Within the eyes of some Robinhood staff, the inventory buying and selling app misplaced its means when it selected Thursday to cease shopping for “meme shares” like online game retailer GameStop, which Robinhood purchasers purchased to squeeze hedge funds. That they had guess that these shares would drop.
After applauding the sharp rise in shares of GameStop and different retailers that had been shortened by hedge funds, some Robinhood staff brazenly shared their frustration and confusion with colleagues concerning the sudden commerce restrictions, in accordance with an individual near the corporate. and worker feedback. that have been seen by The Data. They felt it went towards Robinhood’s acknowledged mission to “democratize finance” for particular person traders who earlier this week appeared to briefly flip the tables on Wall Avenue corporations, thanks partly to the enterprise app.