Popular New York congresswoman Alexandra Ocasio-Cortez (AOC) recently ripped Robin Hood apart in an online interview. Her views were watched by hundreds of thousands of users as she discussed the GameStop stock market scenario, what led to it and how she feels about the whole episode. Robin Hood is an app that was used by many small traders who wanted to teach Wall Street a lesson and make good money from their GameStop shorting trades.
Ocasio-Cortez is part of a vocal progressive movement within the democratic party. Her style of politics involves advocating for working class Americans and criticism of big corporations and private entities like Wall Street itself. She believes that the system is rigged against the common man and it is the duty of the government to break up many of these failed institutions that are “too big to fail”.
When the GameStop situation started and regular redditors began to bet big on the stock market through apps like Robin Hood, it sent many hedge funds in a frenzy and scrambling for funds. However as the stock price increased to 20 times in just a few days, Robin Hood suspended trading amid fears of new bubbles and allegedly, under pressure from big investing groups. However, the public backlash was immediate and Robin Hood was ridiculed and criticized heavily for this move. The most biased detail about this ban was that it only suspended trading for smaller investors and the bigger ones could still trade the stock freely.
Congresswoman Ocasio-Cortez, who tries to back everyday struggles of common people against special interest lashed out against Robin Hood too. In a Twitch stream watched by hundreds of thousands of users, she said:
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.”
She is also part of the house financial committee which is set to start proceedings on stock market rules and regulations shortly. It is common knowledge that the power of hedge fund managers and the GameStop episode will be discussed heavily in those hearings. Robin Hood on the other hand has bowed down to the public outcry and has resumed GameStop trading on its app. This has led to a sharp recovery of the asset once again.
Elon Musk famously became part of the GameStop bull run and tweeted:
— Elon Musk (@elonmusk) January 26, 2021
Elon Musk has also famously pumped Bitcoin and more recently Dogecoin too. He just added Bitcoin to his Twitter profile as well. This might result in a Bitcoin boom as well.
Image source: under CC NRKbeta
Don’t worry, we hate spam too
one weekly digest, just the important stuff.