If you’ve been on social media the past few days, you may have asked yourself, “what is going on with Game Stop, Robinhood and the stock market?” Well, we’ve got the breakdown for you!
We came across this on Reddit via twitter which perfect explains the background and what exactly happened with Gamestop stocks:
And then Robinhood – the popular stock trading platform blocked its users from buying shares of GameStop, AMC and a few other companies Thursday due to the sharp increase in stocks. Basically, Robinhood would only allow investors to only sell not acquire shares. You can read their reason why here.
In addition to people going nuts on social media over this, Robinhood users have filed a lawsuit against the app claiming they’ve suffered significant losses due to the restrictions. Also, Gamestop, AMC and other stock prices are tumbling down steadily.
The Wall Street Journal has the live coverage of this mess here.