Tesco
The Silicon Valley Start-Up That Caused Wall Street Chaos
Article

The Silicon Valley Start-Up That Caused Wall Street Chaos

Nathaniel Popper, Matt Phillips, Kate Kelly and Tara Siegel Bernard
The New York Times, 2021
Read the article

Read or listen offline

  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×

Editorial Rating

7

Qualities

  • Eye Opening
  • Overview
  • Hot Topic

Recommendation

In January 2021, retail investors rallied to purchase the shares of GameStop, AMC and Blackberry, on which several Wall Street hedge funds held massive short positions. The buyers launched their offensive from the no-fee online trading platform Robinhood. The prolonged attack cost some hedge funds billions of dollars, and it nearly brought down Robinhood. In this compelling investigative article, New York Times journalists examine the purported Wall Street disrupter that nonetheless found itself at the mercy of the traditional financial system.

Take-Aways

  • Robinhood seeks to upend the conventions of Wall Street.
  • The GameStop incident revealed that the investing platform relies on the very establishment it wants to disrupt.
  • Robinhood had governance challenges before the GameStop fiasco.

About the Authors

Nathaniel Popper et al. are journalists at The New York Times.

Comment on this summary or Iniciar a Discussão