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A raft of federal agencies are probing last month's "Reddit rally" in which Reddit users trading on low cost retail platforms banded together to push up GameStop Corp and other stocks, burning hedge funds that had bet against the companies.
USA TODAY
For one shining moment in January, it looked as if the stock trading app and retail brokerage Robinhood had lived up to its namesake – the rabble-rousing outlaw of English folklore.
In the hands of a merry band of Reddit traders, Robinhood helped to bring a group of short-selling hedge funds to their knees and many people cheered – delighted to see wealth stripped from a few members of the billionaire class after decades in which wealth has been increasingly consolidated in the hands of the very few. Our customers have shown the world that investing is for everyone, Robinhood said on its website, not just institutional investors and hedge funds.