In a bid to stay busy throughout the past year many of us have taken to finding new hobbies and habits to fill out the time – some have been harmless bits of fun, a big change to online entertainment for TV and movie as theatres and cinema have remained unavailable, a change to esports as regular sporting found cancellations and postponement with betting being possible too when looking at esportsbitting.site as a new favourite pastime was developed – but some have taken to other habits, as a big play on the stock market has emerged in early 2021.
Whilst the big, short squeeze of GameStop and other stocks currently is an entirely different matter, a lot of focus over the past day or two has been focused on the trading platform Robinhood, and other similar options, as due to the changing impact of the market for some time the platform decided to block all buy orders on specific stocks. Given the amount of attention being paid to what’s happening, it seems like a very strange choice to make and has spurred many to build a class action lawsuit against the company for losses that could be sustained with the inability to buy or sell when needed, particularly with such a volatile market space, and with further reports that the parent company behind Robinhood had done so purely to protect the investors that the squeeze had been working again.
(Image from timesnowcanada.com)
Many public figures have spoken out about the change too, but other CEOs of similar trading apps that had to take a similar approach have since interviewed about why the change was made – and it simply comes down to a shortage of availability for the stocks to fill the remaining buy orders which makes sense, but then it raises the question of why this hadn’t been noted as the identified problem and instead just a blanket prevention of the block to buying without any information given to customers. With little pressure being let up on the apps that did block buy orders for an entire day, there will be a lot of questions asked about why things weren’t handled different, and perhaps even changes to rulings that makes doing the same more difficult in future – but with the big wall street hedge funds supposedly already being down over $70 billion in just a few weeks, there’s a chance any growing class action suit could take much longer to go through whilst the whole situation falls under investigation, and a look at what determination can be made from this.
