A lot of voices—rookie and seasoned—gave their two cents on the GameStop/Robinhood/Wall Street-Gate. We compiled a few to keep you in the know.
Word on the street is …
First, a candid opener from Elon Musk: “In retrospect, it was inevitable.”
An interesting crusader in GameStop-gate is Dave Portnoy, the founder of Barstool Sports. On the topic of blocking users from buying certain stocks, he said that “everybody on Wall Street who had a hand in today’s crime needs to go to prison.”
He’s been going after Robinhood CEO Vlad Tenev on Twitter as well as in news appearances on Fox Business and CNN.
“Don’t let the crooks win @RobinhoodApp”
Redditors played the hedge funds’ own game against them. Sen. Elizabeth Warren says this is what happens “when the SEC won’t stop market manipulation … we need a cop on the beat to do their jobs.” (SEC = Securities and Exchange Commission)
She also tweeted out a letter she sent to the SEC saying the GameStop situation “interferes with the ‘fair, orderly, and efficient’ function of the market” and that it negatively affects GameStop workers and customers. Mark Cuban replied that a better way to help workers is to “incentivize companies to offer shares to ALL WORKERS.”
Cuban also says that “the SEC protects no one but the jobs of their own lawyers.”
Cuban has been offering trading advice to retail investors, saying that the situation is “one more way that Wall St (sic) takes advantage of the little guy.”
On another note, the former SEC commissioner said on CNBC that retail investors’ GameStop move was “not unlike what we saw on January 6 at the Capitol.”
Canadian writer and day trader Andrew Aziz replied to Elon Musk and Congresswoman Alexandria Ocasio-Cortez (AOC) jokingly asking if there was a coup d’etat happening against Robinhood traders.
AOC said that Wall Streeters were rightfully beaten at their own game.
And when AOC tweeted about the double standard on Wall Street and that she would support a hearing, Sen. Ted Cruz agreed, showing connection across the aisle. However, she later tweeted that she won’t work with him because he “tried to get [her] killed.”
Showing more support from conservatives was Donald Trump Jr., tweeting that “big tech is at it again,” referring to Google Play removing negative reviews from the Robinhood app.
But not everyone is seeing the GameStop situation as the little guys versus the big guys. Charlie Gasparino, a Fox Business journalist, said that the Robinhood “lockout had ZERO to do w (sic) the class warfare garbage.”
And Jim Cramer, host of “Mad Money” on CNBC, is calling for GameStop to disclose to everyone that their quarter doesn’t match up with the stock prices.
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