Welcome to the Tech Meme Right Home for Friday, January 29th, 2021. I'm Brian McCullough.

Today, what once was a story about GameStop and Reddit has suddenly become a story primarily about Robin Hood.

I'll catch you up.

Everyone once in on the newsletter game all of the sudden,

Hyundai is having second thoughts about building an Apple car all of the sudden. Hyundai is having second thoughts about building an apple

car all of the sudden and a special stonks themed edition of the weekend long

read suggestions. Here's what you missed today in the world of tech.

Today in the only story anyone cares about right now,

everything has now moved on

Robin Hood said it would allow limited buys on restricted stocks today, Friday, and they

insisted that halting purchases like it did on specific stocks was a risk management decision.

It was not a response to any sort of outside pressure.

Exactly what they're talking about might be elucidated by this news.

Robin Hood also announced that it has raised an emergency infusion of over $1 billion from

existing investors after facing an onslaught of demands on its cash amid the stock market frenzy, quoting the New York Times.

On Thursday Robin Hood was forced to stop customers from buying a number of stocks like GameStop

that were heavily traded this week to continue operating.

It drew on a line of credit from six banks amounting to between $500 million and $600 million to meet higher

margin or lending requirements from its central clearing

facility for stock trades known as the Depository Trust and Clearing

Corporation. Robin Hood still needed more cash quickly to ensure that it didn't have to place further limits on customer trading the two people briefed on the situation who insisted on remaining anonymous because the negotiations were confidential.

Robin Hood, which is privately held, contacted several of its investors, including

...