in the last half of January 2021 a group on Reddit called r/wallstreetbets has decided to "stick it to the man" and push back against the big hedge funds by buying tons of gamestop, AMC, and other stocks and flat out refusing to sell it. This then causes the price of the stock to skyrocket. now you may be wondering why this hurts the hedge funds, well the entire strategy of the hedge funds is to buy stocks at low prices and the let them go up a bit and then quickly buy and sell it to other hedge funds which tricks the algorithm into registering them as sales and drive the price down, rinse and repeat.
a main argument against the hedge funds is the in 2008 recession when the stock market fell and some hedge fun billionares laughed and drank champagne and enjoyed their goverment bailouts right above a major protest (their balcony was literally directly verticle to a protest). Another major thing against hedge funds is how they are trying to trick people into selling their stocks to lower the price for the funds to get back in their cycle of cheating the system by January 29 under the false pretense that short stocks can expire (plot twist, they cant). the only thing that the retail investors (thats just nomal people who invest) had to say to that is ✋💎🤚 which means "diamond hands' which means "don't sell".
This entire story is impossible to tell without mentioning Robinhood, they were the BIG place for retail investors to buy and sell stocks. that was true until Robinhood 'protected' their customers... by stopping people from buying $GME (gamestop) and AMC stocks at all, only allowing people to sell those shares. r/wallstreetbets almost immediatly called market manipulation and changed their favorite saying to f**k Robinhood. As this situation escalates many polititions are coming from both sides of the isle to support the challenge against hedgefunds, including but not imited to AOC, Ben shapiro, and Ted Cruz.
1. Did anyone buy/sell/get involved in any way?
2. does robinhood have any right to stop trading on their platform?
Replies
Good job overall Nick! I do think your questions could be a bit better and also be sure to capitalize words that should be in your summary.
I don't know much about stocks or economics in general, but the situation where the billionaires were sipping champagne and laughing at other people's distress was discussting, and what you do comes right back to you in the end. Trick people and get tricked, karma isn't fun I guess.
yea, its just kinda annoying when they dont seem to care at all
I didn't buy or sell anything but I'm sure a lot of people including myself would have bought some stocks because it has risen very fast recently. I think that robinhood does have a right to stop traiding on their platforms because it's their platforms and you should be able to do anything you want with something that is yours.
well on thursday they finally lifted all trading restrictions, so they definatly felt something that made them do that.
I didn't buy or sell during these times and I don't know anyone who did but I kinda wish I would've known about this sooner so I could've been involved. I think robinhood does have a right to stop trading on their platforms because it is their platform and they can do what they want with it.
i dont think that robin hood has any right to stop trading on their platform for those stocks that were rising up alot like that such as gamestop and amc and some others because thats taking money away from the poeple that were trading and i think they were just protecting the billionaires on wallstreet.
i didnt have anyone or heard anyone that i know personally that have bought or get involved with the stocks that had a huge rise but i did think it was pretty insane of it riseing so much so if i was old enough to invest i think i would of put some money in and see what i could get out of it.
I didn't buy any stocks however If I were eighteen I would have definitely bought Gamestop stocks along with AMC stocks. Once I turn eighteen will probably join the reddit community known as Stock market bets and then hopefully make millions in which I will buy a lamborghini with. In conclusion I wish I was 18 so I could buy Stock in the stock market.
I know very little about the stock market however one thing I have heard over the last week was about the large jump in Gamestop and AMC stock price. I have also heard that many billionaires lost money due to the crazy rise in the stock market. When I'm eighteen years old I will definitely invest into the stock market and take my chances at making my millions.
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