Criticism is stacking up against Robinhood after they restricted users from buying shares in GameStop hours after the company experienced a stock boom.
On Wednesday (Jan. 27), following an investment in GameStop, the company’s shares reportedly skyrocketed from $64 to $327. Robinhood users, however, were blocked from making investments due to the market’s “volatility,” causing many to slam the stock-trading platform, which became popular because it made investing easier for everyone.
Ja Rule, who previously endorsed the company, criticized them and encouraged followers to hold on to their shares, leading a slew of tweets from infuriated users of the platform.
“Wait. I thought @RobinhoodApp was supposed to steal from the rich and give to the poor,” one person wrote. “Why you helping the rich?”
Some announced their plans to be a part of any potential class action lawsuit against the stock-trading platform, while others called for it the end Robinhood altogether.
“Hey @RobinhoodApp – I’ve been happily using your platform since 2018, but what you are doing this morning is beyond illegal. I’ll wait for the class action and make sure I’m in the class. Good luck! #RobinHood,” read one tweet.
“I hope we see @RobinhoodApp die as result of this blatant manipulation,” read another post. “People on internet forums are independently agreeing that certain stocks are a good buy and that’s market manipulation? Are you fucking kidding me?”
Alexandria Ocasio-Cortez even joined in on the conversation, tweeting, “This is unacceptable. We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit….”
“This is a serious matter,” she continued. “Committee investigators should examine any retail services freezing stock purchases in the course of potential investigations — especially those allowing sales, but freezing purchases.”
Tim Cruz, who has often shared opposing views from AOC, agreed with her stance on Robinhood. “All we needed was #Robinhood to bring the country together,” a user wrote of their rare agreement.
Check out the reactions to Robinhood’s latest restrictions below.