As of the posting of this content, users of the popular app Robinhood will find that the purchase of shares of Gamestop Corp. (NYSE: GME), AMC Entertainment Holdings Inc. (NYSE: AMC), and others are no longer supported.
When prices of these securities began to skyrocket, Robinhood began restricting the purchase of the aforementioned securities, only allowing the selling of shares.
As of 9:25 AM EST, Interactive Brokers also began putting option trading in these and other securities into liquidation due to the volatility in the markets.
Restricting the trading of these securities to retail investors, excluding institutional investors and hedge funds goes against Robinhood’s mission statement that “…the financial system should be built to work for everyone…”.
Users of the app are taking to Twitter to express their frustration with the actions of Robinhood, stating that the platform is not performing to the interests of its users, creating an unfair advantage in the markets.
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