Financial ties between Robinhood and funds shorting GME fall under scrutiny
The connections between trading app Robinhood, Citadel hedge fund, Melvin Capital, and GameStop (NYSE:) are becoming clearer as the Internet burns with outrage over allegations of market manipulation.
Melvin Capital was one of the biggest players short-selling GameStop stock, or GME. When a number of Redditors — and gamers — on the r/Wallstreetbets subreddit pushed back against institutions trying to financially destroy the popular brick and mortar video game store, the price of GameStop shares shot up. This effectively turned the tables on Melvin and left the firm vulnerable, with its investors likely to lose billions.
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