GameStop, 50 other stocks on Robinhood’s limited trading record

• Robinhood is capping the quantity of GameStop shares that consumers can obtain to a single.
• The app is proscribing buying and selling on 50 other organizations, which includes Nokia and AMC, CNBC described Friday.
• Robinhood CEO Vlad Tenev has defended the firm’s conclusion to halt the investing of selected shares.
• Pay a visit to Business Insider’s homepage for additional tales.

The brokerage app Robinhood applied extra inventory-buying and selling restrictions on Friday night, increasing limits to protect 50 firms, CNBC noted.

New corporations added to the checklist contain Aurora Cannabis (ACB), Churchill Funds (CIV), Standard Motors (GM), Starbucks (SBUX), and various money, pharmaceutical, and power companies, according to CNBC.

Earlier on Friday, Robinhood had minimal the amount of GameStop stocks that traders can obtain, in accordance to its web-site. The Wall Avenue Journal reported the news initial.

Robinhood traders, as of Friday, could hold only one share of GameStop compared with the 5 they have been formerly authorized. Traders are also now restricted to 5 selections contracts, in accordance to The Journal. An more 10 organizations ended up extra to Robinhood’s checklist of limited stocks, together with Nokia and AMC Leisure.

A Robinhood spokesperson verified the new limits in an e mail to Insider.

The shift came soon after Robinhood reported on Thursday it limited transactions for some stocks, such as GameStop, to comply with “economical demands” in the wake of a getting frenzy drummed up by a team of Redditors.

Browse far more: Robinhood person launches course-action accommodate towards the trading app several hours after it blocked buys of GameStop

Robinhood’s non permanent shutdown angered the app’s consumers, as very well as lawmakers like Rep. Alexandria Ocasio-Cortez, and people today commenced giving the firm a person-star evaluations on the Google Participate in retailer, dragging its all round person ranking down. Google then deleted 100,000 of the adverse assessments given that they violated its policies, bringing Robinhood’s rating back up to 4 stars.

Late on Thursday, Robinhood commenced to enable consumers to acquire GameStop and AMC shares. Robinhood CEO Vlad Tenev has defended the company’s selection to halt the buying and selling of particular stocks and reported Robinhood is not struggling with liquidity challenges.

Read far more: GameStop has surged a lot more than 600% in the past 7 days. 3 specialists crack down where by the inventory could go from in this article as Reddit’s army of traders consider gains and research for their up coming targets.

Robinhood claimed on Friday it had elevated $1 billion in emergency financial investment to take care of the surge in investing on its platform.

News surfaced on Friday that Robinhood was on the hunt for a new federal-affairs manager in Washington, DC. The occupation putting up was produced after both of those Democratic and Republican lawmakers identified as for hearings when the application shut down quickly on Thursday.