The GameStop (NYSE:GME) saga that has gripped global markets for the past week is already having far-reaching implications for the financial industry. Regulators, analysts and participants alike are reeling (and rejoicing) at what has been one of the largest grass-roots financial movements to ‘stick it to the man’ in decades, or possibly longer. While hedge funds were the initial target of retail investors on the WallStreetBets (WSB) subreddit, it seems that the retail movement could pose a threat to the stability of other institutions operating in the financial industry, namely Robinhood.
We wanted to bankrupt Melvin and we ended up bankrupting Robinhood instead.
— BLUE KIRBY (@bluekirbyfi) January 28, 2021
Similarly, the term ‘delete Robinhood’ became more common on Twitter.
Robinhood was not immediately available for comment. Comments will be added to this piece as they are received.
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