Remember the Reddit-GameStop trading boom? Well, it’s spreading. To other publicly traded companies like AMC Entertainment and Nokia.
But something else is spreading, too, among trading companies like Robinhood:
Robinhood blocks purchase of GameStop, AMC, and BlackBerry stock https://t.co/D7XaL1nJ8S pic.twitter.com/s1bDto5QjQ
— The Verge (@verge) January 28, 2021
This is not a drill:
Robinhood no longer allows users to buy GameStop stock.
Incredible. pic.twitter.com/EB31JtLvwR
— YOUTUBE.COM / VITO (@VitoGesualdi) January 28, 2021
Holy shit it's true wtf pic.twitter.com/stqyTqLiMW
— Piper (@fyzzgiggidy) January 28, 2021
I had my $amc shares well BEFORE all this started, and that's what RH app says when I check them.
— Piper (@fyzzgiggidy) January 28, 2021
Looks like Robinhood is restricting more buys.
These are all stocks with heavy shortseller positions. https://t.co/91kvCCsKBi
— Grummz (@Grummz) January 28, 2021
https://twitter.com/dawest76/status/1354798542846644226
Isn’t that interesting?
Robin Hood literally cancelled my order. Guess my first bad investment call was picking a corrupt platform.
— GIGA P. BEAR ????? (@GigaPandaBear_) January 28, 2021
Joke’s on you, GIGA!
Wow. @RobinhoodApp delisting stocks this morning. Talk about manipulation and control. #stockmarketnews
— T. Kauffman DC, CSCS (@drtomkffmn) January 28, 2021
So how is this not market manipulation as well? https://t.co/80Rdr3CSkj
— Stephen L. Miller (@redsteeze) January 28, 2021
Big mistake if trading apps like Robinhood ban trading on certain stocks like $NOK or $GME Free markets are for everyone, and for the masses.
— Jim Poolman (@JimPoolman) January 28, 2021
Recommended
Robinhood disagrees:
What a disaster of a statement from Robinhood https://t.co/0PgjG102Vi
— Tom Gara (@tomgara) January 28, 2021
THEY'RE DOING THIS TO HELP YOU. https://t.co/KOxYGiWV89
— Noam Blum (@neontaster) January 28, 2021
That’s what they want you to believe, anyway:
We continuously monitor the markets and make changes where necessary. 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. We also raised margin requirements for certain securities.
…
We’re committed to helping our customers navigate this uncertainty. We fundamentally believe that everyone should have access to financial markets. We’re humbled to have helped many people invest in the markets for the first time. And we’re determined to provide new and experienced investors with the tools and resources to help them invest responsibly for their long-term financial futures.
We fundamentally believe that everyone should have access to financial markets! Except, you know, that one. And that one. And that one over there.
Robin Hood now outright canceling orders placed in advance for market open https://t.co/Dr3aDGdTEx
— Grummz (@Grummz) January 28, 2021
Note: Robinhood absolutely should not be stopping trading of GameStop. Market mechanisms include the reality that some people will attempt to game the market mechanisms — and some will pay the price. Restricting who can buy and sell is using a hammer on free markets.
— Ben Shapiro (@benshapiro) January 28, 2021
Robinhood is officially a case study in the fragility of brand.
It took them 7 years to build up confidence in their platform.
It took them 1 day to switch from "by the people" to "against the people."
— Alex Lieberman ☕️ (@businessbarista) January 28, 2021
And they didn’t even buy them dinner first.
Also, did we mention it’s spreading?
BREAKING: Robinhood, Interactive Brokers restrict trading in GameStop stock and options https://t.co/SQshaMWMuQ
— CNBC Now (@CNBCnow) January 28, 2021
Interactive Brokers has put AMC, BB, EXPR, GME, and KOSS option trading into liquidation only due to the extraordinary volatility in the markets. In addition, long stock positions will require 100% margin and short stock positions will require 300% margin until further notice.
— Interactive Brokers (@IBKR) January 28, 2021
"In the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in $GME, $AMC and other securities,” a spokeswoman for TD Ameritrade told MarketWatch"https://t.co/RVg97BAN8H
— wsb mod (@wsbmod) January 28, 2021
How generous.
Did we ask y'all to "mitigate" any risk for us?! pic.twitter.com/C7yHffpVSB
— Copelon J. Kirklin ?x?x?x? (@copethemoneyguy) January 28, 2021
We don’t recall making such a request.
My purchases of $AMC is still pending via $Cashapp
Is anyone going through the same thing? Usually it’s instant…
— Quellissa Selcouth (@QUELLISSA) January 28, 2021
I keep getting this when I try to buy AMC on cashapp ? pic.twitter.com/KY9c02OgYE
— Em ? (@honeynfiree) January 28, 2021
im getting connection errors when attempting to buy on cashapp so i think same deal
— legleglegleglegleg (@bigleggys) January 28, 2021
To be fair, reports of Cash App blocking purchases are conflicting, at least as of now. But overall, this doesn’t look good.
Cashapp has also blocked AMC and GameStop trades.
What do you call it when multiple companies all shut down trading on the same stock in the same day?
— Grummz (@Grummz) January 28, 2021
It's hard to find market manipulation more flagrant than this, but since it's being done to protect the wealthiest and most powerful — Wall St oligarchs who own and control the establishment wings of both parties — it's very hard to imagine the government treating it as such: https://t.co/VJnXpMAqkJ
— Glenn Greenwald (@ggreenwald) January 28, 2021
And it gets better, still:
Voice/messaging chat app Discord has booted the WallStreetBets server, where traders gathered to share tips/coordinate buys in GameStop, AMC etc. Discord says it’s not bc of trading but bc of “hateful and discriminatory content.” https://t.co/NJMVscPmnJ
— Peter Kafka (@pkafka) January 27, 2021
Just an incredible statement, a total insult to the intelligence of everyone who reads it https://t.co/ZhCtWD7qPH
— Lachlan Markay (@lachlan) January 28, 2021
Lotta that going around lately.
How is this legal? https://t.co/IgBB2UISDz
— Grummz (@Grummz) January 28, 2021
If you thought Trump exposed everyone for who they were buckle up. What happened today with Robinhood shows the whole damn game.
— Bridget Phetasy (@BridgetPhetasy) January 28, 2021
***
Update:
'Scumbags': This old tweet from Robinhood is coming back to haunt them in a big way https://t.co/1P7zcEi6Jk
— Twitchy Team (@TwitchyTeam) January 28, 2021
Join the conversation as a VIP Member