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Donald Trump Jr And Elon Musk Slam Robinhood For Freezing GameStop Trading

by : Emma Rosemurgey on : 28 Jan 2021 18:54
Donald Trump Jr And Elon Musk Slam Robinhood For Freezing GameStop TradingPA/Pixabay

Donald Trump Jr and Elon Musk have slammed trading platform Robinhood after it blocked users from buying or trading any of the Reddit picks, including GameStop, AMC and Blackberry.

The former POTUS’s son is one of many high-profile figures who have criticised the platform, which blamed the ‘recent volatility’ in the market as the reason for blocking the sales.

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‘We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities,’ the company said in its statement.

In response, Trump Jr tweeted, ‘It look less than a day for big tech, big government and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street. This is what a rigged system looks like, folks!’

Echoing the same sentiments, Alexandria Ocasio-Cortez wrote, ‘Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino.’

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When a Twitter user commented on how rare it is to see people from opposite ends of the political spectrum agreeing on an issue like this, Trump Jr responded, ‘Yeah I don’t recall the part of the story when Robinhood sells out and starts to be a mercenary for the crown. Apparently everyone has a price.’

In response to Robinhood preventing Reddit users – and anyone else for that matter – from purchasing any more stocks, users on the wallstreetsbet thread are now calling for class action against the company.

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‘Allowing people to only sell is the definition of market manipulation. A class action must be started, Robinhood has made plenty of money off selling info about our trades to the hedge funds to be able to pay out a little for causing people to lose money now,’ wrote Reddit user does-it-mater.

‘I think it’s pretty clear that as most of us aren’t billionaires in hedge funds. Robinhood doesn’t have our back, and has no problem seeing the working class lose millions because of their doing. Put them out of business, they don’t deserve it,’ they added, calling on people to create accounts on different trading platforms.

Robinhood users can still close out existing positions, but they can no longer purchase any new GameStop stocks.

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Upon hearing the news, Ocasio-Cortez tweeted, ‘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. As a member of the Financial Services Cmte, I’d support a hearing if necessary.’

Tesla CEO Elon Musk replied to her tweet with, ‘Absolutely,’ indicating his full support and concern over the matter.

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Emma Rosemurgey

Emma Rosemurgey is an NCTJ trained Journalist who started her career by producing The Royal Rosemurgey newspaper in 2004, which kept her family up to date with the goings on of her sleepy north east village. She graduated from the University of Central Lancashire in Preston and started her career in regional newspapers before joining Tyla (formerly Pretty 52) in 2017, and progressing onto UNILAD in 2019.

Topics: News, Alexandria Ocasio-Cortez, Donald Trump Jr., finance, GameStop, Now, Reddit, Robinhood

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