the most because of their naked shorts on GameStop.
Citadel (probably) told Robinhood to stop allowing people to buy GameStop and other stocks to let Melvin recover a bit.