GameStop trading nearly destroyed Robinhood ...Middle East

Quartz - Economy
GameStop trading nearly destroyed Robinhood
source : Quartz ( Middle East ) () 26
In the pre-dawn hours of Jan. 28, 2021, the financial trading firm Robinhood faced a $3.7 billion margin call from the clearing house that settles its customers’ trades.For every trade Robinhood facilitates, it needs to have sufficient reserves, posted as collateral, for the two days it takes for trades to settle. The problem was that Robinhood only had $700 million for collateral—it was short $3 billion and had just a few hours to get the rest of the money.Retail traders were using the app to buy up tons of volatile meme stocks like GameStop and AMC Entertainment, boosting their prices in attempted short squeezes—which meant Robinhood had to post commensurate amounts of collateral to stay s

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