Robinhood Reportedly Selling People’s GME Positions Without Warning, Investors Sue

Robinhood Reportedly Selling People’s GME Positions Without Warning, Investors Sue

Update 1445 EST: Users are starting to report that Robinhood is selling their GME shares without warning. Screenshots like the one below are starting to make their rounds on social media. Meanwhile, platforms like Webull and Merrill Edge have also joined in the restrictions.

Wow. this keeps getting crazier and crazier.

Meanwhile:

Interactive Brokers restricted GameStop trading to protect the market, says Chairman Peterffy

“We are concerned about the ability of the market and the clearing systems, through the onslaught of orders, to continue to provide liquidity. And we are concerned about the financial viability of intermediaries and the clearing houses,” he added."

The wheels on the entire system are spinning off.

Each day reveals a new revelation or confirms an old one. The toothpaste doesn't look like it's ever going back into the tube, imo.

Brave new world.

a reply to: loam

I'm confused.

Can you please explain what this means?

Who is "Robinhood"?

Whose shares are they selling?

I assume "GME" refers to Game Stop stock, correct?

Why?

What is the significance of this action?

Sorry for the dumb questions, but I don't get it.

Extreme corruption. Robinhood and Citadel directors need to be in prison for the bullcrap they pulled today.

This is insane, Wall Street is loosing their minds, the little guys finally figured out how to hit them where it hurts and they are pulling every dirty trick to try to stop us

but we are not stopping

everyone is holding with such diamond hands that exchanges are breaking federal law and selling without approval

If you are involved like I am, hold

Hold until they understand they don’t own us

Hold until they understand we are in control

Hold until the vampiric industry’s are forced back into their coffins

The sentiment circulating online is best exemplified by the joker standing in front of a burning pyramid of cash

“It’s not about the money, it’s about sending a message”

Watching this open fascism take place is amazing.

Well, that escalated quick...


21-CV-777 [PDF]



Hell just froze over...I agree with AOC on something. What in the twilight zone is going on...


twitter.com...

a reply to: Flyingclaydisk

There are quite a few youtube videos explaining the entire thing. I'd check there.

Meanwhile, the short version: RH is a retail investor trading platform, where a coordinated attack against shorts of GRE was engineered via a Reddit thread. Establishment freaked, halted trading for retail investors for the most part, but allowed institutional guys to keep trading. Now RH (and possibly others) are force selling retail positions.

Bottom line: Hedge funds are to be protected, while the little guy gets screwed. In other words, the establishment cheated once again.

Racists!

Uh oh, Mad Max on the prowl...

@hugolowell
Just in: House Financial Services chair Maxine Waters announces hearing on market instability amid Robinhood saga: “We must deal with hedge funds whose unethical conduct directly led to recent volatility.”
4:15 PM · Jan 28, 2021

The magnitude of the assault on Wall Street is kinda crazy when you put it all together:

Hedge funds —-> Robinhood

Bloomberg —> Reddit

Mutual funds, gold etc —> Crypto

IPO bankers —> SPACs

Early innings, but giant dislocation ahead.

a reply to: loam



That's obscene! This morning they were reporting the stock was at around $349!

I don’t use Robinhood, I use TD Ameritrade and I saw pop up messages yesterday saying some stocks would not be available for trading or would be restricted but they did not name them.
I assumed it was the GameStop stock but I do not have any.
But I have taken a big hit on the stocks that I do have just since Tuesday.

a reply to: Sookiechacha

It's going to take days or even months before people truly understand the impact of what happened today.

If people thought the curtain dropped during our political season, today showed where the real monsters live.

Pretty amazing stuff.

originally posted by: Quantumgamer1776
This is insane, Wall Street is loosing their minds, the little guys finally figured out how to hit them where it hurts and they are pulling every dirty trick to try to stop us

but we are not stopping

everyone is holding with such diamond hands that exchanges are breaking federal law and selling without approval

If you are involved like I am, hold

Hold until they understand they don’t own us

Hold until they understand we are in control

Hold until the vampiric industry’s are forced back into their coffins

The sentiment circulating online is best exemplified by the joker standing in front of a burning pyramid of cash

“It’s not about the money, it’s about sending a message”

Couldnt have said it better!

originally posted by: Flyingclaydisk
a reply to: loam

I'm confused.

Can you please explain what this means?

Who is "Robinhood"?

Whose shares are they selling?

I assume "GME" refers to Game Stop stock, correct?

Why?

What is the significance of this action?

Sorry for the dumb questions, but I don't get it.

Looks like robiinhood stepped to the plate for the bigshots with put contracts,
who are losing their bigshot ass due to sudden buyer interest, and simply
divested the holders of their shares, since, as I saw several times this afternoon,
there was an ask of $1,500, and on top of it, ZERO shares being offered.

Sort of warms the heart, because few persons are as obnoxious as are shorts.
Options in general are very very risky. I believe you have to have cash on the side
(or should) so you can bail out if things go bad, or you can be effed really bad.

Looks like investors are basically looking for securities with a large percentage of
puts (short positions) and simply placing a bunch of buy orders. It makes sense.
To have to weed through the remarks the shorts make, and 24/7, is exactly like
reading, say, the drivel coming from crats who are enthralled that their votes were
leveraged in their favor. They have no ethics nor do they care. We all know this.
Because gamestop was shorted in excess of 100 percent, which is rare, let’s just
say ‘some people did something’ with their money.


I have no idea how robinhood thinks they can get away with this.

# 1339

a reply to: Flyingclaydisk

It's convoluted, but basically a bunch of little guy investors leveraged their relief monies through Robinhood, a stock trading site to short-sell GameStop stock making values of its shares soar in price.

Normally, this is something only large HedgeFunds have the ability to do, but these investors used social media to coordinate their actions and outmaneuvered the big guys costing them potentially thousands to millions or more, and they're crying about it.

These actions -- shutting down the market, RobinHood blocking certain stocks and now selling them, are all reactions to the little guys getting uppity and beating the big guys with their own cheats.

originally posted by: TheWhiteKnight
I have no idea how robinhood thinks they can get away with this.

Years of the rule of law being abrogated?

I bet they get away with it.

originally posted by: Flyingclaydisk
a reply to: loam

I'm confused.

Can you please explain what this means?

Who is "Robinhood"?

Whose shares are they selling?

I assume "GME" refers to Game Stop stock, correct?

Why?

What is the significance of this action?

Sorry for the dumb questions, but I don't get it.

Little guys teamed up against giants and were winning, so the system (Robinhood & others) shut them down.
It hands down proved what we have all suspected, the Stock Market is RIGGED!!! Rigged Rigged!
The giants can make it swing any way they want and get away with it. It stinks to high heaven!

originally posted by: loam
a reply to: Sookiechacha

It's going to take days or even months before people truly understand the impact of what happened today.

If people thought the curtain dropped during our political season, today showed where the real monsters live.

Pretty amazing stuff.

So what do you think is going to happen?
There are so many that don’t understand how big this is, it’s HUGE!!

More regulation, will they put limits on how much stocks can go up in a day etc...
Will this just push things in other directions, crypto etc...

originally posted by: ketsuko
a reply to: Flyingclaydisk

... costing them potentially thousands to millions or more...

It literally cost them BILLIONS.

That's why the establishment is freaking out.

a reply to: ketsuko

It is going to cost robinhood many investor portfolios.
Billions.
These people will not forget.

If anyone thought it was bad being with a run of the mill
broker (Ameritrade) which basically bounces you
to a log in (to protect your security) whenever
the futures tick down, and then you can’t log in for an hour or two
as the market tumbles, because their servers are underpowered, well,,,,imagine
being on robinhood...they steal your shares!

Unforgivable!

I remember seeing a story on Ameritrade (they have side notes attending to stuff you own or watch)
yesterday, with some broker house writing about how gamestop is going to go below 10, lol.
I look up and it was $450. See, a lot of puts are based on things like covid fear junkies who like
to cast their fear, leverage it, by kicking a dog when it is down. Gamestop was one such victim, as
per the news story that was floating on Ameritrade. I think they doom it to fail since covid is here to stay,
the new normal, so we shouldn’t be hanging out in a game store. Besides, we say it is doomed.
Why won’t everyone listen, and obey?

They (Ameritrade) also have a ‘why is it moving’ box. I clicked on the gamestop explanation a few times
to look for how they would pass it off. First it was just ‘renewed buyer interest’. Now they are
explaining it is coming down because robinhood won’t let buyers purchase shares, and that
robinhood is ‘letting them close their position’.

Letting them close their position?

Is that like, talking with cops while someone is stealing your stuff, so they arrest you instead
because you said something about electricity....and then the jagoff ambulance driver walks you past
your former belongings, and points, while 9 guys escort you on board, and says ‘someone will want that’.
You notice he is on the phone, and then a car comes up to collect the snowblower, which
the approaching officer
wanted to know how much work it needed...does the engine have compression?



# 1340