Robinhood has blocked people from buying Gamestop,Rebekka Armstrong Archives AMC, Nokia, and Blackberry shares and users are pissed off.
A collective of Reddit users have been using the stock trading platform to juice certain stocks — Gamestop chief among them — driving share prices way up and forcing massive hedge funds that shorted the stocks into a money-losing corner. Users figured out a way to collectively increase the value on their shares while kneecapping financial giants that had taken short positions against struggling businesses. But now Robinhood — a commission-free stock trading app — has entirely blocked the purchase of shares that the Reddit users targeted, namely $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK.
Users that own the stock can still sell their shares, but the move put a massive damper on the movement many see as a win for the average person.
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People are, somewhat understandably, pissed off. They were left wondering why they couldn't buy shares seemingly because they had done too good a job at taking on the big guys. All this on an app named after Robin Hood — you know, take from the rich and give to the needy — no less. Granted, it seems likely the share prices are destined to come crashing down at some point.
Still, some people quickly began jumping ship to different trading apps after Robinhood restricted the shares to only selling off.
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People might be pissed at Robinhood, but there are plenty of other apps where they can (and likely will) make trades. Other sites and apps like E-Trade and Cash were apparently still allowing people to buy shares of some of the stocks restricted by Robinhood.
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