How Robinhood Started Stealing From The Poor To Give To The Rich
A best-selling fiction author could not have spun a more ironic tale so completely representative of our time. Just as an unprecedented situation COVID and lockdowns unfolded over the past year and led to massive gains for corporate titans like Walmart and Amazon while governments have crushed small businesses and individuals, a new, unprecedented situation has unfolded over the past week.
Spilling off the pages of Reddit to become a substantial threat to the stock market s stability is a microcosm of this tale of big business quashing the little guy, of Wall Street profiting despite the best, most subversive efforts of the underdogs. In short, what started out as a long stock play in a subreddit full of rocketship and diamond hand emojis and anti-elitist snark has fueled a form of class warfare that extends well beyond rhetoric. Big Tech and Wall Street are fighting back, and right now it appears they re winning.