Rep. Alexandria Ocasio-Cortez took to Twitch tonight to live stream her thoughts on the GameStop stock-trading drama. 300,000 people watched on the stream at its peak, which was plagued by technical issues in the beginning.
When the stream eventually got started AOC spoke to Alexis Goldstein, who spent seven years on Wall Street before getting involved with Occupy the SEC—a working group in Occupy Wall Street that focuses on financial regulation. She provided a primer on the Reddit WallStreetBets community, who banded together and used Robinhood and other financial services apps to push GameStop stocks 14,000% higher over the last few months after Wall Street hedge funds bet against those shares.
Robinhood and TD Ameritrade restricted trading of GameStop and AMC stock on Thursday citing “market volatility.” Soon after, a lawsuit seeking class-action status against Robinhood was filed in New York. Robinhood changed course late Thursday, saying it would “allow limited buys of these securities” on Friday.
AOC had previously been vocal about her criticism of Robinhood’s actions, tweeting that we need to know more about the app’s “decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit.” AOC added that as a member of the House Financial Services Committee, she supports a hearing on the matter.
You can head to AOC’s Twitch channel to rewatch the stream.