12/24/2022 0 Comments Robinhood app dividendsPassing cars honked in support, and an ambulance sounded its siren as the man inside gave a thumbs-up. “They call themselves Robinhood, but they’re helping the wealthy take money back from the middle class,” said Kurt Songer, 24, a Menlo Park resident who was holding a sign that said, “Free GME. Just over a dozen men protested outside Robinhood’s headquarters in Menlo Park, Calif., on Thursday afternoon, displaying their anger at the broker’s decision earlier in the day to restrict purchases of GameStop stock. Protesters in front of Robinhood’s headquarters on Thursday after it decided to limit trades on GameStop’s stock. Webull, another trading app, said customers would only be able to liquidate positions they had in GameStop, AMC and Koss, a headphone manufacturer, before lifting the restrictions in the afternoon. “To be clear, this was a risk-management decision, and was not made on the direction of the market makers we route to,” the company said. ![]() In its update on Thursday afternoon, Robinhood defended itself against accusations of favoring big traders, saying it had made the decision to limit trades because of “financial requirements, including SEC net capital obligations and clearinghouse deposits.” Enjoy your hypocrisy,” wrote another user. ![]() “Well, steal from the rich and give to the poor, unless you try to take from the rich directly, in which case the app won’t work anymore. Completely undemocratic, the exact opposite of their motto,” wrote one reviewer. “Manipulating the market in favour of Wall St. Ocasio-Cortez and who helped lead the push against certification of the presidential election results, replied: “Fully agree.”Ĭustomers flooded Google’s Play Store with angry, one-star reviews about the restrictions, tanking its average rating to 1 star out of 5. Senator Ted Cruz, the Texas Republican who often is a foil of Ms. “As a member of the Financial Services Committee, I’d support a hearing if necessary.” “We now need to know more about Robinhood’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” she wrote on Twitter. Representative Alexandria Ocasio-Cortez, Democrat of New York, called Robinhood’s move “unacceptable.” ![]() Robinhood, which has attracted millions of millennials to trade on its platform by eliminating trading fees and making stock trading easy, had said Thursday morning that it would limit buying of the kinds of securities that have sparked an enormous rally in shares of GameStop, the video game retailer at the heart of the frenzy, and AMC Entertainment Holdings, the movie theater chain, and a number of other companies. “We’ll continue to monitor the situation and may make adjustments as needed.” “Starting tomorrow, we plan to allow limited buys of these securities,” Robinhood, a popular trading app, said. Several retail stockbrokers, including Robinhood, said they would allow trades of GameStop and other volatile companies after restricting customers’ ability to purchase securities earlier in the day. Image A protest on Thursday at Robinhood’s headquarters in Menlo Park, Calif., after the stock-trading app said it would limit trades of GameStop.
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