Current Events > Robinhood is selling GME stocks without the owners permission

(+) Yeah! (+)

They're denying it, of course.

https://www.theverge.com/2021/1/28/22254857/robinhood-gamestop-amc-shares-sold-surprised-users

That contradicts the stories of twelve people who spoke with The Verge, saying that the app unexpectedly sold off their holdings in some of these companies. Quite a number of Robinhood users expressed their surprise on social media today that the app was selling off their stakes, and we tracked down a dozen of them. These traders didnt believe they had prompted the sales, and they said they werent aware of anything on their account that would have automatically triggered them.

I didnt have any triggers to sell the stock whether it went up or down. I certainly wouldnt have put it at $197 when it had just been almost $500, Jett Flores, who said he was holding stock in GameStop and AMC through Robinhood, told The Verge.

Which apparently they are allowed to do because of their terms of service:

And though traders may be outraged by the surprise, Robinhoods terms of service grant it permission to close a traders position under a number of circumstances.

---

lol I'm pulling my money out of Robinhood and deleting it, fuck that shit

---

WHAT. THE. ACTUAL. FUCK?

Seriously, FUCK Robinhood! What a name to name your company to do the fucking opposite

---

I haven't seen any cases of this that weren't using margins - in which case, "fair, next." Would change my mind if I'm wrong.

---

So does robinhood have its own stock?

I wanna buy some when it crashes so I can profit off the rebound

---

ChocoboMogALT posted...

I haven't seen any cases of this that weren't using margins - in which case, "fair, next." Would change my mind if I'm wrong.

Supposedly these weren't margins buyers:

According to Robinhood, most of its actions have been calling in options to purchase shares a more aggressive move, but not unprecedented. But if users fully owned their shares, as these traders claim they did, selling the holdings would be far more unusual.

---

thronedfire2 posted...

So does robinhood have its own stock?

I wanna buy some when it crashes so I can profit off the rebound

It's set to go IPO in a few months lol. It's gonna get rekt.
---

Some of the people had margin shares or were buying with instant buying power. Its pretty messed up but thats the probably RH justification

They ram out of credit to cover all of the purchases. RH decided to create their own clearing house and it wasnt large enough to cover everything. So yes, pull out of RH its trashola and theyre probably going to be looking at serious charges

---

fair, next

jk

---

This whole thing is so bizarre. Gamestop and AMC are getting a miracle and Robinhood is shitting the bed at like the worst time.

---

i keep hearing people saying RobinHood didn't have the moneys to cover it so that was the reason. If that was the reason should they have done that for everything. Just doing to GME clearly shows market fixing.

---

Doom_Art posted...

fair, next

jk

Liar.

---

Ving_Rhames posted...

Liar.

?

---

if true, these people deserve jail time

---

Doom_Art posted...

?

You lied when you made your joke ( lol)

---

says who?

---