Following a slew of backlash from everyone including government officials and billionaires, popular online brokerage Robinhood, which along with other trading platforms facilitated much of the Reddit-fueled trading mayhem, has backtracked from its decision to bar buying of the meme stocks that sparked the mind-blowing Reddit rally in shares heavily shorted by Wall Street’s elite.
“In light of recent volatility,” Robinhood said earlier Thursday it was restricting trading of meme stocks including GameStop, AMC Entertainment, BlackBerry and Bed Bath & Beyond—allseeing eye-popping gains this week as Reddit traders pump up prices with massive buying. Other stocks temporarily barred on the platform include Koss Corp., Express, Nokia and Naked Brand; Robinhood said it was only allowing such positions to be closed.
Tenev said the move was a “risk-management decision” due to financial requirements from the Securities and Exchange Commission that fluctuate based on volatility in the markets, implying that a surge in margin trading may have strained the firm’s cash on hand. Interactive Brokers has also barred options trading for many of the same stocks–AMC Entertainment, BlackBerry, Express, GameStop and Koss–allowing only liquidation for such positions; the firm is also requiring long positions to be fully covered and a 300% margin for short positions “until further notice.”
Keep defending the swamp.
Use questrade
The only thing unraveling is RobinhoodApp 's future. We aren't selling!!!! gme amc wallstreetbets reddit
What? Free markets aren't free?
Lol the big tech think its over. The meme wars are just beginning.
Peasants thought the Owners would allow them freedom. 🤣
This is such bs. Literally manipulating the market because it was normal people taking money from the super rich for once.
Lock them up
Screw that app.
Everyone remember: The squeeze hasn't even happened yet. This friday, ITM contracts are being exercised, which means the squeeze might happen tomorrow. If it does, it takes 5-6 days for shorts to cover their positions. Doesn't happen in just an hour. Takes days.
Why? Are only hedge funds able to make money?
AMC and GameStop are literally still in business lmaooo
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