Technet: Daily Crunch - Robinhood restricts GameStop trading

The big story: Robinhood restricts GameStop trading

Robinhood has responded to an upsurge in retail investors buying shares in companies like GameStop, AMC and Blockbuster by restricting trading on “certain securities” to “position closing only,” meaning that users can no longer buy more of the companies’ stocks. (It says it will allow “limited buys” tomorrow.)

This comes after the current buying spree — targeting stocks shorted by institutional investors and spurred by the WallStreetBets forum on Reddit — took Robinhood and Reddit to the top of the app charts.

Now, Robinhood is being hit with numerous 1-star reviews, and the move also attracted criticism from politicians on both sides of the aisle, with Rep. Alexandria Ocasio-Cortez describing it as “unacceptable” and Senator Ted Cruz tweeting, “Fully agree.”

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(Extra Crunch is our membership program, which helps founders and startup teams get ahead. You can sign up here.)

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