Elon Musk slams Discord for banning Reddit group amid GameStop trades

Elon Musk slams Discord for banning Reddit group amid GameStop trades

Trading platform Robinhood is facing the ire of Reddit users today after it restricted trades on a number of stocks that have been caught up in a days-long frenzy of activity. Over that stretch, their total outflows from the market reached the highest level since October 2014, data compiled by Goldman's prime-brokerage unit show.D1, which was founded in 2018 and had about $20 billion in assets at the start of the year, is buffeted to some degree from the attacks because private companies account for roughly a third of its holdings, and the firm has been reducing its exposure, according to people familiar with the matter.

'Robinhood purposefully, willfully, and knowingly removing the stock "GME" from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-market and manipulating the open-market'. The hardship of 2020 inspired the 21-year-old to take part in the campaign to drive up GameStop shares, punishing hedge funds in the process.

eToro said it was no longer allowing customers to borrow to maximise their bets on 150 stocks, including GameStop shares, in this way. That means holders of the shares can sell them, and shorts can buy them to cover their positions, but any other type of trading will be restricted. "We made these decisions out of an abundance of caution amid unprecedented market conditions and other factors".

Citing market volatility and the need to keep investors informed, the Menlo Park, California-based app said on a blog that it was halting trading of viral stocks including GameStop, AMC Entertainment, American Airlines and Nokia and raised margin requirements for certain securities.

The firm has also tapped a credit line so that it has funds to ensure trading continuity when it lifts the rules.

Two customers sued Robinhood over the trading ban, seeking damages.

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Robinhood said clients would be able to make limited purchases of some of the companies that it blocked, but did not provide further details.

Reddit will most likely be back up soon, and we will update this article with any and all future updates. A Robinhood spokeswoman did not immediately respond to a request for comment.

A Reddit group - or "sub-reddit" - called WallStreetBets that boasts some 4.7 million members has been an online rallying spot for those urging people to buy and hold GameStop shares, punishing short sellers by sending prices soaring. "To have a healthy stock market, you've got to have a cop on the beat", she said. Shortly thereafter, GameStop's stock surged over 1,000%.

J.P. Morgan named 45 stocks that it said may be susceptible to short squeezes and similar "fragility events", including Macerich Co, Cheesecake Factory Inc and Stitch Fix Inc.

"I am happy to work with Republicans on this issue where there's common ground, but you nearly had me murdered 3 weeks ago so you can sit this one out", Ocasio-Cortez wrote in a tweet responding to Cruz's support of her stance on Robinhood.

Heavyweights, including Microsoft Corp, Amazon.com and Alphabet Inc, were among the biggest boosts to the S&P 500, a day after the three major USA indexes suffered their biggest daily percentage drop in three months.

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