Online trading app Robinhood has imposed trading limits on 50 stocks, including GameStop (GME) – Get Report, amid ongoing volatility in stocks touted in social media chatrooms including the WallStreetBets subreddit.
The move expands on a list of 13 stocks Robinhood limited Thursday. That move, along with limits imposed by online brokerages, sparked an outcry among social media groups and elected officials alleging a Wall Street effort to protect itself against newly empowered populist investors.
Robinhood has said it had to limit trading in the stocks because of huge costs associated with settling the massive number of trades. Read more…..
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Jordan Belfort is an American author and former stockbroker who inspired The Wolf of Wall Street. He speaks to Sky News about his opinion of the ‘short squeeze’ being experienced by GameStop, and gives his advice to investors.