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.
What's Robinhood's next move?— PRWeekUS (@PRWeekUS) January 28, 2021