don t go for the grand slam.take the home run. you ve already won. - you re putting a restrictionon a stock, and it s causing that stockto lose value. and i can t do anything aboutit. not only that,but the only thing to save it is to buy more stockto make it to drive the pricethe other way. i can t do that. - if they hadn t cutthe supply of shares off when they did, the stock would have goneinto the thousands, multiple thousands.as you can imagine, that pisseda lot of people off. - there s going to bea big fuck you that you can t stop this. it s coming.they want 1,000% worse. [interposing voices] - if you re interestedin pursuing a lawsuit against robinhood,td ameritrade. [interposing voices] i didn t hear one personon tv complaining about wall street tryingto crush gamestop. 140% short.
woman: so i m at the gym,naturally all my stories. and this is beforethe 9:30 market opens. this is a thursday. and my portfolio is set. it s cute.so i m looking at it, and every single numberis popping, popping, popping. and isee gamestop hit i think it was like $467,$497, something like that. i m going in there. i m like, oh, maybe i llbuy one more amc. it s like, i m sorry. you already have a certainamount. you can t buy more. and all of asudden you see a doom. and i m just like,what the fuck? - we re seeing reportsthat robinhood is restricting purchasesof some of these stocks, including gamestop andamc. chris garcia:i wake up that morning, right? one of my buddies hits me up,and he goes, hey, man. you can t buy.i m like, what do you meanyou can t buy? he goes, go on to robinhood. - kelly, robinhoodstopped trading. robinhood stopped trading.you need to sell.
be transparent. man:the irony of this entire thing is that robinhoodprovided a platform for all these investorsto pour into the market, and they added hundredsof thousands of new accounts. people wanted to attackwall street, and thereality of the situation is they broke robin hood. mr. tenev, you took from your customers in orderto minimize the $3 billion from being largerthan it probably would have been because you wantedto protect your position, and that is very troubling. - they had to sacrificesomebody in order to resolve this, and they sacrificed the peoplethat wanted to diamond hands their gamestop. and a lot of peoplelost a lot of money. andy barr:so if anyone has a problem with your decisionto halt trades, it s fair to say thattheir frustration should be directed towardfederal regulation. vlad tenev:congressman, you know, i m not trying to throwanyone under the bus in direct frustrationanywhere. all i cansay is robinhood s security
it was world war iiiat my home. my fiancée was like,what is going on? i am screaming. i m literally on the vergeof breaking stuff. i m about to drive to menlopark with big red paint and just be like cheaters right on their front door. like, you guys arescrewing us all over. like, robinhoodis you take from the rich and give to the poor. now robinhood s changingthe rules of the game so that they don t lose. - the market will takecare of this. the market will show thatgamestop is not a $500 stock or a $1,000 stock. it s a $5 stock. - you d see a slewof negative articles or an analyst downgrade. - last week wasn ta free market. it was a free for all market. - i think there is somethingobviously wrong, and it s the gamificationof wall street. - jim cramer,that dude from cnbc, he s like, you guys won.you guys won. take the money. jim cramer:take the home run.
and until the rules changethat you cannot short a stock above 100% short interest,then there s no reason why there wouldn t beanother one of these. - i just want to getto what happened on that day in january. so let s takea step back here. that decision you made, to restrict the buying but not the sellingof gamestop, was based was it based on pressurefrom anyone on the witness panelhere today? vlad tenev:not at all. zero pressure from anyone.it was a collateral depository requirement decision madeby a robinhood securities president. - rather than sayingthat robinhood was nefarious or had an evilintention here, it was colluding with somebodyelse, they were probably negligentin their capital and risk controls. - the decision to restrictgamestop and other securities was driven purely by depositand collateral requirementsimposed by our clearinghouses. - well, when it comes to it, they just literallyran out of money. [laughs] if they knew that up front,you know,