Elon Musk is standing by Rep. Alexandria Ocasio-Cortez’s stance against the stock trading app Robinhood.
Ocasio-Cortez has asked for a House Financial Services Committee hearing regarding the app’s decision to stop trading GameStop stock, a decision that angered investors.
“This is unacceptable,” Ocasio-Cortez tweeted after the news of the halted trading began to circulate. “We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. ” Musk tweeted “absolutely,” under her post.
This is unacceptable.
We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit.
As a member of the Financial Services Cmte, I’d support a hearing if necessary. https://t.co/4Qyrolgzyt
— Alexandria Ocasio-Cortez (@AOC) January 28, 2021
Musk also said “shorting is a scam” in a separate tweet criticizing Robinhood.
u can’t sell houses u don’t own
u can’t sell cars u don’t own
but
u *can* sell stock u don’t own!?
this is bs – shorting is a scam
legal only for vestigial reasons— Elon Musk (@elonmusk) January 28, 2021
Robinhood and a few other trading platforms abruptly stopped buyers from purchasing shares of several companies whose stock prices rose drastically after day traders came together on Reddit and purchased large quantities of shares and options.
Several others have voiced their support for AOC, including Ted Cruz. However, she refused his alliance due to his involvement with attempting to overturn the results of the 2020 election.
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