Robinhood Clients Say Platform Has Removed GameStop and AMC, and is Only Allowing Holders To Sell – Slashdot

Robinhood removed GameStop, AMC, BlackBerry, and Nokia from its trading platform on Thursday, leaving investors unable to buy the highly volatile stocks. From a report: The discount brokerage informed clients they can close out positions in the affected stocks but cannot purchase additional shares, according to numerous screenshots shared on Twitter. The move came before markets opened on Thursday. The stocks that were removed have all surged in recent trading sessions as day-traders united in Reddit forums like WallStreetBets frenetically buy the names to push their share prices higher. The phenomenon has already fueled massive losses for numerous hedge funds and caught the attention of regulators and the White House. Joshua Topolsky, a technology reporter and commentator, said: “Literally Robinhood just told the world that you can play until someone bigger than you doesn’t like the game anymore. Brand suicide.”

Motherboard adds: According to a popup on the app’s homepage, 56 percent of all Robinhood users own at least some GameStop stock.

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