Robinhood Narrows Trade Restrictions to 8 Companies
What Happened:
On Sunday, Robinhood narrowed its stock trade restrictions to just 8 companies: GameStop, Koss Corporation, AMC Entertainment Holdings, Express Inc., Naked Brands Group, Genius Brands International, BlackBerry Limited, and Nokia Corp.
For these specific companies, investors will be limited in terms of the number of shares they may purchase and in the number of options contracts.
The restrictions come in response to the sub-Reddit thread "Wallstreetbets" which has generated an historic spike in trading on certain stocks, particularly GameStop which is up over 1,500% since the beginning of the year. Large investors and hedge funds who were attempting to short the stock (earn a return as the value of the stock falls) are particularly upset at the interference and concerns of market manipulation have been brought up by the SEC and Congress.
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Photo Source: Robinhood
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