Draft of an Annotation

Source: “Sen. Elizabeth Warren asks Robinhood to explain why it restricted GameStop trades after hedge funds’ losses” By Dan Mangan & Thomas Franck, February 2021.
https://www.cnbc.com/2021/02/02/elizabeth-warren-asks-robinhood-to-explain-gamestop-trade-restrictions.html
Summary:
In this article written by Dan Mangan & Thomas Franck talks about the fever dream of an day where online users of an platform were able to save an companying from tanking to having an all time high stock. This article leans into the opinion of Senator Elizabeth Warren on how it wasn’t right for Robinhood an popular app that is advertised as an beginner friendly stock trading app. The author keeps talking how Robinhood had changed there rules on trading for their users,not allowing them to trade the GameStop stock anymore. While Hedge fund and Wall street investors were able to keep trading the Gamestop stock,touching on the inequality that existed in the stock market for the average american.
Quote:
“Warren’s letter came on the same day that Robinhood said it would allow clients to purchase up to 100 shares of GameStop, while also raising limits on AMC and Koss and eliminating restrictions on BlackBerry and Genius Brand.The price of GameStop shares exploded upward by 400% last week(…)The massive increase in share price in turn created a short squeeze on hedge funds that had bet GameStop’s share price would fall, requiring those funds to buy shares to cover the losses on their positions”(Mangan & Franck 2021).
The overall purpose of this article is to give the reader an point of view of an senator who is in tune with the Gamestop stock event, and to get the reader to start thinking to start to question these stock trading companies and the stock market itself.