This past week on the stock market was ridiculous. Learning more about the Gamestop squeeze, how hedge funds were losing money, how stock brokerages were bowing down to hedge funds, and how powerful uniting the common people can be, kept me entertained and my mind busy all week.
Let me just say that I am very mad at Robinhood right now. I've spent basically the entirety of this blog talking about Robinhood and saying nothing but positive things about it. Robinhood has been my favorite app since I downloaded it in August of 2015. Robinhood restricted people being able to buy Gamestop, and other stocks, on Thursday morning. I woke up on Thursday to my friend texting me about it.
Robinhood came out with some rationale as to why they stopped, and now are limiting, people from buying Gamestop. Whatever the rationale is, I believe it was done for only one reason - to bow down to the hedge funds.
While I have no math or research to back this up, I believe Gamestop would already be closing in $1,000/share if buying had not been removed/restricted.
There's a lot better explanations of what's going on with Gamestop on the internet, so I won't explain it here. At the end of the day, I'm seriously considering moving my money out of Robinhood. This will be a tough decision - just look at how much I've posted and talked about Robinhood.
We'll see how this week goes - I'm hopeful Gamestop will keep going up and that the hedge funds will lose more money.
Gamestop to the moon! : )