Robinhood Markets Lifts Trading Restrictions, GameStop Shoots up 15%
Business ı By Rochdi Rais
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Robinhood restricts trading amid GameStop frenzy
Robinhood imposed trading restrictions amid a high market volatility, primarily triggered by short-sellers and Reddit charged day traders. The financial services company suffered backlash from its clients and lawmakers. Consequently, several traders filed a lawsuit alleging that Robinhood implemented the restrictions for the benefit of hedge funds. Rep. Alexandria Ocasio-Cortez (D-New York) commented that Robinhood's action was unacceptable. “This is unacceptable. We now need to know more about RobinhoodApp's decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. As a member of the Financial Services Committee, I’d support a hearing if necessary," wrote AOC in a tweet.Robinhood Markets Inc Denies Favoring Hedge Funds
Nevertheless, Robinhood Markets denied favoring hedge funds. The company claimed that they had to limit trading so that the company can meet trading requirements. Additionally, Vlad Tenev — CEO of Robinhood said in an opinion piece on USA Today that Robinhood wants to serve millions of people left behind the U.S. financial system — not hedge funds.
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