Fox Business Network’s Charles Payne joined the Daily Caller to discuss how retail investors were able to rip the power out of big hedge funds’ hands.
Retail investors were able to band together on a Reddit forum called WallStreetBets to collectively pour money into stocks like AMC and GameStop that big hedge funds were shorting.
“Let’s call it sort of a ragtag bunch of folks who have been trading, should I say, by the way, very successfully. These Robinhood investor’s their baskets of stocks were up 80 percent compared to the S&P being up 20 percent since March of last year,” Payne explained.
Payne also discussed how Google deleted 100,000 negative reviews off the trading app Robinhood, which restricted stocks that the Reddit group was investing in.(RELATED:‘It’s Making Me Sick!’: Charles Payne Goes Off At Wall Street ‘Whining’ Over GameStop Stock Surge)
“This is one of those things where everyone from all political persuasions should have been upset, should have been up in arms. Same thing with Parler,” Payne continued.
“It’s only emboldened and empowered these organizations more than they already were, and to that degree it’s frightening for the overall country that we’re being, our voices are being, hammered and muffled to this degree,” Payne said.
Watch the full interview below to get Payne’s full take on this story.
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