The entire saga began over a week ago when a group of online traders, many of whom gather on Reddit’s r/wallstreetbets forum, began mass purchasing stocks that have been heavily shorted and are “fundamentally hated” by hedge funds, starting with video game retailer GameStop. The actions prompted a rare moment of bipartisanship where both Republican and Democratic leaders in Congress attacked Robinhood and Wall Street ‘elites’ and called for a congressional hearing on Thursday’s incident. Wall Street and online brokerage platform Robinhood faced online backlash and lawsuits after several online platforms suspended or severely restricted the trading of several stocks like GameStop and AMC which had seen an unprecedented social media-backed rally. Forbes has reached out to Facebook for a comment, although a company spokesperson told Reuters that the removal was “unrelated to the ongoing stock frenzy.” Key Background
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