77% of respondents imagine Robinhood’s restriction of memes shares throughout GameStop frenzy was market manipulation, new report finds
- A survey of 1,300 folks discovered that 77% believed that Robinhood’s restriction of sure shares in January was market manipulation.
- The survey discovered that 39% felt the occasion as a complete was “thrilling and good”, whereas 17% felt it was “thrilling however a foul funding”.
- 28% mentioned Robinhood’s binge was chaotic in a optimistic method, whereas 15% felt it was damaging.
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A survey by an information analytics firm Invisibly discovered that 77% of individuals imagine Robinhood’s restriction of sure shares throughout the peak of the Reddit-fueled frenzy quantities to market manipulation.
The Robinhood commission-free buying and selling app has confronted intensive backlash and scrutiny within the weeks following the brief Reddit-fueled squeeze in January, with CEO Vlad Tenev grilled by lawmakers throughout the listening to of the February congress on the corporate’s determination to limit the acquisition of many “meme shares” on the coronary heart of the saga.
This determination put the wind within the enterprise dynamics and marked the tip of the phenomenon of retail merchants in January.
Now a current research Evaluation of Invisably knowledge revealed that almost all of respondents imagine Robinhood’s restriction of meme shares was market manipulation.
The research, which surveyed 1,300 folks within the first week of February, additionally discovered that 39% felt the market mania was “thrilling and good” for buyers, whereas 17% felt it was. “Thrilling however a foul funding”.
28% mentioned the commerce phenomenon was a optimistic occasion and that “shaking issues up on occasion is an efficient factor”, whereas 15% felt it was detrimental to the markets. In the meantime, 40% of these polled imagine Robinhood and different retail providers have curtailed some shares to assist hedge funds.
The investigation paints a vivid image of the general public’s notion of what occurred on the finish of January, though Robinhood mentioned it restricted buying and selling in some shares as a consequence of calls for from the Home of Commons. compensation.
GameStop shares rapidly climbed over 400% earlier than falling again to earth following restrictions from Robinhood and different brokers. The occasion has caught the eye of lawmakers and regulators, with the primary of three scheduled hearings going down final month. Congress heard from Robinhood CEO, famend GameStop retail investor Keith “Roaring Kitty” Gill and Citadel CEO Ken Griffin.