Through many different stories robinhood is always depicted as a man of the people. Steal from the rich give to the poor. And that’s what many people thought the stockbroker app was a sort of steal from the rich by not making the average joe pay broker fees.
What was once a well liked app among young people and new investors and some veterans has quickly turned sour ever since the Reddit page wallstreetbets shot the stock GameStop up nearly 1800% in the last month.
Because of this crazy pump CEO Of Robinhood Vlad Tenev believed he had no choice but to restrict buyers from selling their shares cause millions in profit to be lost by Robinhood app users. Needless to say the public was not happy at all.
Now because of this unwise decision it may have but Robinhoods IPO launch to a bad start as investors are banning together with the hashtag #shortrobinhoodipo. It’s difficult to tell if it really had any impact but opening day of the stock $HOOD opened at $38 and ended the day in the after market with $34.85
I’m not saying anything but only time will tell but truthfully maybe the market is finally turning around for the average joe maybe robinhood was never the savor of the people but the common enemy that actually brings people together. Or maybe I’m just hyping up a fantasy of ecstasy.