A post claiming to be from a Robinhood employee that has gone viral on Reddit alleges that the White House put pressure on the broker to halt buying of GameStop shares.
Retail traders were left fuming earlier today when Robinhood and other trading platforms curbed buying of stocks that the Reddit community WallStreetBets has targeted in its bid to bankrupt hedge funds.
Many saw this as a blatantly corrupt, and potentially criminal, move to rig the rules in order to protect the interests of multi-billionaire Wall Street financial interests that stand to lose vast sums of money if the stocks don’t plummet in value.
Now a person claiming to be a Robinhood employee claimed on Reddit that the Biden administration contacted the broker to pressure it to close trading on GME. The post has since gone viral, receiving over 23,000 upvotes.
The full post is reprinted below;
I work for Robinhood. Don’t kill me.
Low-level, technical shit, comp sciences major, not finance side.
Guess what we overhead today?
Vladimir, yes founder Vladimir, and the C-Suite, received calls from Sequoia Capital and the White House that pressured into closing trading on GME etc. I guarantee you the same took place at E-Trade and the others who closed trading.
File reports on the SEC page. If I wasn’t scared to be out of work in a pandemic I’d quit. I’m disgusted. We all need to rise up, this is as bad as it gets when we talk about how the rich get one set of rules, and the rest of us get screwed over, and over, and over again left to bail them out and pick up the tab for their trillion dollar tax breaks. We need to pile pressure on every government and financial institution involved in this travesty of justice.
I’m taking a massive career risk even posting here but fuck these motherfuckers.
The Biden White House said it was “monitoring” the GameStop situation yesterday but hasn’t announced any action publicly.
Over on the WallStreetBets Reddit forum, the consensus seems to be that the post is not believable, and may even be a ploy to panic GameStop stock holders into selling.
Meanwhile, in an email sent out in the last hour, Robinhood says it will allow “limited buys” of GameStop and other similar stocks tomorrow.