Robinhood partially capitulates to demands while it readies extended credit lines for an extended battle with volatility.
Robinhood traders will be able to jump back in the trenches of their meme stock war after the company announced that it would unfreeze trading of GameStop (NYSE:GME), AMC (NYSE:AMC), BlackBerry (TSE:BB), and Nokia (NYSE:NOK), amongst others. “Starting tomorrow, we plan to allow limited buys of these securities,” the company said in a blog post. “We’ll continue to monitor the situation and may make adjustments as needed.” It did not specify the limitations or restrictions it would impose on traders. Robinhood Withdraws It’s Bank Charter Application Robinhood’s decision to halt the trading of these stocks on Thursday was met with nearly universal scorn and criticism, even across party lines. Republican Senator Ted Cruz and Democrat Congresswoman Alexandria Ocasio-Cortez slammed the app company for siding with its hedge fund backers and brokerages instead of retail traders. Although other brokerages also refused to book orders for the stocks, Robinhood took most of the ire from the crowd given the irony of its decision to stop trading to spare various hedge funds from increasing losses considering its namesake.
