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| ‘It stinks of corruption’: Texas AG calls out Robinhood, Discord, Citadel and others over GameStop stock throttling | ‘It stinks of corruption’: Texas AG calls out Robinhood, Discord, Citadel and others over GameStop stock throttling |
| (7 months later) | |
| Texas Attorney General Ken Paxton has issued civil investigative demands to more than a dozen entities involved in blocking small investors from trading GameStop and other stocks, saying their behavior “stinks of corruption." | Texas Attorney General Ken Paxton has issued civil investigative demands to more than a dozen entities involved in blocking small investors from trading GameStop and other stocks, saying their behavior “stinks of corruption." |
| “Wall Street corporations cannot limit public access to the free market, nor should they censor discussion surrounding it, particularly for their own benefit,”Paxton said in a statement on Friday. | “Wall Street corporations cannot limit public access to the free market, nor should they censor discussion surrounding it, particularly for their own benefit,”Paxton said in a statement on Friday. |
| “This apparent coordination between hedge funds, trading platforms, and web servers to shut down threats to their market dominance is shockingly unprecedented and wrong. It stinks of corruption,” he added. | “This apparent coordination between hedge funds, trading platforms, and web servers to shut down threats to their market dominance is shockingly unprecedented and wrong. It stinks of corruption,” he added. |
| Paxton’s office has sent out thirteen Civil Investigative Demands (CID) to Robinhood, TD Ameritrade, E-Trade, WeBull Financial and Citadel Financial, among others. He also sent a CID to Discord, which shut down the r/WallStreetBets server on grounds of “hate speech.” | Paxton’s office has sent out thirteen Civil Investigative Demands (CID) to Robinhood, TD Ameritrade, E-Trade, WeBull Financial and Citadel Financial, among others. He also sent a CID to Discord, which shut down the r/WallStreetBets server on grounds of “hate speech.” |
| The CIDs request copies of their terms of service, policies related to content moderation, and communications between platforms and moderators of chat servers, among other things. | The CIDs request copies of their terms of service, policies related to content moderation, and communications between platforms and moderators of chat servers, among other things. |
| Multiple brokerages blocked the ability of small investors to buy more GameStop and other stocks on Thursday, citing “market volatility,” as hedge funds short-selling those stocks found themselves exposed to some $70 billion in losses since the beginning of this year. The retail investors cried foul, accusing the big players on Wall Street of wanting to change the rules. | Multiple brokerages blocked the ability of small investors to buy more GameStop and other stocks on Thursday, citing “market volatility,” as hedge funds short-selling those stocks found themselves exposed to some $70 billion in losses since the beginning of this year. The retail investors cried foul, accusing the big players on Wall Street of wanting to change the rules. |
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