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AOC and lawmakers call for hearings on Robinhood for freezing trades on GameStop stock
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Robinhood, a popular stock trading platform among amateur investors, blocked its users from buying shares of GameStop, AMC and several other companies Thursday following sudden and sharp increases in value.
Robinhood said in the morning that it was restricting investors from acquiring the shares and allowing them only to sell. After the market closed for trading, the company said we plan to allow limited buys of these securities beginning Friday but it will continue to monitor the situation and may make adjustments as needed.
GameStop shares plunged 44% to $193.60 on Thursday, while AMC shares fell 47% to $8.63. But GameStop and AMC shares jumped 36% and 22% in after-hours trading shortly after 5 p.m. following the Robinhood update.