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A GameStop store in 2014. GameStop, an American chain of brick-and-mortar video game stores, had struggled in the years leading up to the short squeeze due to competition from digital distribution services, as well as the economic effects of the COVID-19 pandemic, which reduced the number of people who shopped in-person.
A GameStop store in a mall. In September 2019, Gill, under the username "u/DeepFuckingValue", posted on the subreddit r/wallstreetbets a screenshot of a trade consisting of a roughly $53,000 long position in GameStop; [8] Gill's Reddit posts and YouTube videos argued (through both fundamental and technical analysis) that the stock was undervalued. [3]
In the aftermath, post text shows how several of the individuals were affected: Plotkin was forced to shut down Melvin Capital because of the net losses the incident caused; Robinhood was the target of several lawsuits following the fiasco and wound up starting in the stock market significantly lower than it was prior; Harmony was able to use ...
Robinhood's lastest quarterly results showed that the company's revenue from options trading has continued to balloon as retail investors — or traders — embrace the derivative.
Robinhood’s gradual expansion follows a turbulent number of years for the platform, where it has grown users and revenues by millions while courting its fair share of controversy.
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CIO Gabe Plotkin testified to the House Financial Services Committee about Melvin Capital's involvement in the GameStop short squeeze in 2021. Plotkin founded Melvin Capital, after leaving SAC in late 2014, naming the fund after his late grandfather who was a small-business owner. [1]
A Robinhood spokesperson also said Robinhood is on pace to more than double its support staff from 2020. According to a blog post in June, Robinhood has 2,700 employees working in customer service ...