People Are Suing Robinhood For Restricting GameStop Stocks and Even Elon Musk Is Supporting It

This just keeps getting crazier and crazier!!

So, I just told you all about what is happening with GameStop Stock but now, Robinhood – the user-friendly stock trading app is in some hot water.

So, I logged into my Robinhood app to see if I could get in on this GameStop stock craze and I was greeted with this message:

“This stock is not supported on Robinhood”.

But wait, what if you already own GameStop stock through Robinhood? Well, that’s the issue – they’ve restricted GameStop stocks and it is not okay!!

So, that is when people decided to file a class-action lawsuit against Robinhood.

But that’s not all – Rep. Ocasio-Cortez called for a House Financial Services Committee hearing on the app’s decision to halt trading of GameStop stock and Elon Musk tweeted his approval.

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. https://t.co/4Qyrolgzyt

— Alexandria Ocasio-Cortez (@AOC) January 28, 2021

The class action lawsuit was filed in New York Thursday, alleging that Robinhood “deprived their customers of the ability to use their service,” in an effort “to manipulate the market for the benefit of people and financial intuitions.”

The lawsuit comes hours after Robinhood informed users that it would restrict a handful of stocks, including GameStop, Blackberry, AMC, and American Airlines, due to “recent volatility.”

Why are brokerage firms like Robin Hood restricting trading in GameStop? Looks to me like a fear of too much profit going to ordinary investors. Can you explain @RobinhoodApp? https://t.co/682yG7ZiqX

— Ted Lieu (@tedlieu) January 28, 2021

And it’s true, why is it that we can’t buy or trade stocks but Hedge Funds can? Not cool at all.

https://www.instagram.com/p/BtdrXAPACBu/

It’s good to know that even Billionaires like Elon Musk are on our side and it’s just one more reason I love him!!

Yes @aoc. We need an investigation into RobinhoodApp’s decision and who influenced that. And this shows the need for a financial transaction tax on hedge fund shorting and SEC regulations on short selling practices. https://t.co/mYX8Ab3JwH

— Ro Khanna (@RoKhanna) January 28, 2021