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In The Media

1-28-26 +1 day. +5 years

by Larry Chiang on January 29, 2026

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Kevin Malone
⁦‪@Malone_Wealth‬⁩
5 Years Ago…. Robinhood’s payment-for-orderflow market makers informed Vlad that all of his customers only buy IOUs and they had no more to give. Within hours, Robinhood had BILLIONS of dollars owed to clients because none of their shares were real. ⁦‪@ryancohen‬⁩ and ⁦‪@gamestop‬⁩ pic.x.com/4qfXqI2RlU
 
1/29/26, 12:02 AM
 
 

– The post contrasts Vlad Tenev’s reflective anniversary tweet on the 2021 GameStop trading halt—depicted in the attached screenshot—with allegations of synthetic “IOU” shares via payment-for-order-flow, claiming Robinhood owed billions due to unrealized holdings.
– During the January 2021 squeeze, Robinhood restricted buys amid liquidity crunches from clearinghouses, as detailed in SEC reports; no official evidence confirms systemic fake shares, but retail communities widely cite it as naked shorting proof.
– References to Ryan Cohen and GameStop excluding Robinhood shareholders from annual meetings align with GME forum advice to direct-register shares at Computershare for validity, though Cohen’s 2024 meeting transcript mentions holding Robinhood stock without such exclusions.


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