Robinhood: Stealing from the Poor to Give to the Rich
February 3, 2021
In late January, a band of merry men (and women) organized via Reddit and other Internet forums to stick it to The Man. They began buying shares of failing retail chain GameStop to drive its stock price up.
Their target: Wall Street hedge funds engaged in the tactic of "shorting" GameStop's stock.
Their main weapon: Robinhood, an app which allows pretty much anyone to buy stock in small amounts. Its stated mission is to "democratize finance for all."
You've probably read 20 explanations of "shorting" by now, so I'll keep it simple: To "short" a stock is to bet that its price will go down.