If I learned anything from watching Billions is that the fix is usually in and it is between the guys with lots and lots of money.<p>What an amazing inside trade -- knowing or forcing the Robinhood App to restrict the large majority of WallStreetBets from buying, and then shorting the hell out of it.<p>And they will probably get away with it too, which I also learned from watching Billions.
If you think about it, they basically stopped buying for the top 4 most mentioned stocks on WSB - <a href="https://stonks.news/wsb/summary/" rel="nofollow">https://stonks.news/wsb/summary/</a>
There might be another layer to this story. Citadel securities is one of the major market makers that handles orders for Robin hood. I'm guessing they most likely were given a heads up. Granted the hedge fund is separate from the market making business but who knows right
Citadel should not be able to prevent Robinhood from trading $GME. Robinhood routes trades to many other counterparties, detailed here:<p><a href="https://cdn.robinhood.com/assets/robinhood/legal/RHS%20SEC%20Rule%20606a%20and%20607%20Disclosure%20Report%20Q3%202020.pdf" rel="nofollow">https://cdn.robinhood.com/assets/robinhood/legal/RHS%20SEC%2...</a> from <a href="https://robinhood.com/us/en/about/legal/" rel="nofollow">https://robinhood.com/us/en/about/legal/</a>
Justin's "tip" was incorrect and he's spreading disinformation.<p>"To be clear, this was a risk-management decision, and was not made on the direction of the market makers we route to." - Robinhood[0]<p>[0]<a href="https://blog.robinhood.com/news/2021/1/28/an-update-on-market-volatility" rel="nofollow">https://blog.robinhood.com/news/2021/1/28/an-update-on-marke...</a>
while I have some sympathy for the "letting retail traders coordinate to cause havoc in the market probably isn't the best thing" argument...<p>lol fuck these guys, this apparently couldn't have happened to nicer people