What Happened: Screenshots from Robinhood users confirm GameStop’s stock is “not supported on Robinhood.” The commission-free broker is warning customers the platform will only handle orders to “close out your position.” Customers are banned from purchasing additional shares.
Shares of GameStop continued their mind-boggling surge higher Thursday morning as it hit the $500 per share mark in the premarket trading session. AMC shares were trading in the opposite direction as it was down around 20%.
Representatives from Robinhood could not be immediately reached for comment.
Why It’s Important: Many users on Twitter expressed their frustration with the platform’s decision to severely restrict trading on GameStop and AMC shares.
Either @RobinhoodApp allows free trading or it’s the end of Robinhood. Period.
— Dave Portnoy (@stoolpresidente) January 28, 2021
Lol this Is very literally the thing that App was named after. And ironically the opposite of what the app actually did since it took money from its users by selling their trades to high speed traders. Full circle of irony. RT this so they know they are hypocrites!
— Johnny Stocket (@JohnnyStocket) January 28, 2021
Robinhood doesn’t answer to their customers, I guess. They answer to Citadel.
— Nicole Sherrod (@NicSherrod) January 28, 2021
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