David Costing Goliath Billions

a reply to: FauxMulder

Hopefully you got out of your position and weren't force-sold. The handwriting was on the wall yesterday that some crazy action were looking like they could go down.

a reply to: AugustusMasonicus

Lol...I grabbed a couple during the dip this morning...worst case a night of casino fun wasted. Best case I get to make a few bucks and watch the big money eat sh*%! Not a bad way to spend a few hundo...

They still need shares and they need more than there is available to them...

Edit...thankfully I was unable to buy through RH and went to fidelity which aside from being slow hasn't limited my free market abilities or worse...robbed me.

a reply to: AugustusMasonicus

I bought that 10 dollar put for 25 bucks and sold it yesterday for 108. Dont know how the price on a put went up but it did so I'm ok!

I was just messing around anyway. 25 dollars is nothing and I would have let it expire worthless if need be.

a reply to: Arnie123

This is what I was talking about earlier. There are a crap ton of call options that need to be settled tomorrow. Problem is there are more shares needed than what's available. This is from the 136% shorts.

They are well and truly F-ed

a reply to: RickyD

This is not correct. Im in the reddit group right now.

Email I just recieved from robinhood

its been a tough day, and we’re grateful to you for being a Robinhood customer. In light of the extraordinary market conditions this week, we temporarily limited buying for certain securities this morning. Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed. 

This was a temporary decision made to best continue serving you, and was not an easy one to make. We know it’s led to frustration and confusion, and wanted to provide some clarity.

As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment. These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today.

To be clear, this decision was not made on the direction of any market maker we route to or other market participants.

The past year in particular has shown us that the financial markets are for everyone—not just institutional investors and hedge funds. We’ve seen a new generation enter the market, and they’re sparking conversations about what it means to be an investor. We stand in support of you, our customers. Democratizing finance for all means giving more people access, not less.

We’ll keep monitoring market conditions and will update this Help Center article with the latest changes. We also published a blog post regarding today’s events.

Thank you again for being a Robinhood customer. We’re so grateful for your support.

Sincerely,
The Robinhood Team

a reply to: FauxMulderYour response?

originally posted by: FauxMulder
Email I just recieved from robinhood

its been a tough day, and we’re grateful to you for being a Robinhood customer. In light of the extraordinary market conditions this week, we temporarily limited buying for certain securities this morning. Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed. 

This was a temporary decision made to best continue serving you, and was not an easy one to make. We know it’s led to frustration and confusion, and wanted to provide some clarity.

As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment. These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today.

To be clear, this decision was not made on the direction of any market maker we route to or other market participants.

The past year in particular has shown us that the financial markets are for everyone—not just institutional investors and hedge funds. We’ve seen a new generation enter the market, and they’re sparking conversations about what it means to be an investor. We stand in support of you, our customers. Democratizing finance for all means giving more people access, not less.

We’ll keep monitoring market conditions and will update this Help Center article with the latest changes. We also published a blog post regarding today’s events.

Thank you again for being a Robinhood customer. We’re so grateful for your support.

Sincerely,
The Robinhood Team

So basically they are screwing their customers.....oh they are going to get railroaded.

originally posted by: Arnie123
a reply to: FauxMulderYour response?

I would post it but I'd probably get a T&C violation

Been advising friends family and co-workers get out of robbing hood cash out and withdraw asap.

very anecdotal evidence of course but in my bubble everyone is cashing out of them and saw they have been review bombed on google play as well.

originally posted by: Irishhaf
Been advising friends family and co-workers get out of robbing hood cash out and withdraw asap.

very anecdotal evidence of course but in my bubble everyone is cashing out of them and saw they have been review bombed on google play as well.

They are cashing out at the lowest point as well.

Robinhood is done after this. No one is going to use such a horrible service.

a reply to: coop039

When I stumbled in yesterday they were at 1.5-2m or so...right now it's 5.2m. I could be recalling wrong by when I went to bed the sub had something like 3.5-4m. Their growth is 1# for any reddit sub atm.

a reply to: Ohanka

Both my kids use RH.
Is it going down?

a reply to: IAMTAT

Their CEO just had an interview with CNBC and I don't think it did him any favors...

originally posted by: IAMTAT
a reply to: Ohanka

Both my kids use RH.
Is it going down?

Not immediately but they should tell them to use a different platform. RH ironically rob from the poor and give to the rich.

a reply to: IAMTAT

Just watched interview with robinhood ceo on cnbc.

Hes not very good at communicating but he's saying they have to have a certain amount of deposits at their clearing houses. I dont think they had enough for the volume they're seeing on these stocks.

He said they've been the #1 ap on the ap store the last few days and they've never been #1 before. Just showing how many people were downloading to get in on the action.

Not sure i believe him. They're supposed to turn it back on tomorrow. We will see.

a reply to: FauxMulder

He said that comment about being #1 on app stores like 4 or 5 times...and shirked the real question about liquidity...

a reply to: RickyD

Yes and never truly answered WHY they made the decision.

Wish the guy would have asked about Citadel being both one of their backers and the hedge that bailed out Melvin

Here it is if anyone wants to watch

The CEO of Webull said the decision to join Robinhood in restricting AMC and GameStop trades came from soaring costs to settle its users trades:

"It wasn't our choice ... this has to do with settlement mechanics in the market."

This guy is waaay better at explaining

video