via WSB:
The OCC has released guidance allowing FRC put holders to cash out and exercise their puts. Multiple brokerages like IBKR and Fidelity are allowing put holders without shares to exercise into a short position if they have enough cash collateral.
Robinhood is also allowing FRC put holders to exercise. However due to their policy against short selling, most put holders are unable to exercise and cash out.
Robinhood playing chicken with my life savings
I falsely assumed Robinhood had its users best interests at heart. In fact I was so confident, that I arrogantly claimed Robinhood would allow me to exercise. Robinhood had previously allowed SBNY put holders to exercise. I foolishly used this amongst other misinformation to misconstrue that Robinhood cared about its customers. I am deeply sorry to everyone I lashed out on defending such a corrupt, vile, dishonorable company.
Yes I have a huge stake in making this post: my life savings
I greedily ignored the advice of WSB and held my winning position until FRC was halted. I was overwhelmingly warned not to count on Robinhood to do right by its customers. I am extremely regretful for not listening. I know I’m not the right person to be championing this. I acted like a cocky asshole to everyone because I was so sure of myself. I was wrong and I am sorry.
However, this is bigger than my dumb degenerate gambling ass. This is an injustice. Robinhood has every ability to cash out FRC put holders. Yet they will allow people who correctly bet against First Republic to lose everything. Thousands of dollars in Robinhood customer’s FRC puts will expire worthless on Friday. We cannot let Robinhood get away with ripping its customers off for thousands of dollars. This billion dollar company treats it’s users like worthless pond scum. F*CK ROBINHOOD.
I urge everyone reading this to reach out to Robinhood via Twitter and other social media platforms. If Robinhood bends to the pressure and allows short selling on FRC for put holders, I will donate $10,000 of my gains to the Autism Society of America. Under threat of ban, I make this donation pledge.
Footnote: Yes, I will attempt to sue Robinhood if they do not allow me to exercise. This is my last ditch effort to exhaust all routes before taking that leap.