What should Robinhood’s next move be?

Can people ever trust the stock trading app again?

Photo credit: Getty Images
Photo credit: Getty Images

Stock trading app Robinhood restricted stock purchases of several “meme stocks” related to the surprise trading frenzy around GameStop. 

The stock, which traded above $500 at one point in premarket trading, was below $290 per share shortly after the opening bell. Two hours after Robinhood made its announcement, GameStop was down 50% from Wednesday.

Within an hour of delisting the stocks, Robinhood received over 100,000 one-star reviews on Apple’s App Store. And on Twitter, Robinhood customers expressed their outrage surrounding the decision Thursday morning.

 

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