1. Did Citadel’s hedge funds (Citadel Global Equities and Citadel Wellington) hold any short positions in stocks heavily owned by Robinhood users? And did they increase them in the past few days?
2. Subpoena all emails and phone calls between Citadel Securities and Robinhood
3. Subpoena all emails and phone calls between the Wall Street banks and Robinhood (Robinhood gives its shares to Wall Street banks to lend out to hedge fund clients to short through prime brokerage).
Did the Wall Street banks communicate with Robinhood to stop trading GME otherwise they’d cut them off from their short borrow revenues?
4. Subpoena all emails and communications between the hedge funds who were taking huge losses who are investors in Robinhood (example: D1 Capital. D1 was down $4bn on its shorts and only has $200mn investment in Robinhood.
Thus D1 profits more by having Robinhood cease trading in their shorts than their Robinhood investment)
5. Subpoena all of the emails and phone calls between Ken Griffin and people in his Citadel Securities and Citadel hedge fund businesses
Here it is
During today's short ladder...
•There was 443k shares sold in a single batch at $120 at 11:24:36 AM EST.
• There was 347k shares sold in a single batch at $140 at 11:19:09 AM EST.
Someone took a total loss of $300M from the price an hour prior OR that is a $100M short sale.
From Robinhood employee posted to Reddit
Any other brave Robinhood employees who are willing to whistleblow should come forward anonymously to reporters. I can put you in touch.
Class action lawsuit filed in NY against Robinhood
Habits can be brutal. I’ve spent the majority of life battling bad ones: including wrestling with alcohol addition for 20+ years.
I learned how to hack habits with help from @JamesClear’s book Atomic Habits. Here’s a summary of what worked for me:
Habit-building is science. Think from first principles.
Rule #1: make it obvious. To change behavior, put up cues in your environment as a constant reminder.
I built a home gym (with great effort), now I can’t escape from daily exercises.
Rule #2: make it attractive. You want to sugarcoat the pain.
I put my phone, with Twitter and other social media apps in my gym (yes, gym hour now 💦). It’s punishing, but works because the incentive is very compelling.
I just gave a talk to the W2021 YC batch. It's my favorite startup audience to talk to. Here are some of the highlights:
Finding product market fit is the critical thing to do in a startup.
Everything else: demo day, what investors you get, how much you raise, what press covers you -- it is all window dressing.
Many founders don’t want to talk to their customers because it makes them vulnerable, because it's hard work, because it's scary. Creating a tight feedback loop with customers is the one thing that will help you discover PMF.
10 months ago we shut down Atrium after raising $75m in venture capital. Anyone hearing that knows I made tons of mistakes along the way. Someone asked me today what my biggest lessons learned were. Here they are:
Start with the mission
.
It is very hard to write the mission after the fact. You should start with a clear reason to exist and filter early hires for believers.
Start remote. SFBA is over for startups: the cost of housing and rent gives you much worse operating leverage. Many talented people choose jobs they want to be flexible re: location. Remote is better at this time in the market.