Investing
Robinhood Users Are Furious Over Its Stock-Trading Clampdown
- Restrictions placed on shares and options of GameStop, AMC
- Dave Portnoy at Barstool Sports says ‘Robinhood is dead’
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Robinhood Markets, the wildly popular app that has lured millions of amateur traders and, in the process, inadvertently unleashed havoc in the stock market, has abruptly changed tack and sided with the Wall Street elite over the mania in GameStop Corp.
Drawing howls from users, Robinhood and other major online brokerages, including Interactive Brokers Group Inc. and Morgan Stanley’s E*Trade, took the highly unusual step of curbing trading Thursday in GameStop and another stock that has shot into the stratosphere, AMC Entertainment Holdings Inc. The restrictions also drew criticism from Barstool Sports founder Dave Portnoy and U.S. Representative Alexandria Ocasio-Cortez.