C
Chris Smith
Guest
- Popular stock market trading app Robinhood said it would allow GameStop (GME) trading on Friday, after placing buying restrictions on the soaring stock on Thursday.
- GameStop stock is the main “weapon” retain investors organizing on Reddit have in their fight against Wall Street hedge funds shorting the stock.
- Robinhood’s also raised more than $1 billion since Thursday to continue operations, drawing money from banks and existing investors.
The GameStop (GME) short squeeze saga continues on Friday after a tumultuous Thursday that brought new developments to the Reddit vs. Wall Street battle in the stock market. GameStop's share price reached $480 on Thursday and ultimately closed at $193.60 after going as low as $112. But many retail investors who use mobile apps on iPhone and Android to invest found themselves unable to participate in the ongoing price tussle.
Brokerages, including Robinhood, announced an unexpected restriction on GME trading that also covered several other “meme stocks” popular with the group of Redditors. Buying GME stock (and other shares) was halted, but selling was still allowed, with many people calling it a manipulation of the trading process. Robinhood was not alone to disable buying of GME and other stocks in its apps, but being the most popular trading tool with the Reddit group, it received the most criticism online on Thursday. A day and $1 billion later, Robinhood is ready to reenable GME trading n Friday.
Today's Top Deal
Amazon shoppers can't get enough of these best-selling black masks
Price: $26.25
Buy Now
Continue reading...
Today's Top Deals
- This special promo basically makes Amazon’s hottest smart home gadget free
- Today’s best deals: Honeywell cloth masks, Prime-only deals, $17 headphones, $60 off Apple Watch S6, more
- Amazon is now letting anyone buy these NIOSH N95 masks for $1.16 each
Trending Right Now:
- Forget $1,400 stimulus checks – this is the best stimulus plan we’ve heard
- Researchers might finally know why some people suffer from Long COVID
- Earth’s latest visitor is about to leave us forever
Robinhood will resume GameStop trading on Friday originally appeared on BGR.com on Fri, 29 Jan 2021 at 07:31:14 EDT. Please see our terms for use of feeds.
Via BRG - Boy Genius Report