Elon Musk has released a series of tweets that are about Robinhood's updated stock trading policies that have prohibited retail investors from joining the parade and trend of the growing GameStop and AMC investments. The popular app is now involved in a controversy after being famous for its massive trading opportunities.
The world-renowned Tesla and SpaceX CEO, entrepreneur, and tech mogul, Elon Musk, has called out Robinhood for its alleged "unfair" policies in trading saying that it is "BS" and has been observing a "shorting scam." Its platform has been one of the top destinations for people to invest stocks, as the brokerage firm grew during the recent events.
The pandemic has been one of the huge benefactors to Robinhood Market and its growth to becoming one of the top choices for investing and trading stocks in the present time. Over the past weeks, it has been a rollercoaster ride for stock trading, as a record for GameStop has been achieved, and projected to earn more because of Musk.
Elon Musk Calls Out Robinhood for 'BS' Shorting Scam
After tweeting several statements about the growth of GameStop, Elon Musk (@elonmusk) is back again on the platform and this time, he brought analogies and subtle words that point against Robinhood and its policies. The CEO has called the app market now because of its unfair trading policies that prohibited retail investors from buying shares.
On the other hand, hedge funds, or liquid assets, are "freely" and able to buy, sell, and trade the said stocks as they see fit. People have been tweeting about this controversy that centered on Robinhood, with some people agreeing because it allows the "small-time" to profit and benefit from stock trading.
u can’t sell houses u don’t own— Elon Musk (@elonmusk) January 28, 2021
u can’t sell cars u don’t own
u *can* sell stock u don’t own!?
this is bs – shorting is a scam
legal only for vestigial reasons
However, Musk is not a fan of this, saying that what Robinhood did was 'BS' and a shorting scam in terms of the so-called "rules of the trade." Elon Musk has released several tweets regarding Robinhood's stock trading that several of his fans are eager to join in the thread and express their sentiments against the app, also adding that its negative reviews are deleted in the App Store.
Here come the shorty apologists— Elon Musk (@elonmusk) January 28, 2021
Give them no respect
Robinhood Updates: GameStop, AMC Now Available for Trading
In a recent report from the New York Times, GameStop and AMC have been rallying in recent times against Robinhood and its policies that blocked stock trading from the company in its platform. However, Robinhood said that it would update its systems to allow $GME and $AMC to trade stocks on the platform, especially for users who join in on the stock trade.
This article is owned by Tech Times
Written by Isaiah Alonzo