Popular US stock app Robinhood is once again in the news for attempting to bilk its customers in favour of the rich. Shortly after 0815 am local time, Robinhood suspended trades on the stock market for GME (Gamestop) and places like AMC (the popular movie chain.) The suspension comes amid Wall Street trying to find a way to stop people from buying the stocks because the investors losing money can’t benefit when that happens.
The problem Wall Street is having is that they’re notorious short-sellers. Short-sellers don’t make money when things go high but instead when they go low.
Robinhood has since released the following statement:
Here is the statement by Robinhood:
“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.”
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