The Trading Drama
After the stock prices of GameStop were driven up due to a mass frenzy of independent traders egged on by social media, who then set their sights on movie theater company AMC, causing a "short squeeze" and costing establishment hedge funds billions of dollars, Robinhood stepped in to limit their customers from buying and trading the so-called "meme stocks." It was a highly contested move.
In recent days, Tenev has appeared on multiple cable news networks, where he was roasted on air by the likes of CNN's Chris Cuomo and CNBC's Andrew Ross Sorkin. People across the internet have called for him to be put in jail. Nevertheless, the CEO defended the decision, saying it was a preemptive measure for "unprecedented times."
"In order to protect the firm and protect our customers, we had to limit buying in these stocks."
While Tenev certainly betrayed Robinhood's mission of being on the side of the little guy, he did achieve one thing: uniting the nation in its targeted hatred of him. Quite a feat.