Robinhood CEO admits communications shortcomings, ahead of House testimony

Reuters2021-02-14

By John McCrank NEW YORK, Feb 13 (Reuters) - Robinhood, the trading apppopular with young investors, could have better explained why itrestricted the buying of heavily shorted stocks caught up in ...

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VileHero
2021-02-17
VileHero
Open secret: Robinhood is in bed with the hedge funds to screw retail investors!

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The CEOs of CitadelSecurities, Melvin Capital and Reddit will also testify.\n Robinhood did not respond to a request for comment.\n Robinhood outraged many of its customers when on Jan. 28 itrestricted the buying of 13 heavily shorted stocks that had beendriven to record highs, including GameStop, whose shares hadsurged more than 1,600%.\n The moves were due in part to retail investors coordinatingon sites like Reddit’s WallStreetBets to drive prices higher andforce hedge funds like Melvin to unwind their bearish positions.Several other brokers also restricted trading in the shares.\n Tenev said the restrictions were necessary due to a largeincrease in deposit requirements by a post-trade regulator, butthat was not spelled out in automated emails sent to Robinhoodcustomers early on Jan. 28.\n \"As soon as those emails went out, the conspiracy theoriesstarted coming, so my phone was blowing up with, 'how could youdo this, how could you be on the side of the hedge funds,'\" hesaid.\n \"We probably could have offered more detail into that withthe foresight that maybe customers would think that a hedge fundforced us to do it,\" he later said.(Reporting by John McCrank; Editing by Steve Orlofsky)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":385718612,"gmtCreate":1613575670136,"gmtModify":1704882335368,"author":{"id":"3574939341928396","authorId":"3574939341928396","authorIdStr":"3574939341928396","name":"VileHero","avatar":"https://static.tigerbbs.com/f5060bf09fb4a640bb43a992f62f4f10","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3574939341928396"},"htmlText":"Open secret:&nbsp;Robinhood is in bed with the hedge funds to screw retail investors!&nbsp;","listText":"Open secret:&nbsp;Robinhood is in bed with the hedge funds to screw retail investors!&nbsp;","text":"Open secret: Robinhood is in bed with the hedge funds to screw retail investors!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385718612","repostId":2111707767,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2111707767"}