Recent Drama with Wall Street


With recent drama about the stock market and how the commission free app Robinhood has been pulled into a lawsuit for illegal action of blocking or putting a limit to how shares a person can buy a share of GameStop. This all began with a Reddit community banding together to punish Wall Street investors who had bet against GameStop shares. The platform that most users used as a weapon to attack Wall Street was through Robinhood and some other similar platforms to push shares of a beaten down game retailer 14,300% higher over the past few months, making short selling hedge funds howl in pain. Which means if you put in just $200 before this whole drama began then it’d be worth $28,600.
Since then the share price has slowly been dropping as people are selling out for profit, however there has been a movement throughout Reddit to hold their shares of the company so hedge funds can’t buy more shares of the company and in return to that response Robinhood has restricted purchase and sell of GameStop to small investors which has caused rage and protest throughout parts of the country.
The small investors are furious, because they should be free to purchase and sell however much shares they want regardless of price and profit amounts. Because of the recent events Robinhood jumped to the top of Apple’s App Store and has landed 2.6 million daily active users. Robinhood has said this Friday they’ll lift restrictions after being filed for seeking class action status. This is the first time in history a reddit or blog page community has united and have influenced a stock.