Wall Street has been in an absolute state of disarray over the last couple of days due to the situation with WallStreetBets and GameStop. After realizing that a massive hedge fund was shorting GameStop stock, many retail investors flocked to the stock in an effort to drive up the prices. For the most part, this strategy has paid off although today, Wall Street tried to put a stop to it. Trading apps like Robinhood put a hold on the buying of GME stocks, which led to speculation that the billionaires were trying to rig the game in their own favor.
Some of the biggest American politicians were outraged by the move, with Alexandria Ocasio-Cortez calling for Robinhood and many others to be investigated. AOC even drew support from the likes of Elon Musk who simply said: "agreed."
"This is unacceptable. We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit," AOC wrote. "As a member of the Financial Services Cmte, I’d support a hearing if necessary."
While GME closed at $190 today, the after-hours has seen immense growth with shares at $340 a pop. Essentially, the holders are about to go to the moon come Friday morning.
Let us know if you're holding onto any of these stocks, in the comments below.
