A Financial Protest

I’ve discussed popular events in the market before, and claimed that you must be living under a rock if you haven’t heard of said event. HOWEVER, if you haven’t heard what has been happening in the market the past two days, I can HEAVILY assure you that your mode of living is 100% under a form of rock. Probably the most powerful short squeeze since Volkswagen’s in 2008, Gamestop ($GME) rocketed to over $450 dollars this morning before crashing down due to market manipulation. Similar stocks such as $AMC, $NOK, $EXPR among others suffered a similar fate, after these stock were targeted by the subreddit r/wallstreetbets as a hard buy for all members and whoever else they could get to buy. A true show of American unity, these stocks rose incredible percentages on Wednesday. But, as mentioned in the previous post, major hedge funds lost billions of dollars due to this rise, and they were bailed out on Thursday. The majority of investing platforms banned the purchase of these stocks and only allowed those who already had the positions to sell them. This manipulation allowed the shorting hedge funds breathing room, but in turn made plenty of retail investors lose on their gains. This has caused an uproar in the world over how the small man once again is being sacrificed for the big money to get saved. Retail investors are not done however, they intend to continue to hold their positions and to continue to buy once the platforms allow for it once again on Friday. This is nothing short of a financial revolution, one I don’t think we have ever seen, and it will lead to plenty of legal trouble in the future. Robinhood has already had a plethora of law suits placed on it today and all eyes are pointing to see how the SEC will handle the platform’s blatant restriction of free market trading. All in all, this is a historic time for the market, will you be apart of this historical event?

-Darnel Shillingford

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