Robinhood has been all over the news this past week, and probably for good reason.
Long story short (and to the best of my limited ability), a bunch of retail investors on Reddit (and lowly country music internet bloggers) jumped on a select group of stocks like GameStop, AMC, BlackBerry, and started driving the price up. Problem is, many large hedge funds, including Melvin Capital, had pretty significant short positions on these stocks.
Basically that means the hedge funds were betting on the price to go down, so the Redditors, who were using brokerage apps like Robinhood started buying it up to drive the price higher which makes the hedge funds have to buy it themselves to mitigate their loses… and it just goes up even more. Retail traders make more and the hot shots on Wall Street lose even more money… we’re talking BILLIONS.
It was a big victory for the “little guy” and a big middle finger to the suits on Wall Street… until Robinhood stopped allowing users to buy the aforementioned stocks.
I’m not going to get into the hairy details but it seemed like the big wigs on Wall Street pressured Robinhood into bailing them out and needless to say, people are PISSED. I mean, you’re name is Robinhood and now you’re helping out Prince John? Fuck off. Of course Robinhood claims that wasn’t the reason they put the freeze in place and they needed to pause to meet clearing house collateral requirements.
Either way, it looks shady as all hell. I mean, if Ted Cruz and AOC can agree that it’s shady, then it’s probably shady.
We’ll see what happens on Monday, but today (and the point of this entire article) is that one Robinhood user took to the skies to express his frustration.
He hired a plane with a banner that read SUCK MY NUTS ROBINHOOD to fly over the Robinhood headquarters in San Francisco.
It's happening. At 3-4:30pm PST a plane will be flying a banner over San Francisco that says
"SUCK MY NUTS ROBINHOOD"
and I slid the pilot some extra $$ to circle right above RobinHood's HQ for a while. Go take some photos, I don't even live there 😂