Why Robinhood BLOCKED Gamestop and AMC during short squeeze
Gamestop stock [GME stock], AMC stock, and others are currently not supported on the Robinhood trading app due to the gme short squeeze. Customers are being restricted from purchasing additional shares.
Robinhood has confirmed it has restricted trade in this statement.
"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,"
The inability to trade GME (GameStop) and AMC shares have sparked outrage across social media (Twitter).
"The free market is only free until rich people lose money."
As a quick recap, the GME share price reached as high as $380 on Wednesday, up from $18 a few weeks ago after those on the subreddit WallStreetBets invested in the company, coming together to prevent hedge fund short sellers from betting against the company. The movement, which started on Reddit, has spread to other stocks, including Nokia and American Airlines.
AMC Theaters has also seen its shares soar by about 300 percent.
If you're looking to get started with investing in Robinhood yourself, make sure you sign up using this link here to get some free stocks.
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► How To Start Investing (Robinhood): • How To Start Investing In The Stock Market...
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