Citadel has backed MELVIN CAPITAL to the tune of $2.75 billion
Melvin Capital lost a fortune (over $3 billion) in this revolt because they had shorted GAMESTOP.
The more GameStop goes up, the more money they lose.
So Citadel/RobinHood banned their hundreds of thousands of users from buying shares of GameStop.
But they didn’t freeze the stock, they continued to allow users to sell the shares, just not buy any. The result was that the stock tanked (in the short term, it’s now back up).
This was blatant and overt market manipulation by a company who controlls stock purchases in order to protect their own investments.
Now Wall Street is pissed because regular people had the audacity to pool their money and use it in the same way these billionaires do every fucking day of the week to influence the markets to their own interests.
This isn’t a free market economy, it’s a rigged fucking oligarchy masquerading as a free market economy.
RunDNA on January 30th, 2021 at 02:43 UTC »
This whole situation is great free advertising for Reddit.
DangalfTheGray on January 30th, 2021 at 03:21 UTC »
As a fan of Pat Bagley, it's nice to see him getting noticed outside of Utah. He's brilliant.
onsonrog on January 30th, 2021 at 06:14 UTC »
RobinHood’s transactions are done through CITADEL
Citadel has backed MELVIN CAPITAL to the tune of $2.75 billion
Melvin Capital lost a fortune (over $3 billion) in this revolt because they had shorted GAMESTOP.
The more GameStop goes up, the more money they lose.
So Citadel/RobinHood banned their hundreds of thousands of users from buying shares of GameStop.
But they didn’t freeze the stock, they continued to allow users to sell the shares, just not buy any. The result was that the stock tanked (in the short term, it’s now back up).
This was blatant and overt market manipulation by a company who controlls stock purchases in order to protect their own investments.
Now Wall Street is pissed because regular people had the audacity to pool their money and use it in the same way these billionaires do every fucking day of the week to influence the markets to their own interests.
This isn’t a free market economy, it’s a rigged fucking oligarchy masquerading as a free market economy.