2021-01-28 04:23:29, Chaim Gartenberg, The Verge
Content Categorization
/Finance/Investing
/News/Business News
Word Count:
546
Words/Sentence:
29
Reading Time:
5.46 min
Reading Quality:
Advanced
Readability:
16th or higher
A top post on the subreddit this morning calls the decision "market manipulation," with angry comments calling for users to "dump robinhood for good" and lamenting the ensuring fall in stock prices that shortly followed the announcement.
Robinhood has added new limits to its app to restrict users from buying or trading any of the popular Reddit r/WallStreetBets stocks, including GameStop ($GME), AMC ($AMC), BlackBerry ($BB), Bed Bath & Beyond ($BBBY), Nokia ($NOK), and more.
We also raised margin requirements for certain securities.
The development is the latest in an ongoing saga that has seen a group of Reddit users from the WallStreetBets subreddit band together in an effort to drive up the stock prices of companies like GameStop and BlackBerry, in defiance of traditional hedge funds that had shorted those firms.
What do you call a market that removes retail investors ability to buy to save institutional investors shorts? https://t.co/G0hQFJDaG4- wsb mod (@wsbmod) January 28, 2021
In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK.
Keywords
featured-story, stream-22017404, apps, front-page, tech, verge, news
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