Business
Real reason Robinhood cut off retail investors
The GameStop Corp (NYSE: GME) frenzy this week was controversial enough, but $0 brokerage trading app Robinhood poured petrol on the fire overnight.
The platform cut off retail investors from trading in GameStop shares and other short squeeze targets on Thursday night Australian time, citing excessive volatility and “risk management”.
The move immediately drew criticism, with politicians on absolute opposite ends of the spectrum blasting Robinhood.
“This is unacceptable. We now need to know more about Robinhood’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” said prominent leftist Democrat senator Alexandria Ocasio-Cortez.
In response,…
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