Disclaimer, this is not financial advice in any way.
Robinhood a company that claims to “Democratize finance for all” is now limiting the ability of the little man to make money in the name of protecting a few billionaires. Robinhood has banned the trading of GameStop and AMC and few other stocks that were being pushed heavily on the reddit forum wallstreetbets. Robinhood is only doing this because they are owned by a hedge fund which owns a hedge fund who is currently shorting GameStop. Not only is this extremely unethical, it should be considered illegal and I would encourage you to delete your Robinhood account as soon as possible like I have.
How is this not market manipulation? I would love for someone to explain to me how this is not illegal. The stock market literally is manipulation, countless hedge funds and billionaires use it to their advantage everyday. Yet when the average joe decides to buy stock because a reddit forum said so that’s manipulation? This whole thing started because hedge funds were short selling these stocks, which is also market manipulation by the way. The stock market is no longer a free market, it is only free for the billionaires and all the hedge funds. That’s what’s really disgusting about this, millions of Americans lost all their money in 2008, yet no one from wall street was ever punished. Wall Street’s sole purpose is to make the rich richer. That’s why they are terrified with the notion of a regular person making money through the stock market. Any form of dissent will not be tolerated, they want us to stay poor so they can stay rich.
As I am currently writing this AMC is now down to $7 a share after previously being up as high as $19 yesterday. Absolutely disgusting. This is all because they won’t let people buy the stock. The free market is no longer free. I have one final message, if you work for Robinhood, you can go fuck yourself.