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'How is this legal?' Investment companies like Robinhood are blocking stock purchases of GameStop et al., effectively 'using a hammer on free markets'

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:

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This is not a drill:

https://twitter.com/dawest76/status/1354798542846644226

Isn’t that interesting?

Joke’s on you, GIGA!

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Robinhood disagrees:

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.

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And they didn’t even buy them dinner first.

Also, did we mention it’s spreading?

How generous.

We don’t recall making such a request.

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To be fair, reports of Cash App blocking purchases are conflicting, at least as of now. But overall, this doesn’t look good.

And it gets better, still:

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Lotta that going around lately.

***

Update:

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