If you aren’t exactly sure what’s happening with the Redditor-fueled GameStop (and AMC) mayhem, you’re not alone (that’s where The Daily Show‘s alternative to Margot Robbie might come in handy). The chaos has been sparking Wall Street anxiety for at least a week, and it all began when the flagging stock of GameStop (a brick and mortar operation that sells physical copies of games, which can more conveniently be streamed) began skyrocketing. The WallStreetBets Subreddit had led the charge and also sent AMC stock soaring in a move that might just save movie theaters.
Well, none of this sat too well with the Wall Street big boys, especially when the GameStop stock frenzy crashed a hedge fund that made a ton of money when Cyberpunk 2077 flopped. Days later, and GameStop was still soaring and even briefly topped $500 a share during early Thursday trading after another massive rally on Wednesday. Well, someone must have pressed hard for an end to the madness, or brokerages are growing nervous about retaliation or… some other financially punitive repercussion (by the more typically powerful traders or even the government).
This led to TD Americatrade temporarily restricting trading on both GameStop and AMC on Wednesday before thinking better of the move and reversing course with an apology (after a backlash). Well, this didn’t stop Robinhood Interactive Brokers from deciding to restrict GameStop trading on Thursday, which is an ironic move because it’s apparent that any claims of “market manipulation” (by Redditors) aren’t acknowledging how hedge funders (like those on Showtime’s Billions) already do this on the regular.
In any event, Robinhood boasts “Democratizing finance for all” as one of its slogans. The company holds itself out as a free-stock trading pioneer, and this 2016 tweet (“Let the people trade”) is now attracting a lot of attention.
Let the people trade.
— Robinhood (@RobinhoodApp) March 23, 2016
All of this has led to justifiable responses (on Twitter) about the free market putting on the brakes because the wealthy are losing money due to this Subreddit/GameStop rally. People are angry as heck because, yes, the market is being manipulated again under the guise of halting market manipulation. It’s very circular, given that the GameStop rally began as a means to illustrate (and maybe even punish) those who profit big time from manipulating the market.
Wall Street: “We want a free market”
The Internet: “Okay, so we are going to collectively buy this stock to punish you for manipulating the market”
Wall Street: “AAAHGHGH NOOO NOT THAT KIND OF FREE MARKET PLEASE DONT GOOGLE WHAT SHORTING A STOCK MEANS YOU ARE POOR PLEASE STOP”
— Jonathan Young (@JonathanYMusic) January 27, 2021
You can no longer buy GameStop stock on Robinhood. Ditto Nokia, AMC, and all the other stocks that had been shorted.
The free market is only free until rich people lose money.
— Yvette, exiled Queen of the Seychelles. (@TheSciBabe) January 28, 2021
There is no free market.
There is only a manipulated market that is built to enrich hedge funds.
The “capitalists” on Wall Street are being exposed as a bunch of cry babies who aren’t actually that smart.
If they were so good, why not compete in the free market??
— Pomp
(@APompliano) January 28, 2021
This Gamestock thing is so reminiscent of accounts of the late 1920s it’s making me a little nauseous
— Christopher Hooks (@cd_hooks) January 28, 2021
Disclaimer: the “free market” is just an abstract idea. @RobinhoodApp pic.twitter.com/wRkI3DoU28
— Tristan Kay (@ayyTristanKay) January 28, 2021
Hey @RobinhoodApp, do you like Imagine Dragons? pic.twitter.com/ibtz4J5jWV
— Isaac (@WorldofIsaac) January 28, 2021
Just so everyone knows, @RobinhoodApp isn’t allowing people to buy shares of certain stocks.
If you’re wondering what actual market manipulation looks like.
— Isaac (@WorldofIsaac) January 28, 2021
I don’t think people truly comprehend what’s going on.
If you allow selling and not buying of the same stock, it creates a panic sell situation which generally leads to a price drop……
WHICH IS EXACTLY WHAT THE PEOPLE IN A SHORT POSITION NEED
— Isaac (@WorldofIsaac) January 28, 2021
Love look @RobinhoodApp decision makers getting ready for work. #corrupt pic.twitter.com/EiAnSsyoYv
— Mike Ketterer (@4kcrew) January 28, 2021
Why did @RobinhoodApp pull the ability to buy $AMC and $BB today? You could as of yesterday, are they bowing to corporate pressure? pic.twitter.com/SBjVIkdpwB
— Charlie Riley (@Charlieriley) January 28, 2021
There is no free market.
There is only a manipulated market that is built to enrich hedge funds.
The “capitalists” on Wall Street are being exposed as a bunch of cry babies who aren’t actually that smart.
If they were so good, why not compete in the free market??
— Pomp
The fact that both $AMC and $GME have already been halted today should tell you everything you need to know about how “free” our free market really is.
— Phahrenheit Phil (@upsidedownman) January 28, 2021
Even Fyre Fest co-founder Ja Rule has weighed in.
Yo this is a fucking CRIME what @RobinhoodApp is doing DO NOT SELL!!! HOLD THE LINE… WTF
— Ja Rule (@jarule) January 28, 2021
The Biden Administration has yet to step into this mess but is said to be “monitoring” the situation. As if Joe Biden didn’t already have enough to deal with this month, right? This isn’t over yet.