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Unfortunately, they will lose in the end because they won't get out in time. Stock today has fluctuated between around $500 to just below $300. Someone is going to get caught holding the bag.
This is made up of a bunch of people investing as little as $25 to make a point rather than to make money.
Let the hedge funds eat the risk they created and fail.
I'm sure the DC swamp will declare them to big to fail, the big tech overlords will crush the upstart peasants, and in fact have already started.
Discord has banned the reddit subgroup WSB claiming "hate speech"
And im sure reddit is facing de-platform threats.
This is the financial market version of the cancelling, censoring, and de-platforming that we have been seeing happen on Google, Twitter, Facebook, Amazon, etc.
This is all part of a larger societal move by the global establishment elites. This is all very bad and it will not end well for any of us if these sorts of coordinated behaviors by these oligarchs and powerful market makers are allowed to continue.
The stock trading app Robinhood was hit with a class-action lawsuit Thursday almost immediately after restricting the trading of stocks popularized by a Reddit forum.
The suit, filed in the Southern District of New York, claims that the day-trading app “purposefully, willfully, and knowingly removing the stock ‘GME’ [GameStop] from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-market and manipulating the open-market.â€
Under the limits announced by Robinhood, users will be allowed to close out existing trades but won’t be able to acquire new shares of stocks in companies including GameStop, AMC and BlackBerry.
More traditional trading platforms like Charles Schwab and TD Ameritrade had moved to restrict the shares driven up by users on r/WallStreetBets earlier in the week.
A class-action lawsuit has been filed against Robinhood. In all likelihood, TD Ameritrade and Schwab will get one as well.
Good. It's unacceptable that anyone would have the authority to halt purchases but allow sells. Trade halting is supposed to be a packaged deal. What is happening here is just plain market manipulation because the hedge fund managers didn't have things go their way.
That's what happens when you trade stocks. You incur risk and it doesn't always go how you plan.
They better make that class-action suit worth billions, because right now, it looks like they would rather face prison time for white collar crimes than see their businesses go bankrupt.
A class-action lawsuit has been filed against Robinhood. In all likelihood, TD Ameritrade and Schwab will get one as well.
A good start, but as far as I'm concerned, this is moving into criminal charge territory - or should.
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