Echoing GameStop saga, retail traders fuel Robinhood stock price hike
After a decidedly lackluster IPO debut last week, Robinhood shares have been wildly volatile in recent days, at one point skyrocketing by as much as 81% on the day. After making unwanted headlines with its disappointing initial public offering (IPO) debut on Nasdaq last week, shares in stock and cryptocurrency trading app Robinhood have seen wild volatility in recent days. In an ironic twist that saw the price of HOOD stocks soar by as much as 82% in one day, the app that has so often been the beneficiary of frenzied meme stock trading itself began to resemble the latest online craze.Since....
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Currently, users of popular stock and digital currency trading app Robinhood can’t move their crypto off the platform. Retail shareholders of crypto-friendly trading app Robinhood are demanding a crypto wallet along with a branded hat and hoodie, a public shareholders questionnaire revealed. The public question crowdsourcing platform Say, which was Robinhood’s first purchase after it went public, enabled retail shareholders of Robinhood to ask and upvote questions in a Reddit-style interface. “Management will address a selection of the most upvoted questions relating to Robinhood’s....
Traditional finance is a relic, and the GameStop saga is nothing but a prelude for what's to come: the real decentralization of money. Earlier this week, Elon Musk made history when he placed his full support behind Bitcoin (BTC) during a Clubhouse stream. When discussing Bitcoin and the GameStop debacle with Robinhood CEO Vlad Tenev, Musk said: “I am late to the party, but I am a supporter of Bitcoin.” This came a few days after Musk changed his Twitter profile, adding “Bitcoin” to his bio.Interestingly enough, Musk's public endorsement of Bitcoin comes at a time when legacy financial....
GameStop, which had been soaring for days on short squeezing and mass speculation, began tumbling after the major retail trading hub implemented the hold.
How many gallons of jet fuel does it take to send GameStop, Bitcoin and Dogecoin to the moon? Depending on where you stand on the GameStop saga, which saw organized retail traders extract $6 billion from Wall Street overnight, you may think someone should either take the matches away from Elon Musk, or give him more.The CEO and “Technoking” of Tesla was accused of pouring “jet fuel” on the GameStop short-squeeze at a critical moment by hedge fund manager David Einhorn, founder of Greenlight Capital, in a letter to investors published Thursday. Einhorn said Elon Musk and venture capitalist....
Regulators want to know the details of the GameStop short squeeze. Robinhood CEO Vlad Tenev will reportedly testify before the United States House Financial Services Committee over the firm’s role in the volatile trading of GameStop and other volatile stocks.According to a report by the American political publication Politico, Tenev is expected to participate in a virtual hearing headed by Representative Maxine Waters (D-Calif.) on Feb. 18. Politico’s report cited anonymous people familiar with the matter.Waters officially announced the Financial Services Committee’s plans to hold a....