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Nope. They were pretty vague about why they did it: "We continuously monitor the markets and make changes where necessary. In light of recent volatility, we ar
by at-fates-hands 6y ago
Nope. They were pretty vague about why they did it:
"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." The statement, which was posted on Robinhood's websiteand sent via email to its millions of users, also went on to say, "Amid significant market volatility, it's important as ever that we help customers stay informed."
https://www.fool.com/the-ascent/buying-stocks/articles/why-did-robinhood-shut-down-gamestop-trading/ https://www.fool.com/the-ascent/buying-stocks/articles/why-d...
A lot of people in finance said they should have said they didn't have the capital to cover these positions instead of what they did say. I'm pretty sure they would've faced the same rage mob regardless of what they said - it was what they did that got people so fired up.
Here's the full statement from their site:
https://blog.robinhood.com/news/2021/1/28/keeping-customers-informed-through-market-volatility https://blog.robinhood.com/news/2021/1/28/keeping-customers-...