A surge of buying in stocks including AMC Entertainment and GameStop — triggered by activist retail investors on Reddit and other social platforms — this week overwhelmed no-fee investment app Robinhood’s ability to cover the frenzied trading.
After Robinhood on Thursday suspended buying of shares in AMC, GameStop, BlackBerry and 10 other volatile stocks, the company raised an emergency $1 billion in funding from investors including Vc firms Sequoia Capital and Ribbit Capital, the New York Times reported.
“Starting tomorrow, we plan to allow limited buys of these securities,” Robinhood said in a blog post Thursday. “We’ll continue to monitor the situation and may make adjustments as needed. To be clear, this was a risk-management decision, and was not made on the direction of the market makers we route to.”
The campaign to drive up the stock prices of certain companies, led by users on Reddit’s r/wallstreetbets forum, has been...
After Robinhood on Thursday suspended buying of shares in AMC, GameStop, BlackBerry and 10 other volatile stocks, the company raised an emergency $1 billion in funding from investors including Vc firms Sequoia Capital and Ribbit Capital, the New York Times reported.
“Starting tomorrow, we plan to allow limited buys of these securities,” Robinhood said in a blog post Thursday. “We’ll continue to monitor the situation and may make adjustments as needed. To be clear, this was a risk-management decision, and was not made on the direction of the market makers we route to.”
The campaign to drive up the stock prices of certain companies, led by users on Reddit’s r/wallstreetbets forum, has been...
- 1/29/2021
- by Todd Spangler
- Variety - Film News
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