So here we are: about to have a hearing about GameStonk. Robinhood CEO Vlad Tenev is going to have to explain himself tomorrow. What happens next for Robinhood?
Perhaps you recall last month, when GameStop stock shot up by as much as 500 percent, hitting a peak of $483 on January 28th, thanks largely to memes and a shitposting finance subreddit. (I’m sure there will be entire academic books written on r/WallStreetBets. There is a paper already.) Many of the retail traders involved in the GameStop buying frenzy were using Robinhood, and the company became part of the meme — even though it had to limit trades on GameStop. The run-up had a populist theme: the little guys were gonna