As the kids say, this is how you clear a b!t¢h.
The saga of GameStop and Robinhood is one of several events that have already left an indelible mark on the world in the first 30 days of 2021. There are confusion and chaos and a lot of people still have no idea what the hell is going on. We did our best to explain it yesterday with the help of a bubble-bathed Trevor Noah but it’s still a very confusing concept.
On top of all the confusion, Robinhood made things ten times worse when they announced that they would be suspending transactions for GameStop and AMC as users flocked to the viral stocks in hopes of turning a couple of dollars profit. The move made it seem as if they were protecting the rich hedge fund organizations and leaving the average Joe out to dry.
The company’s CEO, Vlad Tenev, appeared on Chris Cuomo‘s show on CNN to talk about the decision and the steely anchor gave him absolutely no oxygen to spin the idea that Robinhood wasn’t being controlled by big money interests.
It was delicious and the internet ate it up so much that Cuomo’s name is still trending as we speak.
Even Don Lemon had to remark at Cuomo’s resolve during their nightly handoff.
Robinhood has become increasingly popular over the last month amongst amateur investors looking to get their feet wet within the world of investing with its user-friendly setup.
Some believe the company may not have had enough funds to support the amount of sporadic trading that occurred during yesterday’s GameStop buying frenzy.
According to The New York Times, the investment platform was trying to “raise over 1.5 million from existing investors to bridge a cash shortfall.”
Due to the sudden influx of GameStop shares being purchased, the sharp uptick put a major financial strain on Robinhood who simultaneously had to figure out a way to pay investors money that they were owned from trades while keeping their major investors safe from potential losses.
We’re still side-eyeing Robinhood!
Those guys are rich and they’ll all be just fine. F**k ’em.